GFCI News Global Oil Tools Begins Delivery of Back-Logged Orders for Libya and Africa
HOUMA, La.--(BUSINESS WIRE)--Global Oil Tools Libya and Global Oil Tools Houma, a wholly owned
subsidiary of Grifco International, Inc., jointly announce first of
back-logged orders and deliveries to client operations in Libya and
Africa are under way. Global Oil Tools ("Global") is ISO 9001 and A.P.I.
Spec. 14A certified and its Quality Assurance Program conforms to all
specifications set forth in ISO 9001 (ANSI/ASQC Q91) and A.P.I. Spec.
14A. Global enforces strict quality control standards, starting with the
purchase of raw materials, through the manufacturing process, the
inspection process, and the shipping process. Global maintains complete
traceability on every product manufactured. Global Oil Tools' Libya
facility in Misurata was strategically planned to provide ready access
to critical key distribution points from which Global products can be
delivered to regional customers on a just-in-time basis. Global Oil
Tools' advantage in North Africa is the ability to provide a localized,
fully integrated development, manufacturing and shipping facility over
competitors shipping tools from distant distribution centers. Pioneer
and founder WJ Barnhill of Global Oil Tools states, "Global Oil Tools'
market share is clearly gaining incredible momentum in the region.
Back-logged orders for customer projects in Libya and in Africa have now
been flowing through nicely and shipments are being delivered on time.
Iraq shipments and deliveries have also been flowing well in recent
months."
Libya, which is eager to capitalize on its oil reserves and give its
crude capacity a much needed boost, will announce the winners of its
third open licensing round Dec. 20, the head of Libya's oil policy said
Wednesday. The round, which puts up for grabs 41 onshore and offshore
blocks, is the latest move by Libya to increase its crude output to 3
million barrels-a-day by around 2010. In a statement by Jim Dial,
President & CEO of Grifco International (OTC.GFCI), "The fact is that in
many of our discussions with Lyamec about the Global Libya project last
year, we were always advised then that Africa would be a major stepping
stone for the future and for the (Facility) location, and in fact, now,
in a report of the proceedings of the Comesa Council of Ministers held
in Djibouti November 2006, Libya had informed the meeting that it
already ratified its accession to the trading bloc and would formally
conclude the process after submitting the legal instruments to the
Comesa secretariat in Lusaka, Zambia, later this month. The ratification
implications for the our partners in Africa is that exports from this
oil-rich country will now have duty-free access to 13 other Comesa
member-states that have so far signed on to the Free Trade Area
arrangement. Global Houma reports that working under the prescribed
unification of Global Oil Tools Libya is clearly becoming a more
efficient process especially with the ongoing information technology
modernization, and with that of the State of the Art CNC units that have
been delivered to Houma as well as the excitement of taking possession
of additional equipment deliveries scheduled for this week and in late
January 2007."
About Global Oil Tools, Inc.
Global Oil Tools specializes in the manufacture of wire line tools, down
hole flow control and surface equipment for the oil and gas industries.
Its tools are used worldwide and are interchangeable with major service
company tools, providing enhanced compatibility and usage in inventory
and field operations. Global is ISO 9001 and A.P.I. Spec. 14A certified,
and its ongoing Quality Assurance Program ensures continuous improvement
beyond these stringent specifications from concept design through field
deployment.
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.
Safe Harbor Act
The statements contained in this news release include "forward-looking
statements" within the meaning of Private Securities Litigation Reform
Act of 1995. Although the Company believes the expectations reflected in
such forward-looking statements are reasonable, actual results may
differ materially from those forward-looking statements as such
statements involve risks and uncertainties that can impact the delivery
of, meeting of, or exceeding of such expectations.
