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Houston-based Particle Drilling (OTCBB: PDRT) said in a regulatoru filing issued May 27 that the oil and gas drillinv services company will terminate eight employees and put an unidentifier number of remaining employees onunpaid “The company expects to file for bankruptcy early next week absent a suitable alternative,” officials said in a According to a recent regulatory filing, Particle Drilling had 19 employees at the end of 2008 and has pileds up losses of more than $45 million sincre its formation in 2003. The board has formed a three-member executive committee and has hiresd Parks PatonHoepfl & Brown LLP to assist the compang in exploring strategic options.
Company officials could not be reachedffor comment. The NASDAQ Stock Markett notified the company earlier this month that it woulr delist its shares effectiveMay 12. The shareas have subsequently been trading overthe counter. Particled Drilling owned several patents related to a drillingf technology designed to enhancethe rate-of-penetration functionn in the drilling process, especially in hard rock
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