|
ANDERSON WATER
WELL SERVICES LTD. |
|
 Anderson Water Well Services |
|
|
Anderson
Water Well Services, LTD. (AWW) provides water well drilling services for
exploration and production companies in the Barnett Shale region of North
Texas. These water wells provide
the most economical source of water for the high volume fracs that have
enabled this non conventional gas play to flourish.
AWW, then a commercial water driller, was bought in 2003 by Jerry Peek
and Jim Rowan, two oil and gas contract drilling industry veterans. DAG
knew Mr. Peek and Mr. Rowan well, as we represented them in the sale of Peek
& Rowan, Inc., an oil and gas drilling contractor, in 1998.
Because of this previous success, the owners contacted DAG and engaged
for the sale of their second company. DAG
performed an analysis of both strategic and financial buyers, and approached a
select number of candidates. One
of the candidates was Complete Production Services, Inc. (NYSE:CPX).
AWW was a perfect strategic fit with Complete's existing water well
drilling operation in the area. Complete
delivered a premium valuation comprised of cash and stock.
Mr. Peek and Mr. Rowan satisfied their liquidity of objectives, and
both now manage the combined water well drilling operations. |
|