Pioneer Drilling said it will buy seven drilling rigs and related equipment from Wolverine Drilling for $28 million in cash. Wolverine, based in Kenmare, ND, owns a fleet of seven mechanical 500 to 1,000 hp rigs, capable of drilling to depths of 7,000 to 15,000 feet. Robert S. Blackford, president of Wolverine, will become Pioneer’s North Dakota division manager. The transaction will increase Pioneer’s fleet to 43 drilling rigs. “We are very excited about expanding our operations into the prolific oil and gas regions of the Rocky Mountains,” said Pioneer CEO Stacy Locke. “Wolverine has operated in the Rockies since 1994 and has a significant presence in the Williston Basin of North Dakota and Montana. Six of the seven rigs are currently working under contract and we anticipate that the fleet utilization will remain high for the foreseeable future.”

©Copyright 2004 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.