Frontier Oilfield Services, Inc. (OTCQB : FOSI) announces that it has successfully completed an exchange offering to acquire the remaining 49% of the outstanding membership interests of Frontier Income and Growth, LLC that it did not previously own. The successful exchange completes the acquisition of 100% of the ownership of Frontier Income and Growth, LLC and its operating subsidiary Trinity Disposal and Trucking, LLC.
All of the 101 interest holders of Frontier Income and Growth, LLC agreed to exchange their 1122 units for 1,870,000 shares of restricted common stock in Frontier Oilfield Services.
Tim P Burroughs, President of Frontier Oilfield Services, Inc. stated, "We welcome the former unit holders of Frontier Income and Growth as our shareholders, and the completion of this acquisition consolidates our holdings in East Texas. Frontier will continue to identify, evaluate and acquire compatible saltwater disposal operations in the Haynesville, Barnett, Eagle Ford and Permian Basin formations as we grow our company and implement our business strategy."