SOURCE: Great American Group

Great American Group

October 20, 2009 08:00 ET

Ready-to-Work Energy Drilling Equipment Valued at $25 Million to Go on the Auction Block

OKLAHOMA CITY, OK--(Marketwire - October 20, 2009) - More than $25 million worth of refurbished, rebuilt and ready-to-work drilling rigs from the assets of Red River Energy in Oklahoma and Colorado will go on the auction block starting Tuesday, November 3, in Oklahoma City and on-line at www.greatamerican.com.

For the Auction Brochure/Offering Sheet, photos and more information on the individual rigs and equipment, please visit http://tinyurl.com/RedRiverEnergyAuction.

The auction, managed by the Great American Group, will start at 10 a.m. (CST) at Redlands Community College Conference Center, 1300 S. Country Club Road, El Reno, Oklahoma, just outside Oklahoma City. Inspections of the equipment are available beginning Monday, October 26 from 9 a.m. until 4 p.m. (CST).

"This is the largest collection of energy drilling equipment we've ever offered at auction," said Mark Weitz of the Great American Group. "The rigs range in size from 600 to 1100 Horsepower. These rigs are a perfect fit for the North American, Latin American, and Asian Markets. All of the equipment has been refurbished and is ready to work for interested buyers."

Most of the equipment is located in Kingfisher, Oklahoma, with one 1100 HP Cold weather rig in Rifle, Colorado. All rigs and large equipment come with drill pipe and collars, tools, parts, miscellaneous rig components and support equipment.

Photos and detailed descriptions of the rigs are available, as well as early registration for the on-line auction. For information, visit www.greatamerican.com.

For more than 35 years, Great American Group has partnered with businesses across the globe in effectively appraising and divesting assets with one main objective: to maximize value. Services include Retail, Machinery and Industrial Assets, Wholesale Inventory, Appraisal and Valuation, Real Estate, Intellectual Property Advisors and M&A Transactions.

Contact Information

  • Contact:
    Jackie Reau
    Game Day Communications
    (513) 929-4263