June 23, 2017 • Volume 07, No. 07 OilfieldServices Serving the marketplace with news, analysis and business opportunities

Mammoth: pressure-pumping demand is rising Seaport, Morgan Stanley Mammoth Energy Services is running three frac spreads in the Utica/Marcellus downgrade OFS and expects to have three fleets in the SCOOP/STACK by year end. The company has Morgan Stanley and Seaport begun fracking its first well in the SCOOP, where it is working with Gulfport. CEO Global went on an oilfield services Arty Straehla said on the company’s Q1 call last month that its frac calendar in both downgrading spree on June 21, saying regions is booked into Q4, and discussions are underway for 2018. the risk of a downturn in the industry Mammoth pumped 860 had increased. Seaport’s especially dire Stages up 322% YOY while sand sales stages in 1Q17, up 322% forecast has crude hitting $20s/bbl in early up 240%. YOY. Reactivation of its 2018 and averaging third Utica frac spread contributed to this increase, increasing stage count by 13% $35/bbl in 1H18. sequentially. Mammoth’s pressure-pumping utilization was 63% in Q1 with three “We believe the industry’s current spreads active, up from two spreads in 1Q16. trajectory, if left unchecked, will Straehla said in the Q1 report that industry demand was 11-12 million hp and result in an oil market that is as much climbing. “When you compare this to the current estimated working capacity of roughly 11 million, you can see why we and our peers believe pricing continues to see Frank’s, H&P, Nabors among those upward pressure,” he said. Continues On Pg 8 receiving downgrades. Kirby to pay $710MM for Stewart & Stevenson as 2.2 MMbo/d oversupplied in 2018 Kirby Corp. will acquire Stewart & Stevenson from Parman Capital Group in a and only getting worse through 2020. $710 million deal split equally between equity and cash. S&S provides frac equipment, rigs, Something has to give, and first and seismic, switchgear and drive systems and has a diverse customer base that includes industrial, foremost we think it’s further downside to non-oil and gas companies. That should provide some stability for revenue while oil and the price of crude,” Seaport said. Seaport gas prices remain volatile. forecasts only 729 oil rigs in 4Q17 and 430 The distribution business Kirby expects $25MM/year in cost rigs by 2Q18. The latest Baker Hughes rig synergies from acquisition. Continues On Pg 10 of S&S has 42 branches with count is at 933. 1,400 pieces of rental equipment including pumps, compressors, forklifts, generators and load banks. Kirby plans to expand its geographic footprint through S&S’ locations DEALS FOR SALE in Florida and the Northeast, while complementing Kirby’s territories of the Eagle Ford, Permian Basin and SCOOP/STACK. OKLAHOMA STACK OPPORTUNITY Kirby, the largest domestic tank barge operator in the US, will fund the cash portion 17,407 Net Acres. 116 Sections. KINGFISHER, CANADIAN, BLAINE, of the deal with its revolver. The Houston-based oilfield equipment manufacturer CUSTER & DEWEY CO. expects to have $25 million in anticipated cost synergies. Continues On Pg 6 Play Marching West Northwest L Forced Pooling Benefits NonOps Meramec, Osage, Woodford & Hunton STACK Key sells frac stack and well testing amid merger rumors 75% Lease NRI To Rights Below Chester Key Energy Services sold its frac stack and well testing assets to Covenant Offset IP Rates >2,000 BOED Testing Technologies in what could be a setup for Key’s rumored merger with Basic Rapidly Increasing EURs Energy Services. Under the sale with Covenant, Key will receive $19.0 million in OFFERS DUE JUNE 30, 2017 cash and $4.7 million in convertible preferred equity security interest. Houston-based L 2065DV Key said the assets produced $2.5 million in revenue in Q1. The transaction will LARAMIE CO., WY PROJECT result in a $17 million Key saw assets as ‘non-core’; Covenant 10,224 Net Acres on Trend. gain in Q2 assets. NORTHERN DJ BASIN saw value for Permian customers. Covenant, a provider CODELL SAND OIL PLAY L of flowback and well testing services in the Permian Basin and Niobrara, is an affiliate Codell Thickens North Towards Laramie D&C: $4.5MM for 9,000’ Laterals DRILL of Catapult Energy Services, an oilfield services portfolio company funded by PE Net Pay Thickness: 20-40 ft firms NGP and NGP Energy Technology Partners. Covenant CEO John Cavitt ~70% OPERATED WI; 83.5% NRI