DENVER, Sept. 8, 2016 /PRNewswire/ -- RockPile Energy Services, LLC ("RockPile" or the "Company"), a subsidiary of Triangle Petroleum Corporation (NYSE MKT: TPLM), today announced the Company has been acquired by White Deer Energy ("White Deer").
- RockPile will move forward with a debt-free balance sheet and adequate capital to fund growth
- RockPile's Management Team remains intact and committed to growing the Company
- RockPile and White Deer are mutually committed to growing RockPile 'the right way' – never sacrificing service quality to achieve scale
After conducting an extensive marketing process, RockPile selected White Deer from a number of other potential financial sponsors due to their shared vision for the future of the Company. Curt Dacar, CEO of RockPile, remarked, "This is an exciting day for everyone at RockPile. When we started the process of identifying a new capital partner, I could not have imagined a better outcome than teaming up with White Deer Energy. Their experience, values, and confidence in our Team make them an ideal fit for RockPile. I want to thank our people, our clients, and our supplier partners for their support as we worked through this process."
White Deer Energy Partner Jim Meneely added, "On behalf of the White Deer Energy Team, I would like to welcome RockPile to our family of companies. We have observed RockPile's industry leading performance for some time and jumped at the opportunity to add the Company to our portfolio. We couldn't be more excited to partner with Curt and all the RockPile employees to grow the Company while remaining committed to RockPile's mission of being a Best-in-Class service provider."
As part of the transaction, RockPile will move forward with a debt-free balance sheet and adequate capital required to pursue a robust growth pipeline. Important to note, the transaction was concluded on an out of court basis and involved no form of bankruptcy for the Company or subsidiaries.
PJT Partners and AlixPartners served as financial advisors to RockPile. Skadden, Arps, Slate, Meagher & Flom served as legal advisor to RockPile and Locke Lord served as legal advisor to White Deer Energy.
RockPile Energy Services is a growth oriented oil services company providing engineered completions solutions to oil and gas exploration and production companies primarily in the Williston and Permian Basins. RockPile's unique suite of capabilities and technologies deliver improved well economics to clients operating in the most challenging basins in North America. The Company's service offerings include hydraulic fracturing, cased hole wireline, ancillary pump services, advanced completions logistics solutions, and workover rig services.
About White Deer
White Deer Energy is an energy private equity firm focused on the exploration and production, oilfield service and equipment manufacturing, and midstream sectors of the oil and gas industry. With $2.2 billion of capital commitments across two private equity funds, White Deer Energy is a long-term investor targeting equity investments of $50 to $150 million. With offices in Houston and New York, White Deer Energy has a combination of industry expertise and capital that makes it an attractive partner for rapidly growing energy companies.
Forward-Looking Statements Disclosure
The information presented in this press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement as a result of new information, future developments, or otherwise.
RockPile Energy Services, LLC
James C. Evans, President and Chief Financial Officer
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SOURCE RockPile Energy Services, LLC