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Vernal – Superior Drilling Products, Inc., a provider of drilling products for the oil, natural gas and mining services industry, has acquired Hard Rock Solutions, LLC for $25 million, of which $12.5 million was paid in conjunction with the closing of its initial public offering.
Superior Drilling Products acquired Hard Rock's patented Drill N Ream well bore technology, a reaming assembly technology which has been used in over 850 horizontal wells since 2011.
"With the acquisition of Hard Rock, we have a tremendous opportunity to penetrate a very large addressable market with an innovative technology that enables faster and more efficient drilling of horizontal wells for our customers," said Troy Meier, founder and CEO of Superior.