Galenfeha, Inc. entered into a definitive agreement to acquire all assets and operations of Frontier Oilfield Services, Inc..

Galenfeha, Inc. (OTCPK:GLFH) entered into a definitive agreement to acquire all assets and operations of Frontier Oilfield Services, Inc. (OTCPK:FOSI) on December 24, 2018. In consideration for the release of all claims and liabilities shareholders have against the assets and operations of the Frontier Oilfield Services, Galenfeha will issue one share of preferred stock for each share of Frontier Oilfield Services common stock. As of September 30, 2018, Frontier Oilfield Services reported total revenue of $0.884 million, total assets of $3.299 million, operating loss $0.765 million, net loss of $1.05 million, total common equity of ($7.696) million, total debt $7.961 million and net debt $7.959 million.

The transaction is expected to close on January 1, 2019.