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Great American Group Buys Red River Assets

Posted on: Monday, 16 June 2008, 09:01 CDT

Great American Group, one of the Nation's Largest and well respected Liquidation, Auction and Appraisal Firms, has announced the Multimillion Dollar Acquisition of all Assets and Equipment of Red River Energy, Inc. for the purpose of liquidating those Assets. An extremely complicated Project with multiple facilities across the Southwest, Great American negotiated the purchase of all assets of Red River Energy, a former drilling contractor that serviced various oil companies by drilling perspective oil wells.

The Assets and Equipment from Red River include Skid and Trailer Mounted Drilling Rigs, Trucks, Rolling Stock, Support Equipment, Supplies, Drill Pipes, Service/Repair Parts, Ancillary Assets and Raw Materials; with their former operating headquarters located in Kingfisher, OK, the Company also maintained facilities in Post, TX, Drexel, MO, Eureka, KS and Rifle, CO. Great American plans to refurbish some of the rigs and 'orderly liquidate' the balance in a period of approximately 120 days.

Mark Weitz, President of Great American's Wholesale & Industrial Services, had the following comment "...Red River Energy is a most exciting and sizable undertaking. This is a $50 million dollar deal for Great American Group, and with the price of energy skyrocketing, we feel we are in position to sell these rigs both domestically and internationally."

Great American Group, a privately held Company, has been conducting inventory and equipment liquidations and auctions over the past 35 years. Just in the last two years Great American Group has sold and valuated over $6 billion in assets. For more information please contact Sandy Feldman at 847-444-1400 or at sfeldman@greatamerican.com

Source: Business Wire

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