High Plains Services, Inc. was incorporated in 1979 by Mr. L. C. Price. The company provides inspection of tubulars (casing, tubing, drill pipe and collars) and hydraulic fracture flow back services. High Plains is based in Elk City, Oklahoma and covers all the active exploration and production companies in the Texas Panhandle, Oklahoma and Southern Kansas.
After operating the company for over 30 years and with the loss of his wife, Mr. Price was looking for an exit plan that would allow him to transition into a lesser role and allow for the ongoing continued employment of his staff.
Upon the recommendation of a friend and previous DAG client, Mr. Price engaged DAG. DAG developed a list of potential buyers from the industry and private equity community. After discussions and site inspections with various interested parties, DAG negotiated a transaction with Red Oak Water Transfer Services, a Rockwater Company. Red Oak is based in Fort Worth, Texas, and specializes in water transfer.
Red Oak immediately expanded the water transportation business with high-speed connection and big-inch water lines and pumps into High Plains operations. Red Oak furnished capital to further expand previous operations under the continued direction of L.C.
The transaction was a combination of cash, stock and bonus agreements, with an aggregate value in excess of $30 million.