Liquidator Buys Drilling Contractor Equipment

Great American Group purchased the equipment and vehicles of an oil well drilling contractor in a deal estimated at $50 million. Woodland Hills-based Great American, a liquidation and auction firm, anticipates selling the assets of Red River Energy to domestic and international buyers in the next three months. Purchased by Great American are drilling rigs, trucks, drill pipes, service and repair parts, and the former Red River Energy operating headquarters in Oklahoma. The former drilling contractor also had facilities in Texas, Missouri, Kansas and Colorado. Great American plans to refurbish some of the rigs.