National Automation Services, Inc. (NAS) (OTCQB: NASV) announces today that a Purchase and Sale Agreement has been signed by MonDak Tank Inc., an Oil and Gas Service and Construction Company located in Williston, North Dakota. MonDak provides oilfield services and construction to the oil and gas industry in the Bakken Production Fields, installing necessary piping, tanks, pumps, automation equipment, etc. and are headquartered in North Dakota. In 2013 they reported $7.1 Million in total sales. They are a widely respected contracting outfit in their field and have an excellent management team that will continue on with NAS after the purchase. According to a government study, the Bakken and Three Forks formations, which are centered in the Williston Basin of North Dakota contain more than double the recoverable crude supplies than originally estimated six years ago. The U.S. Geological Survey (USGS) reported about 7.4 billion barrels of undiscovered, technically recoverable oil, although many experts believe those numbers underestimate the regions full potential. Lynn Helms, director of the North Dakota Department of Mineral Resources, agrees with the new estimates and even went on to state that she believes a high estimate of 11 billion barrels is a reasonable target as technology and exploration continues to advance. In addition to the crude reserves, the Bakken and Three Forks contain a mean estimate of 6.7 trillion cubic feet of undiscovered natural gas and 530 million barrels of natural gas liquids that are well within reach. Since 2008, over 4,000 wells have been drilled in the Williston Basin and the U.S. Geological Survey now considers the two formations to be the largest continuous oil formations in the continental United States. Sean Sego, Independent Director of NAS and head of the Acquisition Committee stated, Combining Mon-Dak Tanks revenue with JD Services and Devoe Construction, our last two acquisitions, NAS is becoming a $43 Million revenue generating Company. Moreover, as previously mentioned, we continue to cultivate a pipeline of additional acquisition candidates in the oil & gas sector, some of which could more than double the combined revenues and earnings of JD, Devoe and MonDak Tank. Our goal is to add diversity in products and services to our current and future clients as we develop new relationships through our acquisition plan as it develops. For more information about National Automation Services, please visit our website at nasv.biz. SAFE HARBOR AND INFORMATIONAL STATEMENT This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the companys financing plans; (ii) trends affecting the companys financial conditions or results of operations; (iii): the companys 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 intend to identify forward-looking statements. Investors are cautioned that any such forward-looking statement are not guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the companys 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 companys registration statement and reports filed with the SEC. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.
Posted on: Tue, 22 Jul 2014 05:27:05 +0000
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