GFCI Grifco International Inc (CE)

Grifco International, Inc. (OTC Pink Sheets: GFCI) announced that it has formed a new profit center, Precision Drilling Inc., to act as the prime drilling contractor for the 208 gas wells to be spudded in Crockett County, Texas. The new profit center will be incorporated in Nevada, with 51% ownership retained by the Company and 49% ownership by Ronnie Taylor and his family, located in Midland, Texas. Precision Drilling will continue the drilling tradition of the Taylor family, which is in their second generation of drilling in the Permian Basin. The drilling rig and equipment list for the new company includes an Ingersoll Rand Drilling Rig mounted on a CAT-powered crane carrier. The rig is powered with a Detroit diesel engine, with an air-mounted compressor unit. All hand tools necessary to run 7 inch, 5 � inch and 4 � inch casings are included. The total value of the equipment is $1,800,000. Jim Dial, President, stated, �We are pleased that Ronnie Taylor and his family have joined our team. With our own drilling program in place, we have fast tracked our operations, cutting out costly down time. With over 208 drill sites on target, it didn�t make sense to outsource with third party rig operators with no vested interest in the project.� The first Precision Drilling project will be the spudding of seven gas wells in Crockett County, Texas. There will be a total of 208 gas drill sites to be spudded under options granted to the Company. Spudding will commence immediately following the grant of drilling and water permits. About Grifco International, Inc. Grifco International is a leading provider of oil and gas services equipment, specializing in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industries throughout the United States, China, Mexico, South America, the Middle East and Africa. Grifco holds and owns design rights and manufacturing facilities for producing more than 6,000 products for the oil and gas industry with more than 150 clients, boasting the biggest names in the business, including Halliburton, Exxon Mobil Corp, and Schlumberger. For more information, please visit: www.grifco.org. Forward Looking Statements Any statements that are not based on historical fact are �forward-looking statements� within the meaning of the Private Securities Litigation Reform Act of 1995. Although such statements are based on management�s current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements.