Mr. Johnsrud continued, “I am also very excited about the opportunity to work with Dick as we build this Company. Dick has decades of experience, having built three separate billion dollar plus companies listed on the NYSE, and his experience will be invaluable working on overall corporate strategy and direction of the business.”
Power Fuels operates a fleet of nearly 500 water trucks and 19 disposal wells in the Bakken Shale area, as well as a large water-related rental fleet of equipment. The merger of the Power Fuels and Heckmann operations will bring the Company’s fleet to approximately 1,300 heavy-duty trucks, 3,800 frac tanks, 2,000 other fluid handling and solid-waste tanks and other environmental services equipment, 200 rail cars and more than 45 disposal wells, with additional wells in the permitting process. Upon completion of the acquisition, Heckmann will have over 300 miles of permanent and temporary piping and operate 70 locations across 26 states with 3,000 employees and more than 20,000 customers.
With the addition of Power Fuels, Heckmann customers will include all of the country’s major oil and gas producers, as well as a host of Fortune 500 companies.
Jefferies & Company, Inc. served as the exclusive financial advisor to Heckmann Corp. in conjunction with the transaction, and Reed Smith LLP served as the Company’s legal counsel. Wells Fargo Securities, LLC served as the exclusive financial advisor to Power Fuels, and Jenner & Block LLP served as legal counsel.Conference Call and Webcast The Company will host a conference call on Tuesday, September 4, 2012 at 1:00 p.m. ET (10:00 a.m. PT) to discuss the proposed acquisition. To participate on the conference call, please dial 1-877-941-1427 or 1-480-629-9664 and reference conference ID 4562538. An audio replay of the conference call will be available approximately one hour after the conclusion of the call. The audio replay can be accessed by dialing 1-800-406-7325 or 1-303-590-3030 and entering access code 4562538.
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