This morning, it is quite likely that Geopulse Exploration Inc. (OTC:GPLS) will come into focus among investors in light of the announcement from the company on Wednesday. On April 10, Geopulse Exploration Inc. announced that it had entered into a reorganization agreement with Advanced Technology Construction LLC, which does business as ATC Services. As per the terms of the agreement, Geopulse Exploration would acquire all the outstanding membership interests of ATC, and it was also noted that the transaction was going to take place in two closings.
Thanks to the transaction, the company picked up a 50% stake in ATC. ATC Services is based out of the Permian Basin in Texas and is mainly involved in oil and gas-related construction, fabrication, and maintenance services. It was noted that the management at Geopulse Exploration had become attracted to the acquisition since the Permian Basin recorded the production of as many as 6 million barrels of oil a day in 2023. As per Third Bridge analyst Peter McNally, that figure was higher than the production of Iraq, Kuwait, and the United Arab Emirates. ATC Services is involved in providing its expertise to some of the biggest operators in the Permian Basin.
The services that it provides to its clients include road construction, maintenance, pit closure, drilling and facility pad construction, fabrication, frac pit construction, environmental remediation, vacuum trucks, and hydrovacs. However, the services are not limited to only the above-mentioned ones. The first closing of the transaction took place on April 9, 2024, and following the transaction, Geopulse Exploration picked up 50% of the outstanding membership units. The second closing date would be a maximum of 180 days from the date of the first closing date. On that date, the company would acquire the remaining 50% of the outstanding membership units in ATC.
