Completed Deals

SALE OF TEAM SNUBBING SERVICES, INC. TO BASIC ENERGY SERVICES, INC. for $7,000,000 December 2009

Team Snubbing Services, Inc. provides snubbing services for natural gas production companies in the Fayetteville Shale play of central Arkansas. The Company was founded in 2006 by Mr. Rick Parker, and is headquartered in Conway, Arkansas. The company has adapted the use of a short stroke snubbing tool, which is used primarily for completion of well sections along the lateral line of the well.

Team Snubbing was referred to DAG by a previous client located in the same geographical area. DAG met with Mr. Parker and his partner, Mr. Robert Gunn, in September 2009. After explanation of the sales process, DAG was selected to handle the company sale.

DAG defined a group of strategic and financial candidates, and pursued a select number. After several discussions and one on-site meeting, DAG negotiated a transaction with Basic Energy Services (NYSE:BAS). The transaction was closed in December 2009, just 90 days after engagement.

All employees were retained by Basic, and Mr. Jim Reherman, Manager of Team, was appointed Basic's Regional Manager.

Crude Processing, Inc. provides a number of services for its customers in the Williston Basin of North Dakota and Montana. Its core services include recovery of junk oil and frac water heating. The Company was founded in 1980, and was owned by Mr. Jim Davenport and Mr. Dale Branson.

The owners were familar with other previous clients of DAG in the region. They called and explained that they would like to consider a sale. Mr. Davenport was interested in retirement, and Mr. Branson was interested in continuing to run the business, but wanted to monetize his equity position. After discussion with previous DAG clients, the owners elected to engage DAG for a sale.

DAG defined a group of private equity and industry candidates and pursued all that we felt would have an interest in CPI. After discussion with a number of interested parties, DAG negotiated a transaction with CCS Midstream, Inc. CCS is a privately owned Canadian company, and had an objective of entering the Williston Basin to expand its U.S. presence.

All the CPI employees were retained by CCS. Mr. Dale Branson now serves as division manager and Mr. Jim Davenport serves the Company on a consulting basis.

Mitchell's Oil Field Service, Inc. (MOFS) is the Williston Basin's premiere oilfield construction and lease maintenance company service its customers in western North Dakota and eastern Montana. The Company was founded in 1977 by Mr. Everett Mitchell, and is headquartered in Sidney, Montana. Mr. Mitchell had the foresight to allow employee ownership of the Company, and formed an employee stock ownership program (ESOP) to attract and retain employees. At the time of the sale, the ESOP owned almost half the equity of MOFS.

Mr. Mitchell was referred to the Dillard Anderson Group by a previous client. With a fiduciary obligation to his ESOP shareholders, Mr. Mitchell knew he must be able to demonstrate to those shareholders that the best possible value would be received. After DAG explained the process, Mr. Mitchell elected to engage. DAG approached a select group of prospective and strategic buyers. After an extensive marketing period, DAG located Stone Arch Capital, a private equity firm based in Minneapolis, Minnesota. Stone Arch was developing a platform for power infrastructure management, and MOFS fit all their criteria.

Through a number of negotiating sessions, a deal was struck for the purchase of 85% of the stock of MOFS. Mr. Mitchell retains the 15% balance, and continues to manage the Company. Mr. Mitchell and the ESOP shareholders were pleased with the value delivered by DAG.

North  Star Well Services, Inc. is a well service company which operates workover  rigs, swab units and kill trucks.  The  Company is located in Woodward, Oklahoma.    It was founded in 1999 by Mr. Greg Jeter, Mr. Larry Pingry and Mr. Mike  Mitchell.  North Star operates its  equipment fleet in western Oklahoma and the Texas Panhandle.

North  Star was referred to the Dillard Anderson Group by a previous Woodward based  client.  DAG met with Mssrs. Jeter  and Pingry in early summer of 2007, explained our sales process and talked  about possible valuation levels.  The  owners decided to hire DAGE to investigate a possible sale of the Company.    The objective of the owners was to generate liquidity, and to partner  with a strategic or financial partner to continue to growth of the Company.

DAG  confidentially presented North Star to a number of strategic and financial  buyers.  The primary marketing  period covered a flat period in overall oilfield growth.    This created a situation where the strategic players were interested in  buying, but were not willing to pay a premium for the Company.

DAG  located Hancock Park Associates, a Los Angeles and Houston based private  equity firm.  One of HPA's  principals is a previous client of DAG.  HPA  presented a proposal for purchase of the Company, and, after much negotiation,  the transaction was closed in July, 2008.    All owners agreed to continue to manage and grow the Company.

North  Star Well Services, Inc. is a well service company which operates workover  rigs, swab units and kill trucks.  The  Company is located in Woodward, Oklahoma.    It was founded in 1999 by Mr. Greg Jeter, Mr. Larry Pingry and Mr. Mike  Mitchell.  North Star operates its  equipment fleet in western Oklahoma and the Texas Panhandle.

