HOUSTON, TEXAS (July 2007) – Quintana Capital Group, L.P. today announced that Quintana Energy Partners, L.P. and its affiliated partnerships (collectively, 'Quintana'), alongside management employees of The Directional Drilling Company ('DDC' or the 'Company') and certain unaffiliated co-investors, have completed the recapitalization of DDC, from its prior owner for an undisclosed amount.
With a history dating back to the 1900's, DDC offers a complete package of drilling services including directional, horizontal, under balanced drilling, measurement while drilling, gyroscope, survey and wire line services to large and mid-size independent oil and gas producers. In addition, the Company provides a host of other services including directional drilling tool configuration, well site directional drilling supervision and guidance, new well and reentry drilling, steerable drilling, log while drilling services.
The Company is headquartered in Conroe, Texas with sales and/or service facilities in Midland, Texas, Casper, Wyoming, and Denver, Colorado. The Company owns and/or operates a fleet of 170 mud motors and 26 measurement while drilling tools through a pool of 100 talented directional drillers.
Steve Thompson, Managing Director of Quintana, said, “DDC’s first-class management team and hard working drillers attracted us to the opportunity. Unconventional gas and oil plays are attractive to growth-minded independent E&P companies who rely upon dependable and low-cost service providers, of which DDC is one.” Ben Danielson, Vice President of Quintana, added, “We envision growing the Company through both organic and external opportunities.”
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 The Directional Drilling Company: David Johnson Chief Financial Officer 936-441-7545
Contact for Quintana Capital Group, L.P.: Loren Soetenga Chief Operating Officer 713-751-7527
