An unknown buyer entered into agreement to acquire Facilities in Vernal, Utah from Superior Drilling Products, Inc. for $4.5 million.
November 11, 2020
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An unknown buyer entered into agreement to acquire Facilities in Vernal, Utah from Superior Drilling Products, Inc. (AMEX:SDPI) for $4.5 million on November 12, 2020. The transaction is subject to customary due diligence. Superior Drilling expects transaction to close before year end 2020. After fees, Superior Drilling is expected to net approximately $4.2 million in proceeds of which $2.6 million will be used to repay its outstanding mortgage.
Superior Drilling Products, Inc. is a drilling and completion tool technology company engaged in providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs, and sells drilling tools in the United States, Canada, and the Middle East. Its drilling solutions include the patented Drill-N-Ream well bore conditioning tool and the patented Strider oscillation system technology. In addition, the Company is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for oil field service companies. The Company operates a drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers' custom products. Its subsidiaries include Superior Drilling Solutions, LLC, Superior Design and Fabrication, LLC, Extreme Technologies, LLC, Meier Properties Series, LLC, Meier Leasing, LLC, and Hard Rock Solutions, LLC.
SUPERIOR DRILLING PRODUCTS, INC. 
