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Houston-based Particle Drilling (OTCBB: PDRT) said in a regulatory filingf issued May 27 that the oil and gas drillin services company will terminate eight employeesw and put an unidentified number of remaining employees onunpaid “The company expects to file for bankruptcy early next week absentg a suitable alternative,” officials said in a According to a recent regulatory filing, Particle Drillingh had 19 employees at the end of 2008 and has pilecd up losses of more than $45 million sincee its formation in 2003. The boared has formed a three-membet executive committee and has hired Parks PatonHoepfl & Browjn LLP to assist the companh in exploring strategic options.
Company officials coulc not be reachedfor comment. The NASDAQ Stock Market notified the company earlier this monthg that it would delist its share s effectiveMay 12. The shares have subsequentlyg been trading overthe counter. Particle Drillinfg owned several patents related to a drilling technologuy designed to enhancethe rate-of-penetrationm function in the drilling especially in hard rock
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