Assets Of Bankrupt Drilling Supplier Up For Auction

-- Tiger Liquidity Services Energy Partners to sell equipment from Enseco Services in Casper, Wyo. & Minot, N.D. during March 22 online sale; bidding opens March 16

Mar 10, 2016, 12:29 ET from Tiger Liquidity Services Energy Partners

CASPER, Wyo. and MINOT, N.D., March 10, 2016 /PRNewswire/ -- By order of the court appointed receiver, Tiger Liquidity Services Energy Partners will conduct an online auction on March 22 for assets formerly owned by Enseco Services Energy Corp., a Calgary, Canada-headquartered well-production testing company.

The auction is the first project for the recently formed partnership between New York-based Tiger Capital Group and Washington, D.C.-based Liquidity Services (NASDAQ: LQDT). The partnership was created to help insolvency and turnaround professionals ramp up their services to the turbulent oil and gas market, and to directly assist companies seeking to sell surplus assets.

The sale will include horizontal drilling and measurement-while-drilling (MWD) equipment, as well as state-of-the-art laboratory equipment, rolling stock, parts, and portable offices from Enseco's Casper, Wyo., and Minot, N.D. locations.

Online bidding will commence March 16 at www.networkintl.com, Liquidity Services' marketplace for idle and used energy equipment in the oil and gas industry and information is also available at www.SoldTiger.com. The auction will close in rapid succession, live auction style, on March 22, beginning at 9:30 a.m. CT. Previews of the assets will be held March 14 through March 16 from 9:00 a.m. to 4:00 p.m. (MT) at the Wyoming facility located at 8627 Delta Drive in Casper, and at the North Dakota facility located at 5220 N. Broadway in Minot.

"Well-production test and flowback test companies, MWD and directional-drilling companies, as well as energy services companies will be interested in the assets up for bid," said Jeff Tanenbaum, president of Tiger Group's Remarketing Services Division.

"This auction offers an opportunity for companies to acquire and consolidate a range of equipment and components that are required to service operators in the field, so they'll be fully prepared when the oil market returns to robust activity," added Daniel Beck, vice president of global sales for Liquidity Services.  "All assets have been organized for easy inspection and evaluation."

Horizontal drilling and MWD drilling assets up for bid include sand separators, junk catchers, pipe skids, MWD positive pulse kits and surface systems, manifolds, lab equipment, repair and maintenance equipment.

Rolling stock includes utility trailers as new as 2013, along with car-haul trailers, cargo trailers, enclosed trailers, gooseneck trailers, furnished portable office trailers, and other equipment.

For a full catalog of the items offered and details on how to schedule a site visit and bid, go to: www.SoldTiger.com or www.networkintl.com.

Enseco Services Energy Corp. filed for Chapter 15 bankruptcy on October 23, 2015 in the Colorado Bankruptcy Court (case number 1:15-bk-21821).

SOURCE Tiger Liquidity Services Energy Partners



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