Golden Cross
5 years ago
$FOSI Frontier Oilfield Services, Inc acquires Triccar, Inc
Press Release | 01/13/2020
Frontier Oilfield Services, Inc. (OTCMKTS:FOSI) Files An 8-K Completion of Acquisition or Disposition of Assets and announces acquisition of TRICCAR Holdings, Inc.
Jan 7, 2020 -- Frontier Oilfield Services, Inc. (OTCMKTS:FOSI) files An 8-K Completion of Acquisition or Disposition of Assets and announces the acquisition of TRICCAR Holdings, Inc.
The Current Report on Form 8-K that Frontier filed with the Securities and Exchange Commission (SEC) on January 7, 2020 regarding the disposition of assets and operations of the Company has been completed in order to eliminate its debt to facilitate the acquisition of TRICCAR Holdings, Inc.
Frontiers Senior Secured creditor, its Board of Directors, and the majority of Frontiers shareholders, have approved the following activities effective December 31, 2019:
Frontier entered into an Asset Exchange and Purchase Agreement by and among Kenneth Owens, as purchaser, and Frontier Oilfield Services, Inc, as seller, whereby certain assets in Wise County, Texas (the Brunson Assets) were exchanged for all debt and accrued interest owed to Owens ($4,600,000 ) and 2,701,168 shares of common stock, which were returned to the treasury to be cancelled.
Accepted an offer from Mr. Newton Dorsett, an affiliate and major stockholder, whereby Frontier Oilfield Services, Inc agreed to exchange $6,368,384 in accounts payable, accrued interest and certain ancillary assets for 6,368,384 common shares of Frontier Oilfield Services.
Accepted an offer from Donald Lawhorne, Chairman and CEO, to exchange $130,000 of unpaid loans and accrued interest for 130,000 common shares of Frontier Oilfield Services, Inc.
In addition, Frontiers Board of Directors and the majority of Frontiers shareholders have determined that continued operations in the oilfield service industry is not in the best long-term interests of the Company and its shareholders and is exiting the space. Frontier has agreed to acquire TRICCAR Holdings, Inc., a biomedical research and marketing firm that develops, acquires, and partners to bring life-changing bioceutical health care treatments to the global market.
As part of the transaction, Frontier will change its corporate domicile from Texas to Nevada and assume the name TRICCAR, Inc. Frontier will issue 80,000,000 shares of stock to acquire all the assets of TRICCAR Holdings while Frontier shareholders retain 20,000,000 shares of stock. Upon the conclusion of the acquisition, Frontiers management team and Board of Directors will resign and will be replaced by TRICCAR Holdings management team. A new Board of Directors, made up of nine members, will be placed which will be upon completion of the acquisition.
Lawhorne stated, We are very pleased that Mr. Dorsett, the Companys lead investor, facilitated the restructuring steps and remains fully supportive of Managements plans of our upcoming acquisition of TRICCAR Holdings, Inc.
ABOUT FRONTIER OILFIELD SERVICES, INC.
Up until December 31, 2019, Frontier Oilfield Services, Inc. (Frontier) operated its business in the oilfield service industry and was involved in the disposal of saltwater and other oilfield fluids in Texas. The Company owned approximately nine disposal wells in Texas, six of these disposal wells were located in the Barnett Shale region in north central Texas and approximately three of these wells were located in east Texas near the Louisiana border. The Companys customers included national, integrated, and independent oil and gas exploration companies. Its subsidiaries include Frontier Acquisition I, Inc. and Frontier Income and Growth, LLC.
ABOUT TRICCAR HOLDINGS, INC.
TRICCAR Holdings, Inc. is a biomedical research and marketing firm that develops, acquires, and partners to bring life-changing bioceutical solutions to the global market. The companys products are backed by over $67,000,000 in research, development and clinical testing. TRICCAR has developed bioceutical products for 38 diseases and maladies, including the most bioavailable calcium supplement available; the first weight loss and obesity supplement that requires no dramatic change in diet; the industrys fastest acting blood performance product; and a mental acuity formula proven to increase memory recall and the formation of new memories. Other formulations address Amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig's disease, basal cell and squamous cell carcinoma, diabetic nerve pain, post-traumatic stress disorder, hypothyroidism, and a daytime and nighttime cannabidiol supplement that provides the industrys leading percentage of CBD by volume.