Lease said the assets purchased “will service the growing demand of our customers in the Generous Forced Pooling Rules Permian Basin and will position Covenant as one of the largest pure-play well flow CONTACT OPERATOR FOR DETAILS management businesses in the US.” L 8793DV Key President and CEO Robert Drummond called the sale an opportunity to PLS tracks thousands of deals “dispose of non-core assets to position the company as a leading production services for sale www.plsx.com/listings provider in the US.” Continues On Pg 4 All Standard Disclaimers & Seller Rights Apply. OilfieldServices 2 June 23, 2017 A&D ■■ Enviro Voraxial Technology (EVTN) completed the sale of its Rubicon buys World Oil Tools in its second acquisition of Q2 intellectual property to Schlumberger for Rubicon Oilfield International acquired World Oil Tools, a Calgary manufacturer up to $4.0 million. The deal includes the of specialty inflatable products and technology used in completions in its second deal patents and trademarks of the this quarter. Financial terms were not disclosed. Voraxial Separator. EVTN Houston-based Rubicon, which designs, manufactures and sells will retain a worldwide, downhole oilfield products, said the acquisition allows it to sell high-value royalty-free agreement to manufacture inflatable packers, external and sell the Voraxial Separator for all casing packers and drill-stem testing Rubicon also bought Choice Completions Systems in May. industries other than oil and gas. EVTN technology around the world. “Rubicon received $3.0 million upon closing. is well positioned to advance the reach of World's product offering into new and under- Schlumberger will pay another $1.0 represented geographies,” said Rubicon President and CEO Michael Reeves. million upon transfer of certain assets. In May, Rubicon acquired Choice The deal was announced in March, but Rubicon started in 2015 with $300MM Completions Systems, which supplies from Warburg Pincus. the price was not disclosed then. downhole products for unconventional ■■ PE firm First Reserve agreed multistage completions. Choice, which was established last year, provides E&P to acquire the integrity maintenance producers trademarked products, such as the RzrFrac hydraulic fracturing plug or the platform of EMS HydraPort frac sleeve. USA, which provides Rubicon was formed in 2015 with a line of equity of up to $300 million from PE infrastructure maintenance and field firm Warburg Pincus. The company has operations in more than 50 countries and planning and repairs. The transaction is over 800 employees. It also acquired Tercel Oilfield Products in May 2016. Terms of subject to customary closing conditions. the Choice and the Tercel acquisitions were not disclosed. Financial terms were not disclosed. Houlihan Lokey acted as financial North American Rotary Rig Count as of June 22 Source: Baker Hughes advisor to EMS. Current Week Ago Month Ago Year Ago % Chg. Location 6/16/17 6/09/17 5/19/17 6/17/16 YOY ABOUT PLS US 933 927 901 424 120% OilfieldServices is published every three Canada 159 132 85 69 130% weeks by PLS Inc. US Breakout Info PLS OilfieldService report covers the oil Oil 747 741 720 337 122% & gas service sector including drilling, completions, operations and technology. Gas 186 185 180 86 116% In addition, OilfieldServices lists companies, Miscellaneous 0 1 1 1 -100% technologies, rigs, equipment and deals for sale, coded alpha-numerically. Clients Major Basins interested in any listing details can contact Barnett 7 8 7 7 0% PLS with provided listing code(s). DJ (Niobrara) 27 27 23 12 125% To obtain additional PLS product details, drill www.plsx.com/publications. Eagle Ford 84 84 85 34 147% PLS Inc. Fayetteville 1 1 1 0 - One Riverway, Ste 2500 Granite Wash 10 10 10 7 43% Houston, Texas 77056 713-650-1212 (Main) Haynesville 40 41 40 17 135% 713-658-1922 (Facsimile) Marcellus 45 45 45 24 88% To obtain additional listing info, contact us Mississippian 8 9 9 4 100% at 713-650-1212 or [email protected] with the listing code. Only clients are able to Permian 368 368 361 146 152% receive additional information. To become a Utica 28 28 25 12 133% client call 713-650-1212. Williston 49 46 44 24 104% © Copyright 2017 by PLS, Inc. Woodford 67 68 62 30 123% Any means of unauthorized reproduction is prohibited by federal law and imposes fines Major Basins 734 735 712 317 132% up to $100,000 for violations.

