SSOF Announces First Quarter 2018 Performance

FOR IMMEDIATE RELEASE:

Sixty Six Oilfield Services, Inc. Announces First Quarter 2018 Performance

OKLAHOMA CITY, OKLAHOMA, May 21, 2018 –SIXTY SIX OILFIELD SERVICES, INC. (OTCBB: SSOF), announces First Quarter Net Revenue of $426K on Gross Sales of $2.1M for the period ended March 31, 2018. Compared to the same period in 2017, the Company achieved quarter over quarter improvements of approximately 35% in gross sales and 28% in net revenue. The Company’s net margins increased slightly to 28% which included one-time sales of discounted inventory. 

Dave T. Ho, President and Chief Executive Officer said “During the first quarter of the year we have made strong strides in sales and overall growth. However, we have also seen signs the oil field market tightening up with vendors and customers not meeting order and delivery commitments. We plan to address by redoubling our efforts to hold our vendors, independent sales representatives and customers to a higher standard of best practices and careful monitoring of order and delivery controls. We feel that the oil industry in the U.S. will further strengthen which helps us to grow with the industry. OPEC’s monthly report in May specifically cites U.S. shale producers continuing to ramp up volume. According to CNN Money, the number of rigs in the U.S. has doubled over the past year.”

While business is brisk, the Company’s clear focus continues to be working on the details around the acquisition of Five Star Rig and Supply. The Company has been working diligently with Five Star Management and Ownership and looks to consummate the deal in the near future. New announcements are expected to be made by the end of the second quarter.

The Company announces that all remaining debt that was not forgiven has been converted to stock. The first step of this process has been completed during the first quarter and will be fully settled by the end of the second quarter. Jim Frazier, Vice President and Chief Financial Officer, said “The conversion of the remaining debt allows SSOF to become fully debt free and we have done so without significant dilution to our shareholders. This will allow the company to move forward with our business plans unencumbered. It has been a long time coming and is the primary reason that the Company had to delay the current Press Release and filing of First Quarter financials.”

Finally, the Company announces litigation disclosures detailing claims of $565,000 and a judgment award in favor of the Company in the amount of $3,600,000.  The Company feels strongly that the claim against it has no merit, but may seek to settle the claim to best protect claimant and customer relationships. The judgment in favor of the Company is difficult to fully collect as the defendant has declared bankruptcy. The Company will work diligently through the bankruptcy courts to collect as much as possible.

About Sixty Six Oilfield Services, Inc.

Sixty Six Oilfield Services is now a third-generation heavy oil field equipment company founded in Oklahoma in 1959. The Company is focused on supplying the oil industry with custom drilling rigs, heavy-weight drill pipe, drill collars, pup joints, pony collars, handling tools, tubing, casing, blow-out preventers, engines, compressors and other select equipment to customers world-wide through its facilities in Oklahoma City, Germany and Dubai. The Company’s services include the sale of new equipment, sale of refurbished and certified used equipment, as well as rental of oilfield equipment.

SAFE HARBOR AND INFORMATIONAL STATEMENT
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company's reports filed with the SEC. The Company is not eligible to rely on the safe harbor provided by Section 21E(c) of the Exchange Act because it is not subject to filing periodic reports under Sections 13 or 15(d) of the Exchange Act.

For more information, contact:
info@sixtysixoilfield.com
1.347.201.2775
www.sixtysixoilfield.com

Only information that is publicly available will be provided.