HOUSTON, TEXAS (February 2007) – Quintana Capital Group, L.P. today announced that Quintana Energy Partners, L.P. and its affiliated partnerships (collectively, "Quintana"), alongside management employees of MWD Services, Inc. and certain invited co-investors, have completed the recapitalization of MWD Services, LLC ("MWD Services" or the "Company") and committed to further growth capital.
“Since our founding in the early 1990s, we have successfully grown an oilfield services company on limited capital resources. We are beginning to hire additional field operators, and have placed orders for additional equipment,” stated MWD Services’ President Clyde Cormier. Gordon Ogden, MWD Services’ Chief Financial Officer, added, “Through Quintana, Clyde and I were able to monetize a portion of our company and take on an experienced oilfield investment partner to further expand our tool fleet and enable our customers to grow their businesses.”
MWD Services, based out of Lafayette, Louisiana, is an independent provider of measurement while drilling services (“MWD”) to the directional drilling market. The Company currently has a growing fleet retrievable MWD tools systems and is servicing the directional drilling markets in Louisiana, North Texas (Barnett Shale) and Mississippi. MWD Services’ tools are utilized by directional drillers to track the compass direction or azimuth, inclination (measured in degrees from vertical), and gamma ray response of the formation down hole. This information allows the directional driller to know the current location and direction of the drill bit while drilling directional or horizontal wells, as well as provides information about the lithology of the formation being drilled.
Steve Thompson, Managing Director of Quintana, confirmed, “MWD Services has a quality team and track record. Its in-house maintenance and proprietary flow loop system ensure that customers will have a superior and well-maintained tool.”
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 MWD Services, LLC: Gordon Ogden Chief Financial Officer 337-856-5965 www.mwdsi.com
Contact for Quintana Capital Group, L.P.: Loren Soetenga Chief Operating Officer 713-751-7527
