Frontier Oilfield Services, Inc. (OTCMKTS:FOSI) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets
On October 1, 2019, Frontier Oilfield Services, Inc. (“FOSI”) sold its Salt Water Disposal (SWD) wells held by its wholly owned subsidiary Trinity Disposal and Trucking, Inc. (“Trinity”) to Synder Energy for a revenue sharing agreement and Synder’s continued management of Trinity’s SWD well operations, including all repairs and maintenance in compliance with Texas Railroad Commission’s rules and regulations. Frontier will continue its focus on deleveraging its Balance Sheet and repositioning the Company for growth.
About Frontier Oilfield Services, Inc. (OTCMKTS:FOSI)
Frontier Oilfield Services, Inc. (Frontier) operates its business in the oilfield service industry and is involved in the disposal of saltwater and other oilfield fluids in Texas. The Company owns and operates approximately nine disposal wells in Texas, over six of these disposal wells are located in the Barnett Shale region in north central Texas and approximately three of these wells are located in east Texas near the Louisiana border. The Company’s disposal wells include Trull 1, Trull 2, Trull 3, CSWU, Brunson 1, Brunson 2, Barker-Hope, Riley and Shaw. The Company’s customers include national, integrated, and independent oil and gas exploration companies. Its subsidiaries include Frontier Acquisition I, Inc. and Frontier Income and Growth, LLC.