Bronco buys rigs

Bronco Drilling Company has entered into a purchase and sale agreement to acquire the assets of Duncan, Oklahoma-based Thomas Drilling for $68 million.

The purchase includes nine operating rigs, two rigs currently under construction, and two inventoried rigs. The acquisition also includes excess rig equipment and inventory.

Six of the operating rigs are currently working in Oklahoma with the remaining three operating in Texas. The operating rigs range from 850 to 1,100 horsepower. This acquisition increases Bronco’s operating fleet to 25 rigs and inventoried rigs to be refurbished to 25.

“This is a strategic acquisition for us in terms of personnel, equipment, and expansion into new areas,” commented Frank Harrison, Bronco’s Chief Executive Officer. “This acquisition will be the catalyst that allows us to expand our geographic reach into the Barnett Shale and East Texas.