OFS Energy Fund News

September 20, 2012

Vision Oil Tools Purchases Piceance Fishing & Rental, Inc.

HOUSTON (Sept. 20, 2012)— Vision Oil Tools, LLC, an OFS Energy Fund portfolio company that provides oilfield rental tool and fishing services to oil and gas operations, is strengthening its capabilities by acquiring Piceance Fishing & Rental, Inc., a Western Colorado-based provider of oilfield tools and fishing services for drilling, completion and well control applications.

Vision, which has operations in Wyoming and North Dakota, purchased Piceance in a cash and stock transaction, whereby Piceance shareholders will become significant shareholders in the combined companies under Vision. The acquisition of Piceance is part of Vision’s expansion strategy for fishing services and equipment rentals to support oil and gas customers in the Bakken shale formation in North Dakota, the Piceance Basin and the DJ Basin in Colorado and other nearby basins.

“Piceance was established in 2007 and has an operating team with more than 40 years of combined experience in providing quality rental tool and fishing services. Currently, it is the leading provider in the Western Colorado market. We’re pleased to add their expertise and equipment offerings to our mix. This enhances our expanding geographic reach for these service capabilities, especially to companies operating in these key shale plays,” said Gary Roberts, CEO of Vision. “We are now the leading fishing and related tool rental business in the Williston and Piceance Basin, with exposure to numerous other nearby plays.”

Brad Hayden, president of Piceance who will become chief operating officer of Vision, added, “We are excited to be part of fast-growing Vision and the OFS team. Their industry experience and relationships will be invaluable as we continue to execute Vision’s growth plan. Also, having the capital from OFS Energy Fund will help us accelerate our growth of products, services and geographic reach.”

Vision was recapitalized by OFS Energy Fund in 2012 and is one of two portfolio companies in OFS Energy Fund II. OFS has had a significant track record of success of starting, acquiring and growing energy service companies. Cadence Bank of Houston provided financing for the transaction.

About Vision Oil Tools
Vision Oil Tools, LLC, established in 2000, provides equipment rental and fishing services to the Wyoming and North Dakota oilfields. Vision’s management team includes Gary Roberts, Hayden and Gay Mayeux as CFO. Board members include Chris Rivers, former CEO of MI Swaco, and Bruce Ross and Jerad McMayon of OFS.

About OFS Energy Fund
Houston-based OFS Energy Fund is one of the few professionally managed private equity firms that specializes in acquiring and recapitalizing lower middle-market companies with identifiable paths for organic and acquisitive growth. OFS seeks to provide growth equity solutions for business owners, in the form of buyouts, recapitalizations and growth equity investments. We support the development of management infrastructure, appropriate governance, professionalization of reporting and tracking of operating metrics. We also add value by lending industry relationships, ideas for operational improvement and support in developing strategic plans and initiatives. For more information, please visit www.ofsfund.com.
 

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