FORWARD LOOKING STATEMENTS
Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those discussed in "Risk Factors" in the Company's Forms 10-K, Forms 10-Q, and other filings with the Securities and Exchange Commission. Such risk factors include, but are not limited to, a limited operating history with no earnings; reliance on the Company's management team; the ability to successfully implement the Company's business plan; the ability to continue as a going concern; the ability to fund the Company's business and acquisition strategy; difficulty in managing operations of acquired businesses; and limited trading in the public market for the Company's common stock. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties.We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
Contact:
Dick O'Donnell, Executive Vice President
(972) 243-2610
Timothy Smith
12 years ago
Frontier Oilfield Services, Inc. Acquires Saltwater Disposal System
Jan 22, 2013 11:44:00 AM
2013 GlobeNewswire, Inc.
DALLAS, Jan. 22, 2013 (GLOBE NEWSWIRE) -- Frontier Oilfield Services, Inc. (OTCQB:FOSI) announces its execution of an Asset Purchase Agreement to acquire all of the assets and business operations of L & R Tank Trucks, Inc. and Stark and Stark Equipment, Inc. of Bowie, Texas for the sum of $ 10,300,000.00 subject to certain adjustments, at the time of closing, of L & R and Stark's indebtedness, seller's expenses and EBITDA adjustments.
Tim P. Burroughs, President of Frontier Oilfield Services, Inc. stated, "The acquisition of L & R Tank Trucks and Stark and Stark Equipment expands Frontier's presence in the liquids-rich Northern Barnett Shale, complements our recent acquisition of Coffman Tank Trucks located in Chico, Texas and increases our strategic relationships with other major E & P companies."
Burroughs further added, "Frontier continues to seek out and explore commercial salt water recovery and disposal opportunities for expansion in both the Permian Basin in West Texas and the fast developing Eagle Ford formation in South Texas."
ABOUT L & R TANK TRUCKS
L & R Tank Trucks, founded in 1989, provides completion and production water solutions for E & P companies. The company is headquartered in Bowie, Texas and operates in the liquids-rich Northern Barnett Shale performing vacuum and pump truck services, commercial disposal services and frac tank rental on a 24/7 basis.
L & R owns and operates four commercial saltwater disposal wells and an approved permit for a fifth well. L & R primarily disposes of saltwater that it hauls from producing well sites, although the company does allow 3rd parties to dispose in its wells for a fee. The company completed a new commercial disposal well in the fall of 2011 that is permitted for 20,000 barrels a day. L & R has an agreement in place with its largest customer to pipe water from their well sites to the disposal well. The company currently operates 12 tractors, 12 trailers, 3 bobtails, 1 pump truck and 10 frac tanks.
ABOUT FRONTIER OILFIELD SERVICES, INC.
Frontier Oilfield Services, Inc.'s primary business focus is on wastewater recovery and disposal which was selected due to the recurring nature of the revenues, the relatively high margins and the strong barriers to entry by potential competitors because of the limited supply of state permitted commercial disposal wells. In addition, as a result of breakthroughs in recent extraction technology, exploration & production companies are faced with the increasing burden of the disposal of higher volumes of produced fluids and saltwater. Frontier's acquisition strategy in this highly fragmented, decentralized and essential sector of the energy services market, positions Frontier for potentially rapid expansion and substantial growth in the future. Frontier currently has two additional wholly owned subsidiaries, Trinity Disposal and Trucking, LLC in Waskom, Texas and Coffman Tank Trucks, LLC of Chico, Texas.
The Frontier Oilfield Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=16754
FORWARD LOOKING STATEMENTS
Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those discussed in "Risk Factors" in the Company's Forms 10-K, Forms 10-Q, and other filings with the Securities and Exchange Commission. Such risk factors include, but are not limited to, a limited operating history with no earnings; reliance on the Company's management team; the ability to successfully implement the Company's business plan; the ability to continue as a going concern; the ability to fund the Company's business and acquisition strategy; difficulty in managing operations of acquired businesses; and limited trading in the public market for the Company's common stock. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
CONTACT: Dick O'Donnell
EVP at Frontier Oilfield Services, Inc.