Find more on the oilfield sector at To learn more about PLS, call 713-650-1212 Volume 07, No. 07 3ServiceSector Some analysts already A&D throwing dirt on recovery Wood & Amec Foster Wheeler shareholders back merger So is the recovery for oilfield Shareholders of Wood Group and Amec Foster Wheeler overwhelmingly services already over? Morgan Stanley approved the merger of the two Scottish companies. Valued at $3.9 billion in stock and and Seaport Global certainly tried their debt, the deal is expected to be completed in Q4 pending regulatory approval. best to say so on June 21 by issuing Amec Foster Wheeler shareholders will receive 0.75 new Wood alarming forecasts and Group shares for each share of Amec Foster Wheeler, giving them 44% IN THIS downgrading pretty much ISSUE of the combined company and valuing Wood Group at £5.64 for each of every OFS stock that came 394,483,515 fully diluted shares. Wood Group is assuming net debt of $1.241 billion. to mind. To call Seaport’s forecast bleak The combined Wood Group will be led by current Wood Group executives with Robin would be an understatement—oil in the Watson as CEO, David Kemp as CFO and Ian Marchant as chair. On completion, Amec $20s in 2018 with rig count falling by half Foster Wheeler’s Roy Franklin will join as deputy chair and senior independent director, (PG. 1). But for now, their pessimism and Ian McHoul and Linda Adamany will be appointed as non-executive directors. appears to be an outlier. Otherwise, June was noteworthy not Feds approve GE-Baker Hughes merger with only 1 condition for new deals but for getting previously Baker Hughes, GE Oil & Gas and the US Department of Justice reached an announced deals wrapped up. The US agreement that will clear the way for the $34 billion merger. Under a proposed consent Justice Department approved the GE Oil decree filed in district court in Washington, DC, GE will only need to complete the Debtholder who contested Ocean Rig sale of its Water & Process Technologies business after the Baker Hughes acquisition UDW’s bankruptcy backs off(PG.10) . closes to get federal approval. GE agreed in March to sell GE Water to Suez Ventures, a global water & Gas acquisition of Baker Hughes if and waste management company, for $3.4 billion. The GE Water sale, like GE sells its Water & Process Technologies the Baker Hughes merger, is scheduled to business—which should not be a problem be completed in the middle of the year. GE already has agreed to sell water business for $3.4B. since GE already named a buyer. The Australian regulators also said they shareholders of Wood Group and Amec would not oppose the merger, conditional on the sale of GE Water. The European Foster Wheeler backed their union Commission gave unconditional approval in May. (PG. 3) and Transocean finished its $1.35 Baker Hughes stockholders will vote on GE’s offer to acquire 62.5% of the company billion sale of its jackup fleet (PG. 6). at a June 30 meeting. The merged company will continue to operate under the Baker Trican Well Services completed its Hughes name and will be listed on the NYSE. The combination will create the world’s acquisition of Canyon Services (PG. 4), second-largest oil and gas services company, with operations in more than 120 countries. while Total Energy Services’ hostile GE CEO Jeff Immelt was scheduled to serve as chairman of the board of directors takeover of Savanna Energy Services of Baker Hughes. However, Immelt announced his retirement as CEO. came to an anticlimactic end (PG. 5). Key Energy Services and Basic Energy Services, two companies that got Merger On Track For Completion out of bankruptcy protection within days •Merge GE Oil & Gas with Baker Hughes … of each other in December, are reportedly GE owns 62.5%, new Baker Hughes owns talking merger. Meanwhile, Key sold its Shareholders 37.5% through partnership structure frac stack and assets to Covenant Testing $17.50/sh •Publicly traded company with separate Technologies for $19.0 million in cash dividend 100% investor base; robust minority protections and $4.7 million in equity (PG. 1). Newco, Inc. • Ownership interest & voting aligned Geoscience company CGG filed for 62.5% (NYSE listed) bankruptcy after months spent negotiating •GE to contribute $7.4B to fund cash a reorganization plan (PG. 8). Hornbeck dividend, Baker Hughes distributes $17.50 37.5% $7.4B per share dividend to shareholders Offshore tried and failed to swap its cash $1.125 billion in 2019 bond for longer •Baker Hughes shareholders receive dividend maturities, but it managed to negotiate a & 37.5% equity of stronger business Baker Hughes, a GE company new debt revolver, giving it $500 million (operating partnership) •Blended leadership team in liquidity that might be enough to keep •9 member Board … 5 appointed by GE, the company