Press
Release
Gray
Wireline Service, Inc. acquires Falcon Wireline, LLC Wednesday,
February 28, 2007
Gray Wireline Service, Inc., a subsidiary of Gray Energy Services
LLC, completed the acquisition of Falcon Wireline, LLC.
Falcon is a leading provider of cased-hole wireline services for
its customers in western Oklahoma and Panhandle region of northwest Texas. Gray
Energy Services LLC was formed in early 2006 by Center Partners, Centre
Southwest Partners and the management
of Gray Wireline Service, Inc. as a platform to create a leading
diversified provider of production enhancement solutions across the North
American natural gas and oil production industry. Falcon,
which was founded in 2001 by Manley Porter and a group of investors,
operates a fleet of electric wireline trucks from its facility in
Woodward, Oklahoma, as well as a comprehensive array of tools, equipment
and related vehicles. Mr.
Porter is a 25-year veteran of the wireline industry, and has assembled a
team of experienced engineers and personnel that quickly built Falcon into
a leading independent in the Oklahoma/Texas market. According
to Gray's Chief Executive Officer Larry Cavanna, Falcon's team and
equipment will complement Gray's existing Woodward location and enhance
its service offering and geographic coverage for both companies' customer
base. Mr. Porter will retain an ownership position in Gray and remain
active in the management of the region. Cavanna
commented, "Falcon is a strong complement to Gray's existing
operations in the Oklahoma market and our strong team in Woodward.
We have known Manley Porter and his experienced engineers and
personnel for many years, and we believe Falcon's expertise and knowledge
in the area will be beneficial to Gray as we join forces and move forward
to better serve our customers in these regions." He
added, "We are extremely pleased to have made our fourth acquisition
so quickly after forming our partnership with Centre Partners and Centre
Southwest. The acquisition of
Falcon is another important step in the realization of our strategic
growth plan." ___________________________ The
Dillard Anderson Group served as exclusive financial advisor to Falcon
Wireline, LLC. The principals are Max M. Dillard and Sam R. Anderson. |