(972) 243-2610
Source: Frontier Oilfield Services, Inc.
Timothy Smith
12 years ago
Frontier Oilfield Services, Inc. (OTCQB: FOSI) announces that it is engaged in an exchange offering to acquire the remaining 49% of the membership interests of Frontier Income and Growth LLC that it does not currently own. If successful the exchange will complete the acquisition of 100% of the ownership of Frontier Income and Growth, LLC and its operating subsidiary Trinity Disposal and Trucking, LLC. If all the current membership interest holders of Frontier Income and Growth, LLC agree to exchange their 1,122 interests a total of 1,870,374 shares of Frontier's restricted common stock will be issued. All of the current membership interest holders agreeing to the exchange would then become shareholders in Frontier.
Tim P Burroughs, President of Frontier Oilfield Services, Inc. stated "We see this exchange offering to the remaining membership interest holders of Frontier Income and Growth, LLC as a 'win-win' situation. The benefits to the remaining members include a path to liquidity and appreciation while Frontier Oilfield Services, Inc is able to consolidate its ownership in Trinity Disposal and Trucking, LLC."
ABOUT TRINITY DISPOSAL and TRUCKING, LLC
TDT's gross revenues for 2012 are expected to be approximately $10,000,000. TDT currently operates 8 permitted commercial disposal wells and 25 disposal tank trucks and trailers in a service area primarily located in East Texas and Northwestern Louisiana. There are approximately 4,000 producing oil and gas wells within a 15 mile radius of TDT's disposal sites in Marion, Harrison and Panola Counties. The Trinity operational headquarters is located in Marshall, Texas and its administrative headquarters are located at Frontier's corporate offices in Dallas, Texas.
ABOUT FRONTIER OILFIELD SERVICES, INC.
Frontier Oilfield Services, Inc.'s primary business focus on wastewater recovery and disposal has been selected due to the recurring nature of the revenues, the relatively high margins and the strong barriers to entry by potential competitors because of the limited supply of state permitted commercial disposal wells. In addition, as a result of breakthroughs in recent extraction technology, exploration & production companies are faced with the increasing burden of the disposal of higher volumes of produced fluids and saltwater. Frontier's acquisition strategy in this highly fragmented, decentralized and essential sector of the energy services market positions Frontier for potentially rapid expansion and substantial growth in the future.
FORWARD LOOKING STATEMENTS
Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those discussed in "Risk Factors" in the Company's Forms 10-K, Forms 10-Q, and other filings with the Securities and Exchange Commission. Such risk factors include, but are not limited to, a limited operating history with no earnings; reliance on the Company's management team; the ability to successfully implement the Company's business plan; the ability to continue as a going concern; the ability to fund the Company's business and acquisition strategy; difficulty in managing operations of acquired businesses; and limited trading in the public market for the Company's common stock. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
(For more information contact Dick O'Donnell, EVP at Frontier Oilfield Services, Inc (972) 243-2610)
SOURCE Frontier Oilfield Services, Inc.
Timothy Smith
12 years ago
Frontier Oilfield Services, Inc. (OTCQB: FOSI) announces that it is engaged in an exchange offering to acquire the remaining 49% of the membership interests of Frontier Income and Growth LLC that it does not currently own. If successful the exchange will complete the acquisition of 100% of the ownership of Frontier Income and Growth, LLC and its operating subsidiary Trinity Disposal and Trucking, LLC. If all the current membership interest holders of Frontier Income and Growth, LLC agree to exchange their 1,122 interests a total of 1,870,374 shares of Frontier's restricted common stock will be issued. All of the current membership interest holders agreeing to the exchange would then become shareholders in Frontier.
Tim P Burroughs, President of Frontier Oilfield Services, Inc. stated "We see this exchange offering to the remaining membership interest holders of Frontier Income and Growth, LLC as a 'win-win' situation. The benefits to the remaining members include a path to liquidity and appreciation while Frontier Oilfield Services, Inc is able to consolidate its ownership in Trinity Disposal and Trucking, LLC."
