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Bronco Drilling Company, Inc. Enters into a Joint Venture with CICSA and $75 Million Revolving Credit Facility with Banco Inbursa.

Publication: Business Wire
Publication Date: 21-SEP-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
OKLAHOMA CITY -- Bronco Drilling Company, Inc. (Nasdaq/GS: BRNC, the "Company") announced today that it has entered into a joint venture and revolving credit facility. The Company and Carso Infraestructura y Construccion, S.A.B. ("CICSA") have entered into a joint venture to provide oil and gas drilling and workover services in Mexico and Latin America through the Company's formerly wholly-owned subsidiary, Bronco Drilling MX, S. de R.L. de C.V. ("Bronco MX"). The Company sold to CICSA 60% of its ownership interest in Bronco MX for cash consideration of approximately $30 million. The assets of Bronco MX consist of six drilling rigs, ancillary equipment and profits to two current drilling contracts with PEMEX, all of which were contributed to Bronco MX by the Company in connection with the formation of the joint venture. The Company has also agreed to contribute to the joint venture three additional drilling rigs currently drilling in Mexico at the completion of those contracts....

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