28 Feb 2002drilling progress report● Neutral
On February 14, 2002, the company's indirect subsidiary CJS Pinnacle Petroleum Services sold substantially all its assets to Basic Energy Services for up to $4.2 million: $3.7 million cash plus up to $500,000 in drilling-service credits usable over 36 months. Pinnacle also agreed not to compete in well-servicing within 200 miles of its Beeville, Texas and Artesia, New Mexico offices for three years.