ABOUT TRINITY DISPOSAL and TRUCKING, LLC
TDT's gross revenues for 2012 are expected to be approximately $10,000,000. TDT currently operates 8 permitted commercial disposal wells and 25 disposal tank trucks and trailers in a service area primarily located in East Texas and Northwestern Louisiana. There are approximately 4,000 producing oil and gas wells within a 15 mile radius of TDT's disposal sites in Marion, Harrison and Panola Counties. The Trinity operational headquarters is located in Marshall, Texas and its administrative headquarters are located at Frontier's corporate offices in Dallas, Texas.
ABOUT FRONTIER OILFIELD SERVICES, INC.
Frontier Oilfield Services, Inc.'s primary business focus on wastewater recovery and disposal has been selected due to the recurring nature of the revenues, the relatively high margins and the strong barriers to entry by potential competitors because of the limited supply of state permitted commercial disposal wells. In addition, as a result of breakthroughs in recent extraction technology, exploration & production companies are faced with the increasing burden of the disposal of higher volumes of produced fluids and saltwater. Frontier's acquisition strategy in this highly fragmented, decentralized and essential sector of the energy services market positions Frontier for potentially rapid expansion and substantial growth in the future.
FORWARD LOOKING STATEMENTS
Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those discussed in "Risk Factors" in the Company's Forms 10-K, Forms 10-Q, and other filings with the Securities and Exchange Commission. Such risk factors include, but are not limited to, a limited operating history with no earnings; reliance on the Company's management team; the ability to successfully implement the Company's business plan; the ability to continue as a going concern; the ability to fund the Company's business and acquisition strategy; difficulty in managing operations of acquired businesses; and limited trading in the public market for the Company's common stock. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
(For more information contact Dick O'Donnell, EVP at Frontier Oilfield Services, Inc (972) 243-2610)
SOURCE Frontier Oilfield Services, Inc.
Timothy Smith
12 years ago
Frontier Oilfield Services, Inc. Completes Transaction
Jul 26, 2012 11:36:00 AM
DALLAS, July 26, 2012 /PRNewswire/ -- Tim P Burroughs, President and CEO of Frontier Oilfield Services, Inc. (OTCQB: FOSI) announced today that the Company has completed the acquisition of Chico Coffman Tank Trucks, Inc. ("Coffman"), including its wholly owned subsidiary, Coffman Disposal, LLC, which had audited gross revenue in 2011 of $40,500,000 and net income before interest, taxes, depreciation and amortization of $3,263,000.
Capital One Bank and ICON Investments provided credit facilities to the Company in the aggregate amount of $20,000.00 to support the acquisition.
Coffman is a commercial salt water disposal company with its primary area of operations located within the Northern Barnett Shale oil and gas field located in North Central Texas.
Coffman's assets are currently valued at $24 million and consist of accounts receivables, rolling stock (85 trucks and trailers) six permitted commercial salt water disposal wells and its headquarters real property located in Chico, Texas.
Coffman primarily services wells owned and operated by Devon Energy (DVN), XTO Energy (XTO), Pioneer Natural Resources (PXD) and EnCana Corporation (ECA).
Burroughs stated, "The acquisition of Coffman allows Frontier to expand its operations across North Central and East Texas and was a next step to our business strategy of geographic expansion over the US mid-continent region."
ABOUT FRONTIER OILFIELD SERVICES, INC.
Frontier Oilfield Services, Inc.'s primary business focus on wastewater recovery and disposal has been selected due to the recurring nature of the revenues, the relatively high margins and the strong barriers to entry by potential competitors because of the limited supply of state permitted commercial disposal wells. In addition, as a result of breakthroughs in recent technology (the process by which shale oil and gas is extracted), exploration & production companies are faced with increasing volumes of, and thus challenges with regard to the disposal of, produced fluids and saltwater. Frontier's acquisition strategy in this highly fragmented, decentralized and essential sector of the energy services market positions Frontier for potentially rapid expansion and substantial growth in the future.
