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ALEXANDER DRILLING
INC. |
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Alexander
Drilling, Inc. is an oil and gas drilling contractor which operates eight
medium depth drilling rigs in the Arkoma Basin of eastern Oklahoma and western
Arkansas. Founded in 1968, the
company is headquartered near Fort Smith, Arkansas.
Alexander is managed by Mr. Rick Alexander, who has worked for the
company since 1972. The company
was owned by Mr. Alexander and his family. The
Dillard Anderson Group ("DAG") became aware of the significant
increase in drilling activity in the Arkoma Basin, particularly in the
Fayetteville Shale. DAG contacted
Mr. Alexander, and discussed the current market for well established contract
drilling companies. Mr. Alexander
talked to a number of previous DAG clients, and, based on the positive
feedback from those clients, elected to engage DAG for the sale of the
company. DAG
undertook an extensive search of both strategic buyers and private equity
firms that we felt would have an interest.
We then narrowed the list through discussion with the candidates, and
held site visits with three potential buyers.
Nabors Industries, LTD. (NYSE: NBR) delivered a premium valuation, paid
in cash, for the assets of Alexander Drilling.
In addition, Mr. Alexander accepted a position with Nabors to oversee
the current 27 rig fleet in the region. |