out of bankruptcy (PG. 11). GE Oil & Gas + $7.4B cash 4 by Baker Hughes, including M. Craighead Finally, Paragon Offshore’s yearlong spell in Chapter 11 limbo should end in a few weeks (PG. 7). Source: Baker Hughes Dec. 8 Presentation via PLS docFinder www.plsx.com/finder For general inquiries, email [email protected] Access PLS’ archive for previous oilfield services news OilfieldServices 4 June 23, 2017 A&D ■■ Gardner Denver, a provider of mission-critical flow control and Trican closes $502MM acquisition of Canyon Services compression equipment, has acquired Trican Well Services closed its $502 million acquisition of Canyon Services LeROI Compressors for $20 million. Group. On June 2, Trican acquired all the issued and outstanding common shares LeROI, which manufactures gas of Canyon at a rate of 1.7 Trican shares per Canyon share. The transaction creates a compression equipment, will be part of company with 675,000 hhp of fracking capacity and a market cap of $1.4 billion. Gardner Denver's Industrials Segment. Shareholders for both companies overwhelmingly approved Gardner Denver funded the purchase the acquisition at May 31 shareholder meetings. The acquisition with cash on hand. has also been approved by the Alberta Court of Queen’s Bench and the Competition ■■ Gates Corp. acquired UK-based Bureau of Canada. Canyon’s fleet at GTF Engineering and Services, which YE16 consisted of 256,400 hhp. CEO: ‘Significant’ level of equipment to return to work in H2. owns Techflow Flexibles, a manufacturer Trican President and CEO Dale of flexible hoses and couplings for the Dusterhoft predicted that stakeholders would benefit from “cost efficiencies expected to E&P industry. Affiliates of the Denver- be produced by our combined supply chain efforts.” He added, “We are encouraged by based manufacturer of power transmission the growing demand for our services and expect to bring a significant volume of parked belts and fluid transfer products spent an equipment back to work during the second half of the year.” undisclosed sum for the acquisition. Canyon President and CEO Bradley Fedora has been appointed to the board of ■■ Schlumberger and Production Plus directors of Trican. Energy Services have created a JV to develop the Heal System, Key sells frac stack and well testing Continued From Pg 1 touted as a horizontal Key is the largest onshore, rig-based well-servicing contractor based on the well solution to mitigating slug flow that number of rigs owned. enables fewer, and simpler, artificial lift Basic is reportedly seeking to buy out Key in an all-stock deal, but details or talks transitions while lowering production have yet to be publicly confirmed. Both companies emerged from bankruptcy last year. costs. Production Plus, which has a 50.1% Key, which is the largest onshore, rig-based well-servicing contractor WI in the JV, has changed its name to based on the number of rigs owned, left bankruptcy protection on Dec. 15, Heal Systems. The JV will autonomously while Basic equitized $800 million of unsecured and raised $125 million of new capital, develop its business in the US and Canada. when it exited Chapter 11 on Dec. 23. In the rest of world, Schlumberger will be Basic reported a net loss of $38.6 million in Q1 while Key posted a net loss the sole distributor of HEAL technology. of $46.9 million in the same period. Seaport Global endorsed the possibility of an Financial consideration was not disclosed. acquisition as “delivering cost and equipment elimination as well as strengthening the ■■ TechnipFMC paid Sevan Marine combined market position.” NOK2.0 million ($237,000) for the remaining 51% of Norwegian engineering A New Key Emerged From Bankruptcy consultant Kanfa. In April 2014, Technip bought 49% of the company from Sevan. Financial $250 million of long-term debt Shortly before completing its merger with ~$1 billion of long-term debt Restructuring FMC, Technip exercised an option to buy NYSE re-listing under ‘KEG’ OTCPink traded after de-listing the rest. The parties then negotiated the Equity Re-listing ticker symbol from NYSE price, and the deal just completed. Sevan estimates an accounting loss of NOK 9.2 U.S.-focused production Operating in 8 countries across International million will be recorded in its Q2 results Dispositions services leader 4 continents under discontinued operations. De-layered, geo-market ■■ Weir Oil & Gas agreed to acquire “Silo” organizational structure Organizational Restructuring organizational structure KOP Surface Products, which provides surface wellheads, trees, valves and Customer concentration Structural Cost Diversified customer targeting actuators. The UK engineering company focused on Majors Savings via organizational realignment will pay $114 million to Akastor, a ~$250 million of annualized Norway-based oil investment company, Customer ~$100 million Q1 2017 G&A expense Diversification for KOP. The Singapore-based company annualized G&A run-rate has a manufacturing facility in Indonesia, and sales and service offices in Malaysia, Key is Well Positioned to Deliver Significant Value to its Shareholders Thailand, Vietnam, Qatar, UAE, Saudi Arabia and India. Source:3 Key Energy Services June 20 Presentation via PLS docFinder www.plsx.com/finder