FORWARD LOOKING STATEMENTS
Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those discussed in "Risk Factors" in the Company's Forms 10-K, Forms 10-Q, and other filings with the Securities and Exchange Commission. Such risk factors include, but are not limited to, a limited operating history with no earnings; reliance on the Company's management team; the ability to successfully implement the Company's business plan; the ability to continue as a going concern; the ability to fund the Company's business and acquisition strategy; difficulty in managing operations of acquired businesses; and limited trading in the public market for the Company's common stock. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
(For more information contact Dick O'Donnell , EVP at Frontier Oilfield Services, Inc. (972) 243-2610)
SOURCE Frontier Oilfield Services, Inc.
Timothy Smith
12 years ago
PLAN OF OPERATION FOR THE FUTURE
We have funded operations from cash generated from the sale of preferred stock, revenue from oil and gas sales, partial recovery of a previous loss and loans/advances from affiliates. We expect that the principal source of funds in the near future will be from the sale of preferred stock, oil and gas revenues and advances from an affiliate. Management’s plan is to seek additional equity and/or debt financing. Any such additional funding will be done on an “as needed” basis and will only be done in those instances in which we believe such additional expenditures will increase our profitability. However, actual results may differ from management’s plan and the amount may be material.
In the past we have primarily acquired producing oil and gas properties with opportunities for future development and contracted well operations to contractors. Currently, our primary focus is to secure additional capital through business alliances with third parties or other debt/equity financing arrangements to acquire oil field service companies and/or assets.
Our ability to secure additional capital through business alliances with third parties or other debt/equity financing arrangements to acquire companies and/or assets which will allow the Company to further operate in the oil field services industry is strictly contingent upon our ability to locate adequate financing or equity to pay for these additional companies and/or assets. There can be no assurance that we will be able to obtain the opportunity to buy companies and/or assets that are suitable for our investment or that we may be able to obtain financing or equity to pay for the costs of these additional companies and/or assets at terms that are acceptable to us. Additionally, if economic conditions justify the same, we may hire additional employees although we do not currently have any definite plans to make additional hires.
The oil and gas industry is subject to various trends including the availability of capital for drilling new wells, prices received for crude oil and natural gas, sources of crude oil outside our area of operations, interest rates, and the overall health of the economy. We are not aware of any specific trends that are unusual to our company, as compared to the rest of the oil and gas industry.
Effective June 4, 2012, LoneStar completed the purchase of $5,000,000 of the preferred stock of Registrant and in accordance with its agreement with LoneStar used the proceeds to acquire a 51% interest in Frontier Income and Growth, LLC.
On June 29, 2012 Registrant by and through a wholly owned subsidiary, Frontier Acquisition I, Inc., executed a Stock Purchase Agreement whereby, upon closing, it will acquire all of the issued and outstanding stock of Chico Coffman Tank Trucks, Inc. (“Coffman”) inclusive of its wholly owned subsidiary, Coffman Disposal, LLC for the sum of $17,408,348 subject to certain negative and positive adjustments based upon the amount, at the time of closing, of Coffman’s indebtedness, seller’s expenses and EBITDA adjustments.
Coffman is a salt water disposal company with its primary base of operations located in Chico, Texas with its trade and service area being in the Barnett Shale oil field located in north central Texas. Coffman had audited 2011 revenues of $40.5 million with an EBITDA of $3,263,929. Coffman’s assets are currently valued on its unaudited financials at $24 million and consist of accounts receivable, rolling stock (trucks and trailers), six permitted disposal wells and the headquarters real property. Coffman has short and long term liabilities of approximately $17.6 million.
Upon closing Mr. JD Coffman will remain as President of Coffman Tank Trucks, Inc. and will report directly to Tim Burroughs, President and CEO of Frontier.
Timothy Smith
12 years ago
Frontier Oilfield Services announces another acquisition
Jul 10, 2012 7:00:00 AM
DALLAS, July 10, 2012 /PRNewswire/ -- Frontier Oilfield Services, Inc (OTCQB: FOSI) announces its intention to acquire Chico Coffman Tank Trucks, Inc ("Coffman"), including its wholly owned subsidiary, Coffman Disposal, LLC for the sum of $17,408,348.00 subject to certain negative and positive adjustments based upon the amount, at the time of closing, of Coffman's indebtedness, seller's expenses and EBITA adjustments.
