Grifco International, Inc. Announces New Precision Drilling Rigs Profit Center

  
    
  
  
    
      Grifco International, Inc. (OTC Pink Sheets: GFCI) announced that it has 
      formed a new profit center, Precision Drilling Inc., to act as the prime 
      drilling contractor for the 208 gas wells to be spudded in Crockett 
      County, Texas. The new profit center will be incorporated in Nevada, 
      with 51% ownership retained by the Company and 49% ownership by Ronnie 
      Taylor and his family, located in Midland, Texas.
    
    
      Precision Drilling will continue the drilling tradition of the Taylor 
      family, which is in their second generation of drilling in the Permian 
      Basin. The drilling rig and equipment list for the new company includes 
      an Ingersoll Rand Drilling Rig mounted on a CAT-powered crane carrier. 
      The rig is powered with a Detroit diesel engine, with an air-mounted 
      compressor unit. All hand tools necessary to run 7 inch, 5 ½ 
      inch and 4 ½ inch casings are included. The 
      total value of the equipment is $1,800,000.
    
    
      Jim Dial, President, stated, “We are pleased 
      that Ronnie Taylor and his family have joined our team. With our own 
      drilling program in place, we have fast tracked our operations, cutting 
      out costly down time. With over 208 drill sites on target, it didn’t 
      make sense to outsource with third party rig operators with no vested 
      interest in the project.”
    
    
      The first Precision Drilling project will be the spudding of seven gas 
      wells in Crockett County, Texas. There will be a total of 208 gas drill 
      sites to be spudded under options granted to the Company. Spudding will 
      commence immediately following the grant of drilling and water permits.
    
    
      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.
    
    
      Forward Looking Statements
    
    
      Any statements that are not based on historical fact are “forward-looking 
      statements” within the meaning of the Private 
      Securities Litigation Reform Act of 1995. Although such statements are 
      based on management’s current estimates and 
      expectations, and currently available competitive, financial, and 
      economic data, forward-looking statements are inherently uncertain. We, 
      therefore, caution the reader that there are a variety of factors that 
      could cause business conditions and results to differ materially from 
      what is contained in our forward-looking statements.