Find more on the oilfield sector at To learn more about PLS, call 713-650-1212 Volume 07, No. 07 5ServiceSector A&D Goodnight acquires water disposal assets in Permian Total Energy officially Goodnight Midstream has acquired the produced water gathering and disposal acquires Savanna business of Black Mountain Disposal in Glasscock and Reagan counties, TX, as the fluids management company expands in the Permian Basin. The Dallas-based Total Energy Services completed company also acquired four water disposal facilities formerly operated by MTN its $333 million acquisition of Savanna Energy in Andrews, Ector, Gaines and Energy Services, as a hostile takeover Loving counties, TX. Goodnight now has wastewater fight ended with the approval of 99.99% of assets in seven Permian counties. The acquisitions allow Goodnight to Savanna shareholders. At a special meeting offer produced water gathering and disposal from 10 facilities in seven counties across in Calgary on June 20, the shareholders the Permian. Financial terms were not disclosed. Goodnight is financing the acquisition voted for the amalgamation of Savanna with operating cash flows, equity investments from PE firm Tailwater Capital, and a with 2043324 Alberta Ltd., a wholly $105 million revolving credit facility received late last year. owned subsidiary of Total. These transactions represent a “significant milestone” in Goodnight’s expansion in The amalgamation makes the Permian, CEO Patrick Walker said. “The acquired facilities are connected to extensive Total Energy the sole owner networks of both producer-owned and existing Goodnight-owned gathering systems.” of Savanna. Total Energy owned 86% of the outstanding Savanna when its offer to purchase all of the outstanding Savanna Enerflex buys Mesa to boost US compression business share expired on April 27. Enerflex Ltd will acquire the compression business of Mesa Compression for After completion of the $106 million, giving the Calgary company another 112,000 hp in the Permian Basin amalgamation, 46.2 million common and the SCOOP/STACK. The acquisition also will increase the oilfield equipment shares of Total issued and outstanding. rental firm’s global contract compression fleet to over 600,000 hp. Savanna shareholders have been issued Oklahoma City-based Mesa consists of 689 compression 0.13 of a common share of Total Energy packages running at 85% utilization. All Mesa senior management will stay with Enerflex and C$0.20 for each Savanna share held with President and GM Al Lavenue becoming an SVP with US entity Enerflex Mesa Compression generated before the amalgamation. $25.7MM in YE16 revenue. Energy Systems Inc. with a mandate to Total used 3.45% revolver to pay increase US rental business. Adding Mesa is also expected to increase Enerflex’s US Savanna’s 7.15% AIMCo debt. service and rental revenue. In Enerflex’s Q1 financials, the company flagged US service Total Energy drew on its new and rental revenue as a laggard while US revenue soared 75% YOY to C$193 million. $225 million credit revolver to repay The deal also aligns with Enerflex’s goal of increasing its ownership of gas $104.5 million plus interest that Savanna handling assets and moves it closer to another objective of 35-40% recurring revenue. owed Alberta Investment Management The transaction will be financed through cash on hand and Enerflex’s credit facility. Corp. AIMCo gave Savanna a $200 The acquisition is not expected to close before July 31. million second-lien senior secured term loan immediately after Total made its Enerflex Seeking Growth In Recurring Revenue initial bid in December. The AIMCo debt $600,000 45% bore interest at 7.15% plus an additional 42% 2% change-of-control penalty when Total 40% $500,000 152,580 38% took control of Savanna. The interest rate 98,425 35% on Total’s credit revolver is 3.45%. $400,000 33% 30% Savanna fought Total’s takeover bid, 26% 27% 172,769 166,498 49,564 29% and Savanna’s board accepted Western 22% 25% Energy Services as a “white knight” bidder. $300,000 58,827 39,319 But Savanna failed to get a majority of shares 20% to support Western’s bid. The Savanna name $200,000 387,932 384,609 15% will remain with Total Energy Services 325,428 298,691 297,536 through the Savanna Drilling and Savanna 262,217 284,158 10% Well Servicing business units. $100,000 5%

