Quintana Completes Purchase of Consolidated Oil Well Services, LLC
HOUSTON, TEXAS (December 2006) – Quintana Capital Group, L.P. today announced that Quintana Energy Partners, L.P. and its affiliated partnerships (collectively, "Quintana"), alongside management employees of Consolidated Oil Well Services, LLC, have completed the purchase of the oilfield service subsidiaries, Consolidated Oil Well Services, Inc. and CIS-Oklahoma, Inc. (collectively, "Consolidated" or the "Company"), from Infinity Energy Resources, Inc. through Quintana’s affiliate Q Consolidated Oil Well Services, LLC for approximately $52 million in cash.
“Our customers can expect the same high level of dependable and safe service from us,” said Jon Klugh, the Company’s Chief Financial Officer, adding “with a new owner committed to maintaining and expanding Consolidated’s fleet of pressure pumping equipment.”
With a history dating back to the 1950's, Consolidated provides cementing, acidizing, fracturing and water hauling services to exploration and production companies operating in the Cherokee, Forest City, Powder River, and Wind/Bighorn River basins. The Company owns the real property and facilities that it occupies in Ottawa and Thayer, Kansas; Bartlesville, Oklahoma; and Gillette, Wyoming; and leases its Eureka, Kansas and Worland, Wyoming facilities.
Steve Thompson, Managing Director of Quintana, confirmed, “Consolidated’s strong management team and hard working employees attracted us to the opportunity. We are excited to open a new chapter for Consolidated, and plan to help grow the business through a prudent capital expenditure program and selected acquisitions.”
The Company operates a fleet of approximately 100 vehicles specifically designed to provide service to oil and gas well operators working at depths ranging from 100 to 5,000 feet, as is usually the case in eastern Kansas, northeast Oklahoma, and for coal bed methane development in the Powder River Basin of Wyoming. Consolidated employs 150 people.
Certain statements in this press release include statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," "plan," "should" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.
Contact for Q Consolidated Oil Well Services, LLC: Jon Klugh Chief Financial Officer 620-431-9210 www.cows.bz
Contact for Quintana Capital Group, L.P.: Loren Soetenga Chief Operating Officer 713-751-7527
