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").
Key Highlights:
- 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.
About RockPile
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.
Contact
RockPile Energy Services, LLC
James C. Evans, President and Chief
Financial Officer
303-825-8170
www.rockpileenergy.com
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SOURCE RockPile Energy Services, LLC