Pat’s P&A Has Sold Certain Assets to Basic Energy Services
HOUSTON, August 4, 2011 - GulfStar Group (“GulfStar”) is pleased to announce the sale of certain assets of Pat's P&A Inc. (“Pat's” or the “Company”) to Basic Energy Services Inc. GulfStar served as exclusive financial advisor to Pat's P&A throughout the transaction, which closed on August 1, 2011.
Pat's P&A, headquartered in Bishop, Texas, is a leading provider of onshore plugging and abandonment services to the oil and gas exploration and production industry in south Texas. The Company also offers electric wireline, coil tubing and cement mixing and pumping services. Pat's was founded 20 years ago by Wesley Rogers.
The GulfStar transaction team included Managing Director Alan Blackburn and Analyst Patrick Stefan. “Pat's reputation, people, customers and assets will significantly strengthen Basic's presence in the onshore plugging and abandonment business in south Texas,” said Blackburn.
Similar to other companies in the oil and gas industry, Pat's was able to realize the benefit of selling in today's active market. “GulfStar's market knowledge and industry expertise helped us to achieve our financial goals,” said Rogers.
About Basic Energy Services
Basic Energy Services Inc. is based in Midland, Texas, and provides a range of well site services to oil and gas drilling and producing companies in the United States. The company provides well servicing, oilfield fluid, pressure pumping and contract drilling services. Basic Energy Services employs more than 5,200 employees in over 100 service points throughout the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas, and the Rocky Mountain and Appalachian regions.
GulfStar Group is a leading middle market investment and merchant bank headquartered in Houston, Texas with a strong market presence in Austin, Dallas, Louisiana and Oklahoma. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, restructuring and turnaround advisory services and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed over 500 transactions in more than 30 states and six foreign countries across a variety of industries. Through its merchant banking affiliate, the firm also makes equity and subordinated debt co-investments.
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