Sixty Six Oilfield Services, Inc. (OTC Pink: SSOF) is engaged within the manufacture and distribution of heavy oil equipment and machinery, including drill rigs, piping, engines, pup joints, compressors, and more. Shares of the oil field equipment company are surging 29.41%, through afternoon trading on Tuesday, August 29, 2017. Over the past month, Sixty Six Oilfield Services, Inc. has seen average daily volume of 5.44 million shares. However, volume of 17.1 million shares or dollar volume of $37,620, has already exchanged hands today.
Shares of Sixty Six Oilfield Services, Inc. are jumping today, after the company announced it has completed the sale of used drill pipe to a repeat customer. The order was first placed on July 6, 2017 and will provide the company will $320,000 is gross revenue, or $130,000 in net revenue. Here is the full press release detailing of the completed purchase order:
Sixty Six Oilfield Services, Inc. Press Release:
OKLAHOMA CITY, OK / ACCESSWIRE / August 29, 2017 / SIXTY SIX OILFIELD SERVICES, INC. (OTC PINK: SSOF) announces that it has completed the sale of Used Drill Pipe by delivery to a repeat customer fulfilling a purchase order placed on July 6, 2017. This transaction has generated $320K in gross sales and $130K in net revenue for the Company during the current quarter. The customer is headquartered in Texas and is expected to use the Drill Pipe in its operations in the Texas.
James Frazier, the Company’s President, stated, “This is another representative transaction of our core business and continues to demonstrate the confidence our customer have in our ability to deliver quality products.”
ABOUT SIXTY SIX OILFIELD SERVICES, INC.
Sixty Six Oilfield Services, Inc. is a third-generation heavy oil field equipment company founded by J.C. Houck in Oklahoma in 1959. The Company is focused on supplying the oil industry with custom drilling rigs, heavy-weight drill pipe, drill collars, pup joints, pony collars, handling tools, tubing, casing, blow-out preventers, engines, compressors and other select equipment to customers world-wide through its facilities in Oklahoma City, Germany, and Dubai. The Company’s services include the sale of new equipment, sale of refurbished and certified used equipment, as well as rental of oilfield equipment.
SAFE HARBOR AND INFORMATIONAL STATEMENT
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of among other things: (i) the Company’s financing plans; (ii) trends affecting the Company’s financial condition or results of operations; (iii) the Company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may”, “would”, “will”, “expect”, “estimate”, “anticipate”, “believe”, “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company’s reports filed with the SEC. The Company is not eligible to rely on the safe harbor provided by Section 21E(c) of the Exchange Act because it is not subject to filing periodic reports under Sections 13 or 15(d) of the Exchange Act.