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High Plains Gas Announces Purchase and Sale Agreement with Miller Fabrication
GILLETTE, Wyo., Nov 01, 2011 (LevelStock.com News) -- High Plains Gas, Inc. (OTC:HPGS) announced the signing of a purchase and sale agreement (PSA) for the acquisition of Miller Fabrication, LLC., a Douglas, WY-based facility construction company serving the energy industry. The agreement calls for the complete purchase of Miller Fabrication by High Plains Gas, Inc., in exchange for cash and HPGS common stock, with final terms to be announced at closing, per a non-disclosure clause in the agreement. This acquisition will have an effective date of October 1, 2011 and is expected to close on or before November 9, 2011.
Brandon Hargett, CEO of High Plains Gas, commented, "The acquisition of Miller Fabrication is an important step for High Plains Gas because it immediately broadens our increasing position in the energy construction industry, while also diversifying our revenue streams. High Plains Gas possesses the facilities and infrastructure that will augment Miller Fabrication's ability to continue its growth well into 2012 and beyond by allowing them to take on larger projects."
Ty Miller, President of Miller Fabrication, said, "The entire Miller team is excited for the opportunity to be a part of High Plains Gas. I strongly believe that we can achieve stronger, more robust growth by combining the companies and focusing on our strengths. The net result of the merger will be a well-rounded company with broad capabilities that has the competence and talent needed to succeed in sustaining our current growth curve."
About Miller Fabrication, LLC
Miller Fabrication was founded by Levi and Tyrel Miller in 2006. Miller Fabrication specializes in facility construction and maintenance within the energy construction industry. The Company has completed projects for regional and national firms within the energy industry and has generated revenues of $4.6 million over the first nine months of 2011. In addition, Miller Fabrication has recently executed contracts they expect will generate approximately $12 million to $16 million in gross revenue over the next twelve months.
About High Plains Gas
High Plains Gas, Inc. is a Gillette, Wyoming based energy company actively engaged in the acquisition, development and production of natural gas primarily in the Powder River Basin. The Company recently acquired the former Marathon "North & South Fairway" assets. These assets consist of 1614 Coal Bed Methane Wells with associated flow lines and over 155,000 net acres. This combined with the company's existing 92 natural gas wells gives the company a strong foundation in the natural gas industry. High Plains Gas will pursue expansion opportunities for the profitable production and transmission of natural gas. High Plains Gas believes it has unique expertise and experience in the refurbishment and reactivation of wells that produce natural gas from coal bed methane formations that helps position it strategically in the Powder River Basin. In 2011, the Company formed a subsidiary, High Plains Gas Services, LLC, focused on providing construction and maintenance services to the energy industry, primarily in the Western United States. For additional information on High Plains Gas, please visit the Company's website at http://www.highplainsgas.com/.
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Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent filings made with the US Securities and Exchange commission, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
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