Coffman is a salt water disposal company with its primary base of operations located in North Texas with its trade and service area being in the Barnett Shale oil and gas field located in North Central Texas.
Coffman had audited 2011 revenues on $40.5 million with an EBITA of $3,263,929. Coffman's assets are currently valued on its financials at $24 million and consist of accounts receivables, rolling stock (trucks and trailers), six permitted disposal wells and the headquarters real property.
Tim P Burroughs, President of Frontier Oilfield Services, stated, "We are pleased that Mr. JD Coffman will remain as President of Coffman Tank Trucks, Inc. under a five year employment agreement and assist us in the implementation of our future acquisition strategy."
ABOUT FRONTIER OILFIELD SERVICES, INC
Frontier Oilfield Services, Inc.'s primary business focus on wastewater recovery and disposal has been selected due to the recurring nature of the revenues, the relatively high margins and the strong barriers to entry by potential competitors because of the limited supply of state permitted commercial disposal wells. In addition, as a result of breakthroughs in recent technology (the process by which shale oil and gas is extracted), exploration & production companies are faced with increasing volumes of, and thus challenges with regard to the disposal of produced fluids and saltwater. Frontier's acquisition strategy in this highly fragmented, decentralized and essential sector of the energy services market, positions Frontier for potentially rapid expansion and substantial growth in the future.
Timothy Smith
12 years ago
Frontier Oilfield Services, Inc.'s Subsidiary Announces Record Results
Jul 5, 2012 7:00:00 AM
DALLAS, July 5, 2012 /PRNewswire/ -- Frontier Oilfield Services, Inc. (OTCQB: FOSI) announces the record results of Trinity Disposal and Trucking, LLC (TDT), its majority owned subsidiary. Income from operations during the production month of May 2012 reached $1,058,956.00 generating a corresponding EBITDA of $229,391.00.
Frontier acquired majority interest of TDT on June 6, 2012 as a result of a successful $5.5 million financing with Lonestar Income and Growth, LLC of Dallas, Texas. TDT's monthly gross operating revenue for 2012 is currently on a projected annual run rate of $9 million and has an estimated $15 million unaudited value in assets consisting primarily of the value of commercial disposal wells, trucks, customer contracts and its operational office and real property.
Kenneth Conte, Vice President and CFO of Frontier stated, "We are pleased with the results of TDT to date and are currently having updated appraisals completed for inclusion in the consolidated 3rd quarter 10Q. We are anticipating a smooth integration with our anticipated future acquisitions."
ABOUT TRINITY DISPOSAL and TRUCKING, LLC
TDT currently operates 8 permitted commercial disposal wells and 25 disposal tank trucks and trailers in a service area primarily located in East Texas and Northwestern Louisiana. There are approximately 4,000 producing wells within a 15 mile radius of TDT's disposal sites in Marion, Harrison and Panola Counties. Operational headquarters is located in Marshall, Texas and its administrative headquarters are located at FOSI's corporate offices in Dallas, Texas.
ABOUT FRONTIER OILFIELD SERVICES, INC.
Frontier Oilfield Services, Inc.'s primary business focus on wastewater recovery and disposal was selected due to the recurring nature of the revenues, the relatively high margins and the strong barriers to entry by potential competitors because of the limited supply of state permitted commercial disposal wells. In addition, as a result of breakthroughs in fracking technology (the process by which shale oil and gas is extracted) exploration & production companies are faced with increasing volumes of, and thus challenges with regard to the disposal of, fracking fluids and saltwater. Frontier's acquisition strategy in this highly fragmented, decentralized and essential sector of the energy services market, positions Frontier for potentially rapid expansion and substantial growth in the future.
