Petrominerals Corp., an oil and natural gas company, said Monday that it has paid $200,000 and exchanged 500,000 shares of its common stock to complete its acquisition of a private New Mexico company that tests tubes and pipes for the petroleum industry.
The acquisition of Hydro-Test International Inc. marks the first step in Petrominerals’ plan to diversify the company and increase revenue, said Eugene L. Butler, the Tustin company’s president.
He said the acquisition will allow Petrominerals to increase its market share, expand in Gulf Coast markets and complement its well servicing division.
Petrominerals reported $6.4 million in revenue last year. Hydro-Test had $3.4 million in revenue for its fiscal year, which ended April 4.