National Automation Services, Inc. (“NAS”) (OTCQB: NASV) a small, but rapidly growing oil and gas services company reported that its subsidiary JD Field Services continues to see significant opportunities for its services and believes the general slowing of the Oil and Gas exploration and drilling activity caused by the unprecedented drop in recent oil prices is providing robust demand in its field services.
To better align itself with these opportunities, the Company recently purchased a new 275 Ton Crane to address this current customer demand. The funding of the crane was completed using cash and conventional equipment financing over 60 months.
Unlike other Oil and Gas Contractors, JD is uniquely positioned to optimize the opportunities created by customers wishing to remove rigs from use until they can be more fully utilized. While enjoying this increase of work, JD is able to grow its service to existing customer’s operational demands. This has had a positive effect in near term sales while positioning itself to provide the additional services to new customers or more fully service the industry.
In a statement by our Independent Director, Sean Sego added, “This ultimately demonstrates just how dynamic the growth in sales are for JD currently and how committed JD is to providing the highest quality equipment, service, and safety for its customers at a time when customers need this most. The crane cost approximately $2 Million and should add an approximate half a Million dollars to the bottom line annually. This reinvestment in CAPEx, further demonstrates to the market, investors, and shareholders that JD is fully committed to becoming the ‘go-to-contractor’ for quality rig moving. According to the U.S. Energy Information Administration, the domestic rig count by State comparison from a year ago this week, Colorado was 61 and today they are operating 65, Wyoming was 53 and currently operating 51, and Utah ran 26 rigs and today there are 18 operational. By the end of 2015, if prices were to remain at current levels under $50 a barrel, rig counts could decrease by 20% overall from 2014 totals. JD sees this as opportunity to transport more Rigs and gain market share with the new crane helping in a large way.”