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Non-Tech : ACCO: 800America.com, Inc

ACCO 3.445

+0.3%

Nov 11 3:59 PM EST

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From: LTK007	1/16/2007 2:33:34 PM
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1/15/07 Bronco Drilling - BRNC-NNM Outperform - Price 14.13 on Jan. 10 by Raymond James Bronco announced it has acquired Eagle Well Service for $20.6 million. The acquisition includes 31 workover rigs...Eagle operates in Oklahoma, Texas, Kansas and New Mexico. Bronco paid...almost $665,000 per rig; 17 of the 31 rigs are less than two years old and the current going rate for a new rig is $850,000 to $1 million...Bronco now has offset to natural-gas-related softness...this acquisition should be 10 cents accretive to full-year 2007. Therefore we're increasing our '07 EPS estimate from $2.10 to $2.20 and 12-month target to 22, based on 10 times our 2007E EPS (at least 50% below historical multiple for land-drilling sector).

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