January 15, 2015 • Volume 06, No. 01 $0 0% CanadianCapital Serving the marketplace with news, analysis and business opportunities 2011 2012 2013 2014 2015 2016 TTM 2017

Canadian Natural Resources cuts capex by $2.4 billion Eagle Energy Trust becomes Oil sands player Canadian Natural Resources is the latest producer to revisit its a Canadian asset holder capital spending plan for CanadianCapital2015, cutting it back by $2.4 billion to $6.2 billion. That’s May Eagle 25Energy Trust unitholders Service Revenue Rental Revenue Recurring Revenue % of Consolidated Revenue down 30% from the $8.6 billion budget it laid out in November 2014 and about half have approved a special resolution to the $12 billion it expected to spend in 2014. The bulk of the reductions amend the investment restrictions in will come via reduced drilling and related facility capital for its North Eagle's trust indenture, enabling America and International conventional Will defer $470 million in spending it to invest in energy assets Savannaoperations. The company Energy will also defer at reportsKirby North Phase 1 project. $19.6MMin Canada. Eagleloss had beenin Q1. Source: Enerflex May 1 Presentation viaPLS docFinder www.plsx.com/finder $470 million in spending at its Kirby previously been limited to investing North Phase 1 in situ oil sands project, cutting spending by 82% to $105 million from on non-Canadian assets—the company its previous forecast of $575 million. The reduced budget wasn’t a complete surprise; currently has production of 1,900 boepd when it released the original budget the company warned that it was prepared to cut from properties in Texas and Oklahoma. $2.0 billion from that if conditions warranted. CNRL said the reduced spending would The changes won’t have any impact allow it to continue its dividend unchanged. For generalCFO Corey Bieber told inquiries, the Globe and Mail he did not email know when spending [email protected] at To be taxed at rate other E&P firms Access PLS’ archive for previous oilfield services news pay, not at prior 34% on distributions. Kirby North might be restored. Continues On Pg 6 Crescent Point banking on service cost & efficiency savings on its US operations or the taxes on Half of oil hedged at US$90/bbl for 2015 distributions from those operations; the Although Crescent Point Energy is setting its capital budget for 2015 about 28% company’s Canadian investments will be lower than 2014, the company expects the slimmed down budget to deliver 9% YOY structured so that its Canadian operations production growth to 152,500 boepd. The company set its budget for the year at $1.45 will be taxed in the same manner as other million, down 28% from the $2.0 billion Canadian energy companies. forecast for 2014. Viewfield Bakken & Shaunavon plays Eagle wasted no time taking advantage to get nearly half of spending. The budget assumes an of the change, signing a deal with Spyglass initial 10% reduction in service costs. Crescent Point expects to see even Resources Corp. to buy a 50% non-op greater cost reductions if low prices persist. The company is looking at ways to improve interest in producing properties under its operational efficiency and is working on a number of drilling and completion waterflood in the Dixonville Montney C oil technologies that could cut costs even further. pool in north central Alberta, paying $100 “When prices fell dramatically in 2008 to 2009, we were able to realize a 30% million. The acquisition adds 1,250 boepd reduction in our Bakken drilling and completions costs,” said CEO Scott Saxberg. of low-decline production. Cont’s On Pg 10 “We'll be working hard with our service providers and fully expect to see rates come down even more than they already have.” Continues On Pg 8 FEATURED DEALS ALBERTA PROPERTIES SALE Producers banking on service company savings 5-Non-Core Properties As producers scale back their capital spending plans in the wake of falling oil CENTRAL & WESTERN ALBERTA PP prices, many are looking to the service sector to help them prop up their bottom lines. Abee, Highvale, Kakut, Majeau & Morinville Crescent Point Energy is already factoring a 10% reduction in service costs into its Up to 100% OPERATED WI FOR SALE 5.7 Net Production: ~400 BOED (82% Gas) MMCFED 2015 budget and will be pushing for more if prices remain low. Others are expected Avg Net Operating Income: ~$189,166/Mo to approach their capital Half of producers expect drilling CALL AGENT FOR MORE INFO budgets with the same mindset. PP 14403DV & completion costs to fall 10% in 2015. According to a survey con- ducted by Barclays, capital spending in the US and Canada is expected to fall by as CANADIAN JOINT VENTURE much as 30% from last year to $138.1 billion. In turn, about half of producers expect 1-Prospect. 43,000-Acres. 