For sale: One gas drilling rig, slightly used, recently rebuilt
It’s not something you see every day on the side of the road with a for-sale sign, but when Scott Nordstrom wanted to sell a drilling rig in Rifle, that’s just where he put it — on the side of the interstate.
“We kind of attracted a little bit of attention,” Nordstrom said of the big blue rig positioned at Rifle’s west exit from Interstate 70.
Last year his company, Great American Group Energy, purchased numerous rigs that were formerly operated by Red River Energy. The rigs, located throughout the country, were refurbished and put on the market. It just so happened the yard where Great American refurbished the rig in Rifle was next to the heavily traveled I-70.
“It was perfect exposure,” Nordstrom said, “so we just went ahead and put a sign on it.”
Call him up, and he’ll tell you the asking price is $5 million to $6 million.
“It is a good value for a rig,” he said, adding anyone in the business will tell you a new one costs three to four times that price.
The rig is capable of punching holes 13,000 or more feet deep.
“It can do oil, geothermal, lots of things,” Nordstrom said.
He’s almost as flexible in his asking price as the rig is in its ability. The rig has been sitting refurbished, idle and for sale for three months.
“Somebody makes me an offer, they might be surprised,” he said.