North  Star was referred to the Dillard Anderson Group by a previous Woodward based  client.  DAG met with Mssrs. Jeter  and Pingry in early summer of 2007, explained our sales process and talked  about possible valuation levels.  The  owners decided to hire DAGE to investigate a possible sale of the Company.    The objective of the owners was to generate liquidity, and to partner  with a strategic or financial partner to continue to growth of the Company.

DAG  confidentially presented North Star to a number of strategic and financial  buyers.  The primary marketing  period covered a flat period in overall oilfield growth.    This created a situation where the strategic players were interested in  buying, but were not willing to pay a premium for the Company.

DAG  located Hancock Park Associates, a Los Angeles and Houston based private  equity firm.  One of HPA's  principals is a previous client of DAG.  HPA  presented a proposal for purchase of the Company, and, after much negotiation,  the transaction was closed in July, 2008.    All owners agreed to continue to manage and grow the Company.

North  Star Well Services, Inc. is a well service company which operates workover  rigs, swab units and kill trucks.  The  Company is located in Woodward, Oklahoma.    It was founded in 1999 by Mr. Greg Jeter, Mr. Larry Pingry and Mr. Mike  Mitchell.  North Star operates its  equipment fleet in western Oklahoma and the Texas Panhandle.

North  Star was referred to the Dillard Anderson Group by a previous Woodward based  client.  DAG met with Mssrs. Jeter  and Pingry in early summer of 2007, explained our sales process and talked  about possible valuation levels.  The  owners decided to hire DAGE to investigate a possible sale of the Company.    The objective of the owners was to generate liquidity, and to partner  with a strategic or financial partner to continue to growth of the Company.

DAG  confidentially presented North Star to a number of strategic and financial  buyers.  The primary marketing  period covered a flat period in overall oilfield growth.    This created a situation where the strategic players were interested in  buying, but were not willing to pay a premium for the Company.

DAG  located Hancock Park Associates, a Los Angeles and Houston based private  equity firm.  One of HPA's  principals is a previous client of DAG.  HPA  presented a proposal for purchase of the Company, and, after much negotiation,  the transaction was closed in July, 2008.    All owners agreed to continue to manage and grow the Company.

North  Star Well Services, Inc. is a well service company which operates workover  rigs, swab units and kill trucks.  The  Company is located in Woodward, Oklahoma.    It was founded in 1999 by Mr. Greg Jeter, Mr. Larry Pingry and Mr. Mike  Mitchell.  North Star operates its  equipment fleet in western Oklahoma and the Texas Panhandle.

North  Star was referred to the Dillard Anderson Group by a previous Woodward based  client.  DAG met with Mssrs. Jeter  and Pingry in early summer of 2007, explained our sales process and talked  about possible valuation levels.  The  owners decided to hire DAGE to investigate a possible sale of the Company.    The objective of the owners was to generate liquidity, and to partner  with a strategic or financial partner to continue to growth of the Company.

DAG  confidentially presented North Star to a number of strategic and financial  buyers.  The primary marketing  period covered a flat period in overall oilfield growth.    This created a situation where the strategic players were interested in  buying, but were not willing to pay a premium for the Company.

DAG  located Hancock Park Associates, a Los Angeles and Houston based private  equity firm.  One of HPA's  principals is a previous client of DAG.  HPA  presented a proposal for purchase of the Company, and, after much negotiation,  the transaction was closed in July, 2008.    All owners agreed to continue to manage and grow the Company.

North  Star Well Services, Inc. is a well service company which operates workover  rigs, swab units and kill trucks.  The  Company is located in Woodward, Oklahoma.    It was founded in 1999 by Mr. Greg Jeter, Mr. Larry Pingry and Mr. Mike  Mitchell.  North Star operates its  equipment fleet in western Oklahoma and the Texas Panhandle.

North  Star was referred to the Dillard Anderson Group by a previous Woodward based  client.  DAG met with Mssrs. Jeter  and Pingry in early summer of 2007, explained our sales process and talked  about possible valuation levels.  The  owners decided to hire DAGE to investigate a possible sale of the Company.    The objective of the owners was to generate liquidity, and to partner  with a strategic or financial partner to continue to growth of the Company.

DAG  confidentially presented North Star to a number of strategic and financial  buyers.  The primary marketing  period covered a flat period in overall oilfield growth.    This created a situation where the strategic players were interested in  buying, but were not willing to pay a premium for the Company.

DAG  located Hancock Park Associates, a Los Angeles and Houston based private  equity firm.  One of HPA's  principals is a previous client of DAG.  HPA  presented a proposal for purchase of the Company, and, after much negotiation,  the transaction was closed in July, 2008.    All owners agreed to continue to manage and grow the Company.