Arkoma Machine & Fishing Tools, Inc. provides rental tools and fishing services to the active exploration and development companies in the Arkoma Basin of eastern Oklahoma and western Arkansas. Founded in the mid sixties, the Company is headquartered in Ft. Smith, Arkansas. The owner and president of Arkoma, Mr. Mike Bearden, developed a professional operating staff that is known as the team to call for specialty rentals and fishing services.
Mr. Bearden was referred to The Dillard Anderson Group (DAG) by a previous client who also operated in the Arkoma Basin. Mr. Bearden talked to a number of other satisfied previous clients, and, based on their reports, elected to engage DAG for a sale. DAG performed an analysis of both strategic and financial buyers, and approached a select number of candidates. One of the strategic candidates was Complete Production Services, Inc. (NYSE:CPX). Complete delivered a premium valuation which was all cash for the assets of Arkoma. Mr. Bearden satisfied his objective of financial liquidity, and now serves as area general manager for this new division of Complete.