Timothy Smith
12 years ago
Frontier Engages Investment Banking Firm
Jun 28, 2012 2:46:00 PM
DALLAS, TX -- (Marketwire) -- 06/28/12 -- Frontier Oilfield Services, Inc. (OTCQB: FOSI) (PINKSHEETS: FOSI) announces that we have retained Burnham Securities Incorporated to assist in sourcing capital and to advise us in fulfilling our acquisition strategy and enhancing shareholder value and liquidity.
Frontier president Tim P. Burroughs stated, "We are pleased to engage the corporate finance professionals at Burnham Securities because they provide Frontier with exceptional advice and access to the capital markets in order to fund our growth in the oilfield services sector through our acquisition strategy."
ABOUT FRONTIER OILFIELD SERVICES, INC.
Frontier Oilfield Services, Inc.'s primary business focus on wastewater recovery and disposal was selected due to the recurring nature of the revenues, the relatively high margins and the strong barriers to entry by potential competitors because of the limited supply of state permitted commercial disposal wells. In addition, as a result of breakthroughs in fracking technology (the process by which shale oil and gas is extracted) exploration & production companies are faced with increasing volumes of, and thus challenges with regard to the disposal of, fracking fluids and saltwater. Frontier's acquisition strategy in this highly fragmented, decentralized and essential sector of the energy services market, positions Frontier for potentially rapid expansion and substantial growth in the future.
ABOUT BURNHAM SECURITIES INCORPORATED
Burnham Securities Incorporated is an independent broker-dealer which specializes in retail services, principal distribution of its mutual fund family, and corporate finance. Tracing its roots back to 1935 when legendary financier I.W. Burnham ll, founded Burnham and Company, the firm today continues an 80 year heritage that embraces the values of honesty and commitment and combines them with enterprise and innovation. With decades of experience behind them, Burnham's investment bankers enable clients to focus on running their businesses, providing senior level attention to every assignment while implementing creative and time-tested solutions for today's M&A and capital markets and strategies for enhancing liquidity and/or shareholder value.
Timothy Smith
12 years ago
Frontier Oilfield Services, Inc. Completes Key Milestone for Rollup in Saltwater Disposal Business
Jun 7, 2012 5:35:00 AM
DALLAS, TX -- (Marketwire) -- 06/07/12 -- Frontier Oilfield Services, Inc. (OTCQB: FOSI) (PINKSHEETS: FOSI) announced today that Lonestar Income and Growth, LLC -- an unrelated third party investor -- has completed the acquisition of Frontier Oilfield Services, Inc 2011 Series "A" 8% Preferred Stock. This completion will supply sufficient capital for Frontier Oilfield Services, Inc. to purchase a majority interest in Frontier Income and Growth, LLC and its wholly owned subsidiary, Trinity Disposal and Trucking, LLC, a saltwater transportation and disposal company in East Texas.
The move is considered pivotal in Frontier Oilfield Services' growth strategy. Trinity Disposal and Trucking, LLC currently operates eight permitted commercial disposal wells and 25 disposal tank trucks in a service area primarily located in East Texas and Northwestern Louisiana. There are approximately 4,000 producing wells within a 15 mile radius of Trinity's disposal sites situated in Marion, Harrison, and Panola Counties. Well proximity is crucial to maintaining efficient margins in the saltwater disposal business. Operational headquarters are located in Marshall, Texas and administrative headquarters will be located at Frontier Oilfield Services' corporate office in Dallas, Texas.
"This transaction completes the initial step of our new business plan, and sets the stage for Frontier Oilfield Services to continue expansion of our acquisition strategy into oilfield services, a key component of the energy sector," stated Tim P. Burroughs, President of Frontier Oilfield Services. "Monthly revenue from Trinity Disposal and Trucking, LLC has Frontier Income and Growth, LLC on a projected annual run rate of approximately $9,000,000 for 2012, with an estimated $15,000,000 unaudited value in assets. This is fantastic progress for our management team and shareholders."
Assets for Frontier Income and Growth, LLC consist primarily of Trinity Disposal and Trucking's commercial disposal wells, trucks, customer contracts, operations offices, and real property. Frontier Oilfield Services, Inc. will now purchase a majority interest of Frontier Income and Growth, LLC, which immediately enhances shareholder value for Frontier Oilfield Services, Inc. (OTCQB: FOSI).
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