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Houston-based Particle Drilling (OTCBB: PDRT) said in a regulatorgy filing issued May 27 that the oil and gas drillingb services company will terminate eight employees and put an unidentifiede number of remaining employees onunpaid “The company expects to file for bankruptcty early next week absent a suitable alternative,” officials said in a statement. Accordinfg to a recent regulatory filing, Particled Drilling had 19 employeee at the end of 2008 and has piled up lossese of morethan $45 millionn since its formation in 2003. The boarde has formed a three-member executive committeee and has hired Parks Paton Hoepfl Brown LLP to assist the companuy in exploringstrategic options.
Companyu officials could not be reached for The NASDAQ Stock Market notified the companyt earlier this month that it would delist its shares effectivedMay 12. The shares have subsequently been trading over the Particle Drilling owned several patents related to a drilling technologty designed to enhancethe rate-of-penetration functionn in the drilling process, especially in hard rock environments.
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