Frontier Oilfield Services, Inc. Acquires Saltwater Disposal System
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 3 rd 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.
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