A Jonesboro drilling contractor recently filed for Chapter 11 bankruptcy reorganization.
On Point Directional Drilling & Trenching LLC estimated both its debts and assets at between $1 million and $10 million, according to its July 31 bankruptcy filing in U.S. Bankruptcy Court for the Eastern District of Arkansas.
Founded in 2017, On Point specializes in delivering reliable, efficient directional drilling and trenching services, according to its website.
On Point’s initial bankruptcy filing didn’t include a lot of details about the company’s finances. Those documents are expected to be filed by Wednesday.
The list of the creditors who have the largest unsecured claims includes the U.S. Small Business Administration, $1.9 million; Arvest Bank of Lowell, $518,000; and Evolve Bank & Trust of West Memphis, $440,000.
On Point is being represented by attorney Kevin Keech of Little Rock.
Matt Mommsen, the company’s president, and his father, Bobby Mommsen, the company’s vice president, “saw an opportunity to provide high-quality drilling and trenching services in their local community,” the company’s website says. “With their combined expertise and entrepreneurial spirit, they embarked on a journey to start their own business.
“On Point Drilling and Trenching quickly gained a reputation for their reliable and efficient services.”
On Point Drilling & Trenching’s projects include commercial developments, municipal contracts and industrial installations.
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