PENKOTA WIRELINE SERVICES TO WEDGE OIL & GAS SERVICES (a WEDGE Group Subsidiary)

Penkota Wireline Services (“Penkota”) was established in 1981, by Mr. Mark Gjovig and Mr. Arlan Arnson. Penkota, headquartered in Williston, North Dakota, provides wireline trucks, operators, logging engineers and the specialized tools for logging, perforating and recovery of pipe from oil and gas wells. The Company’s customer base includes the active exploration and development companies in the Williston Basin.

The Dillard Anderson Group (“DAG”) contacted the owners of Penkota, in part due to the dramatic increase in E&P activity in their region. The owners talked to a number of previous DAG clients and, based on those discussions, engaged DAG for a sale of the Company.

DAG performed an analysis of active strategic and financial buyers and, with input from the two owners, agreed on a select number of prospective buyers. After discussion with several interested buyers, WEDGE Group, a Houston based private equity firm, emerged as the successful acquirer.

DAG delivered a premium valuation (which was not publicly disclosed). In addition, Mr. Gjovig and Mr. Arnson agreed to continue running and expanding the Company on behalf of WEDGE Group.

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