SOURCE: Georgetown Corporation
OKLAHOMA CITY, OK--(Marketwire - Sep 7, 2012) - Georgetown Corporation (OTCBB: GTCP), an independent energy company engaged in the oil & gas exploration sector, today announced the formation of Synergy Services USA, LLC (Synergy), a wholly-owned subsidiary established to provide services to oil and gas producers in North America and the gulf of Mexico related to the ongoing servicing of producing wells and new drilling activity.
Synergy intends to provide a broad range of oilfield services to both local and international markets, including services to assist with the drilling, completion and production phases of oil and natural gas wells.
According to GBI Research, the global market for oil field services is expected to become a $200 billion Industry by 2015. Synergy intends to sell and service a full range of products including drill pipe, casing and tubing as well as provide multi-stage fracturing services, non-destructive testing services and rental equipment. In addition, Synergy intends to provide offshore and onshore Intensive Comprehensive Managing Maintenance Programs (PMP).
Synergy plans to have the ability to manufacture and remanufacture drilling, production and wellhead equipment for the purpose of providing support for the completion and production of all oil & gas wells that range between 1,000 - 30,000 feet.
"With the addition of Synergy Services USA, we are moving closer to our goal of creating a company with a vertical integration strategy which will result in overall operational efficiencies, and provide additional services to our existing clients, " says Carl Swan, CEO of Georgetown Corporation.
About Georgetown Corp.
Georgetown, through its subsidiaries, is a provider of oilfield services and equipment to independent and major oilfield companies in exploration, production and development of oil and gas properties, domestically and in selected international markets. The Company plans to continue its growth organically, search for new acquisitions, and expand geographically.
Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by Georgetown Corp. with the Securities and Exchange Commission, including the Annual Report on Form 10-K and the 10 Q, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.