VentureNet Capital Group, Inc. has reached an agreement to acquire 100 percent ownership of Exploitation Engineers, Inc., whose offices are located in Houston, Texas, and Dubai, United Arab Emirates (UAE).
Exploitation Engineers, Inc. has been in the petroleum consulting business since 1982. The company performs reservoir and production engineering and has acted as an expert witness and advisor for E.I. duPont de Nemours and the US Department of Justice for cases in the Eastern District of Texas, the southern district of Texas and Washington.
The company has helped to manage oil and gas properties for clients and advises clients on the purchase and sale of oil and gas assets. Over the past 21 years, the firm has served more than 300 clients including major oil companies, banks and independent oil companies.
William Sawyer will remain as President of Exploitation Engineers, Inc. and conduct all day-to-day operations. Exploitation Engineers should generate $500,000 per year in gross revenue.
A VentureNet Capital Group, Inc. spokesman added that while this acquisition differs from recent acquisitions in the beverage industry, it is consistent with VentureNet Capital Group, Inc. philosophy of acquiring revenue generating businesses in proven market niche where present management will remain intact.
VentureNet Capital Group, Inc. specializes in providing financing and management expertise to private and public emerging growth companies demonstrating current revenues and a high growth potential. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
