SEATTLE, June 28, 2011 (GLOBE NEWSWIRE) -- GeoBio Energy, Inc. ("GeoBio" or "Company") (Pink Sheets:GBOE), having restructured its management team earlier this year, is focusing all of its efforts on prospective acquisitions in the oil and gas service sector.
The strategy that Laurence Shelver, CEO of GeoBio, used to roll up companies in the oil service and transportation industry in rural Alaska is the model GeoBio intends to use as it looks to become an efficient and profitable oil and gas services company in the petroleum and natural gas producing areas of the contiguous United States.
The domestic oil and gas service industry is growing rapidly. The discovery of extensive oil and gas shale deposits, coupled with horizontal drilling and rock fracturing "fracking" technology, the boom in the industry is expected to continue for several years. Additionally, declining production from oil fields in Alaska and Saudi Arabia puts more pressure on domestic development of oil shales and smaller deposits.
Laurence Shelver, GeoBio's CEO, stated that, "GeoBio is targeting for acquisition companies that have an aggressive skilled management team, a history of profitability, a strong local identity, a good relationship with customers and suppliers, a strategic service area, and at least one unique product offering. Locally managed so that they can react swiftly within their markets and keep that special edge that comes from local knowledge. Special services offered by any of the companies will be spread to their sister companies to widen the integration of services offered."
Companies with the following services and core products are of particular interest to GeoBio: fluids and solids hauling and disposal, tank pumps and equipment rentals, well cleaning, and nitrogen injection.
Finally, it is expected that a small management team in the GeoBio offices in the Seattle, WA area will handle investor issues, banking, ongoing acquisitions, consolidated financials, legal, auditing and help the individual companies with insurance, budgeting and planning.
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