Aurora Oil & Gas Corporation announced signing a ‘Letter of Intent’ to acquire Bach Enterprises, Inc., an oilfield services and manufacturing company located outside Traverse City, Michigan. The cash and stock deal is expected to close within 90 days.
Bach Enterprises, Inc. is a second generation, family-operated business which consists of operating assets, intellectual property, office facilities and over 30 full-time employees. Bach has become an industry leader in the development of oilfield technologies, including low pressure CO2 removal, electric componentized compression, tankless water disposal and water-evacuated sump inflow systems – all of which have been used by Aurora Oil & Gas to increase efficiencies and reduce production costs.
William W. Deneau, President of Aurora Oil & Gas Corporation commented, "This strategic acquisition of Bach Enterprises ensures our ability to do business without interruption in our drilling and production programs. We have had a long-standing relationship with the Bach family and they have played a large part in the technological innovations we have made in our production processes. Being able to guarantee access to services is critical to our ability to execute the business plan."
It is expected that Bach Enterprises, Inc. will join Aurora Oil & Gas Corporation as a wholly owned and independently operated subsidiary. Richard Bach, President of Bach Enterprises, Inc. commented, "This is an important step for our company. Joining Aurora will allow us to better service our current and future clientele. Our companies work very well together and we look forward to significant growth over the coming years."
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