Gray Energy Services Announces Acquisition of Master Wireline Services

Acquisition of Largest Independent Wireline Company in the Barnett Shale

Expands Gray's Presence in the Cased-Hole Wireline Industry

Jun 26, 2006, 01:00 ET from Centre Partners

    FORT WORTH, Texas, June 26 /PRNewswire/ -- Gray Wireline Service, Inc.,
 a subsidiary of Gray Energy Services LLC, today completed the acquisition
 of Master Wireline, L.P. Master is the leading independent provider of
 cased- hole wireline services in the Barnett Shale region of northern
     Gray Energy Services LLC was formed in early 2006 by Centre 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.
     Master, which was founded in 1985 by Jeff Lindeman, Ken Luig and Perry
 Luig, operates a fleet of electric line trucks from its facilities in
 Wichita Falls and Granbury, Texas, as well as a comprehensive array of
 tools, equipment and related vehicles.
     According to Gray's Chief Executive Officer Larry Cavanna, the Wichita
 Falls and Granbury locations will serve as important new operating
 locations for Gray. Jeff Lindeman, Ken Luig and Perry Luig will each retain
 an ownership position in the company and will remain active in the
 management of the area.
     Cavanna commented, "Master establishes a strong footprint for Gray in
 the growing Barnett Shale region and is a great complement to Gray's
 existing operations in surrounding areas. We believe Master's expertise and
 knowledge in the area will be beneficial to the company as we join forces
 and move forward to better serve our customers in these areas."
     He added, "We are very impressed with Jeff, Ken, Perry and the entire
 Master Wireline team. Master has an exceptional operational reputation and
 is staffed by very professional and experienced personnel. We are excited
 to have them as a part of the Gray team."
     Cavanna explained that Gray would immediately add new equipment and
 additional experienced personnel to the operations to accelerate growth and
 meet the needs of customers.
     He concluded, "We are extremely pleased to have made our second
 acquisition so quickly after forming our partnership with Centre Partners
 and Centre Southwest. The acquisition of Master is another important step
 in the realization of our strategic growth plan."
     About Centre Partners
     Centre Partners is a leading middle market private equity firm with
 offices in New York City and Los Angeles. Centre Southwest, an affiliate of
 Centre Partners, is based in Dallas, Texas. Centre Partners' Managing
 Directors have invested over $3 billion of equity capital in more than 80
 businesses in the past 20 years. The firm is currently investing through
 its fourth fund, which has approximately $780 million of committed capital.
 In addition to the energy sector focus it has developed in conjunction with
 Centre Southwest Partners since 2004, Centre has deep investment expertise
 covering consumer, healthcare, industrial products and services, media,
 restaurants, retail, and aviation services. Additional information is
 available at .

SOURCE Centre Partners