THE WOODLANDS, Texas, July 31, 2012 /PRNewswire/ -- TETRA Technologies, Inc. (TETRA or the Company) (NYSE:TTI) today announced that it has completed the acquisition of substantially all of the assets and business of Greywolf Production Systems (Greywolf) for $55.5 million in cash, effective July 31, 2012. The acquisition was funded with a combination of available cash and borrowings under the Company's revolving credit facility.
Greywolf is a well testing and flow back company headquartered near Calgary, Alberta, with Canadian operational centers in Crossfield and Grande Prairie, Alberta, and U.S. operational centers in Williston, North Dakota, and Shoshoni, Wyoming. Established in 2005, Greywolf has become one of the leading flow back testing companies in Canada, and is a leading provider of these services in the Williston basin, including the Bakken formation.
Stuart M. Brightman, TETRA's President and Chief Executive Officer, commented, "We are very pleased to have closed this acquisition. I would like to thank Greywolf's management and personnel for their diligent work over the past weeks, which has allowed us to reach this successful conclusion. We are eager to continue working with the Greywolf team to begin the process of merging our production testing operations, and we are excited to commence the introduction of our expanded service capabilities to both new, and existing customers."
Mr. Brightman added, "We drew-down $50 million under our $278 million revolving credit facility to fund a portion of the acquisition and for general corporate purposes. Following this draw-down, we have approximately $228 million of borrowing capacity still available."TETRA is a geographically diversified oil and gas services company, focused on completion fluids and other products, after-frac flow back and production well testing, wellhead compression, and selected offshore services including well plugging and abandonment, decommissioning, and diving.