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Tejas Completion Solutions Acquires Seven Strategic Field Service Locations

Posted on: Monday, 21 September 2009, 09:21 CDT

THE WOODLANDS, Texas, Sept. 21 /PRNewswire/ -- Tejas Completion Solutions ("Tejas") today announced that it has acquired seven field service operations previously affiliated with Team Oil Tools ("Team") in a transaction sponsored by Intervale Capital ("Intervale"). Tejas had acquired the manufacturing business of Team in a separate transaction last June.

The service operations were acquired from Team Downhole Services LLC, Team Downhole Services - West LLC, Completions Tools and Services LLC, and Team Packer Services LLC. Combined, these field operations allow Tejas to service the Northeast, Mid-Continent, Louisiana, Rockies, Northeast Texas, Michigan, and Appalachian markets. Don Tinker of Team Downhole Services will head up Tejas' U.S. field service operations.

With the acquisition of the Team field service operations, Tejas gains operational bases in the growing Marcellus, Haynesville, Fayetteville, Barnett and Woodford shale plays as well as other important producing regions in the Rockies and the Mid-Continent.

Thomas Hill, Tejas' Chief Executive Officer, commented, "The Team field service acquisitions immediately allow Tejas to provide one-stop completion solutions for U.S. markets. This new service and distribution infrastructure allows us to introduce new products and services, including our new Sand Control products and Inflow Control Technology." Hill continued, "We have also expanded our sales team and agency network to pursue opportunities internationally with a particular focus on Latin America, the Middle East, the North Sea and the Far East. As a direct result of these acquisitions, Tejas is now an integrated 'solutions company' rather than one merely providing piecemeal parts for well construction. These acquisitions represent a significant step forward for us."

Don Tinker commented, "These acquisitions diversify Tejas' customer base to include some of the key oil and gas operators in the United States. Our customers will benefit from the broader completions product offering and shared resources of the combined companies." Tinker added, "We have leveraged our expertise and product know-how to provide cutting edge completion technologies to both operators and service companies."

Curtis Huff, a Managing Partner at Intervale, added, "The acquisition of Team's field service locations represents the culmination of Tejas' strategic vision. Tejas' experience in high pressure, high temperature environments and its completions engineering expertise make it a leading provider for horizontal well completions, which are becoming standard in the growing unconventional gas and oil plays."

Tejas' completions offerings include: down-hole packer and wellbore isolation products, multi-stage T-Frac(R) packer systems, standard and premium sand screen products, inflow control devices, API-6A Merla(R) production chokes and Hemiwedge(R) flow control valves, as well as various gas lift and chemical injection valves. Tejas will continue to provide customers with a full range of engineering, HPHT testing and reservoir fluid modeling services through its newly-constructed research lab in The Woodlands, Texas. Tejas has also expanded its manufacturing and assembling capabilities with facilities in Houston and The Woodlands, Texas, and Tulsa, Oklahoma.

About Tejas Completion Solutions:

Tejas was formed in September 2000 by Thomas Hill and key members of Schlumberger's Camco completions engineering team to create an innovative completions company and develop API-14A subsurface safety valves. Tejas' engineering team consists of thirteen engineers and designers with an average of over twenty years of experience in the industry. Tejas is based in The Woodlands, Texas, and has manufacturing facilities in Houston, Texas, and Tulsa, Oklahoma.

About Intervale Capital:

Intervale Capital is a private equity firm, based in Houston and Boston, focused exclusively on investments in middle-market oilfield services companies and related technologies. Intervale, together with its predecessor entities, has ten platform investments.

Contacts: Thomas Hill Chief Executive Officer Tejas Completion Solutions (281) 466-8707 Curtis Huff Managing Partner Intervale Capital (713) 961-0118 Tuan Tran Vice President Intervale Capital (617) 401-8405

http://www.intervalecapital.com

SOURCE Intervale Capital

Source: PR Newswire

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