67-Sq Miles. MAGDALEN BASIN. GULF OF ST LAWRENCE DV drilling and completion costs to fall 10% in 2015, including in areas such as pressure 80-km West of SW Tip of Newfoundland. pumping, drilling fluids and directional drilling. And while producers may see the Water Depth 470 m. Drill Depth 2,500 m. service savings as a slight respite from the decline in oil prices, the news is doubly >1,000 km 2D Defines FourWay Closure. MAGDALEN disheartening for those service providers. Not only are they seeing declines in their 100% OPERATED WI; JOINT VENTURE Total Resource Potential: 5.0 BBO or -- own businesses, they’re being asked to take less for the services they do provide. - 7.0 TCF Carboniferous Clastic Targets. Service companies are already feeling the impact. Continues On Pg 13 CALL AGENT FOR UPDATE DV 15009 OilfieldServices 6 June 23, 2017 A&D Finance Kirby to pay for Stewart & Stevenson Continued From Pg 1 ■■ Divergent Energy Services “In this period of accelerating demand in the pressure pumping and industrial completed a non-brokered private sectors of the economy, Stewart & Stevenson’s leadership in these sectors and its long- placement of up to 5.0 million common standing, close relationships with the world’s major industrial companies provide an shares at C$0.15 each excellent opportunity for us to expand our participation in the national and international to raise gross proceeds arena,” Kirby President and CEO David Grzebinski said. of C$750,000 ($557,000). The Calgary- Kirby also foresees based company will use the net cash to additional upside from Stewart & Stevenson was founded in acquire complete Linear Pump systems 1902 as a blacksmith and carriage shop. integration of S&S engineering and as Divergent commercializes the systems. proprietary systems in current manufacturing processes and product offerings. The deal A portion of the proceeds will be used for is expected to close in Q3. continued US growth. Tudor, Pickering, Holt & Co. called the acquisition a “shrewd move” since the ■■ A subsidiary of Nabors Industries analyst expects US pressure pumping demand to increase by 5.0 million hhp over the Ltd. is swapping $600 million in next year and a half. “The timing of this transaction is fortuitous as Kirby’s primary unregistered 5.5% senior notes due facility for manufacturing/remanufacturing pressure pumping spreads is essentially 2023 from a December private fully booked (from throughput capacity) through end of this year.” placement with notes of essentially identical terms that Transocean completes $1.35B sale of jackup rigs to Borr are registered. Nabors Industries Inc., also called Nabors Delaware, is making Borr Drilling completed its $1.35 billion purchase of Transocean’s jackup the exchange to satisfy obligations under fleet with Borr taking 10 high-specification jackups and financial obligations for five a registration rights agreement from jackups under construction at Keppel FELS’ shipyard in Singapore. Transocean when the old notes were issued. No new received $320 million in proceeds will be raised. The exchange cash in the sale. Borr owned only two rigs when it bought Transocean’s fleet. offer will run until July 18 unless Transocean will continue extended by Nabors Delaware. operating the three jackups working in Thailand until the current drilling contracts ■■ Another 16.1 million shares of expire. The company will reflect the associated revenue and expenses in income Select Energy Services are hitting the from continuing operations. public market, two months after an IPO “The sale of our jackup fleet is consistent with our strategic goal of remaining of 8.7 million shares. The the industry’s undisputed leader in the ultra-deepwater and harsh environment shares were all received markets, where our high-quality assets, unmatched operational experience and from private placements trusted customer relationships provide us with a clear competitive advantage,” prior to the IPO, and Select will receive said Transocean President and CEO no proceeds from the transaction. The $800MM private placement and Jeremy Thigpen. Schlumberger boosted Borr. largest selling shareholder is Putnam EVP and CFO Mark Mey said Investment Management with 2.4 Transocean would take an impairment of $1.6 billion but would remain “comfortably” million shares. Selling shareholders are within the debt-tangible equity ratio of its revolving credit facility. reducing their aggregate stake in the Borr Drilling funded the sale through an $800 million private placement in company to 20.3% from 73.6%. March, the same month the sale was announced. Schlumberger also has since paid ■■ Xtreme Drilling bought 10,416,666 $221 million for a 20% stake in Borr. of its own shares at C$2.40 ($1.79) Transocean tendering $1.5B senior notes— each for a total of C$25 million ($18.7 Transocean is offering to buy up to $1.5 billion of its own debt, using a chunk million) excluding of its $3.8 billion stockpile of cash. The offer covers five sets of senior notes: fees and expenses in a 2.500% 2017 notes, 7.375% 2018 notes, 6.000% 2018 notes; 6.500% 2020 notes modified Dutch auction and 6.375% 2021 notes and applies to substantial issuer bid. The purchased all $423 million of the 2017 notes and Tender caps set on one set of 2018 shares represent 12.24% of the shares notes and all 2020 and 2021 notes. $210 million of the 7.375% 2018 notes. issued and outstanding before the offer. However, Transocean set tender caps of $400 million on the $719 million in 6.000% More than 18.2 million shares tried to 2018 notes, $225 million on each of the $502 million in 2020 notes and $545 million take advantage of the tender, but the offer in 2021 notes. The offer expires on July 11. was capped at C$25 million so Xtreme Transocean’s $3.8 billion in cash includes two recent accruals. The company only bought 57% of the shares. After netted $403 million from a private placement of 5.52% 2022 senior secured notes in the offer, 74,699,701 shares are issued May and just received $320 million from its sale of its jackup fleet toBorr Drilling. and outstanding. Find more on the oilfield sector at To learn more about PLS, call 713-650-1212 Volume 07, No. 07 7ServiceSector Finance Developments & Trends Bankruptcy court approves US Silica starting construction on West Texas frac sand mine Paragon Offshore’s reorg US Silica Holdings said construction will begin immediately for a frac sand Paragon Offshore’s reorganization mine and plant in West Texas to serve the Permian Basin. The 4.0 million tons/year plan has been approved, and the company facility is part of US Silica’s plan to add 8.0-10.0 million tons/year of new capacity expects to leave Chapter 11 in early to meet surging frac sand demand. July—more than a year after filing for The company will use cash on hand and cash flow from operations to fund bankruptcy protection. Under the plan, the $225 million project. The 3,200-acre site has more than 30 years of reserves of existing equity will be canceled, and the fine grade 40/70 and 100 mesh sand. Initial production is scheduled for late 4Q17. holders of Paragon’s $2.4 billion in debt “We believe we’ve selected one of the most advantaged sites in West Texas with good will receive $515 million in cash availability of water, easy access to Interstate 20 and a location that is equidistant to the and new common shares. hearts of both the Delaware and Midland basins,'” said Bryan Shinn, president and CEO. Term lenders, who were Leading oilfield companies are already negotiating long-term supply contracts, owed $642 million, and revolver lenders, with cash pre-payments, which Shinn said shows they expect frac sand to stay tight. who were owed $756 million, will split $410 million and 50% of the new Layne Christensen re-enters oil & gas after 5-year hiatus Layne Christensen Co., the largest water well drilling company in the US, has Paragon filed Ch. 11 in Feb. 2016 but launched a new energy infrastructure business with a new water pipeline system for original reorg plan lacked support. energy producers in the Delaware Basin. Nearly 1,000 acres of company-owned, equity under the plan. Noteholders with water-producing land near Pecos, TX, anchor the water infrastructure system. aggregate claims of $1.0 billion will The $18 million system, which is in the final stages of construction, receive $105 million and the remainder of features more than 20 miles of water pipeline toward Orla, TX, into the equity. The lenders will select a new the Delaware. Initial production and delivery capacity will be 100,000 board of directors and agree on a CEO bbl/d of non-potable water. candidate. The new Paragon will have President and CEO Michael Caliel Energy sector to double its water use in next two years, CEO says. $160 million in cash and $85 million in said energy is the “logical extension” for debt maturing in 2022. a global company with 130 years of experience in water sourcing and well drilling. It Paragon originally filed for also feeds off of its experience in serving municipal, agricultural and industrial clients. bankruptcy in February 2016 but didn’t “Based upon industry forecasts of longer lateral lengths and increasing drilling get enough support for its reorganization activity, we expect water usage within the energy sector to more than double over the next plan. The original plan would have shed two years, with much of the demand in areas such as the Delaware Basin,” Caliel said. $1.1 billion of debt and given equity Water sales are expected to start in Q3. The Woodlands-based Layne said it has an holders 65% of the company and debt initial four-year contract containing minimum volume purchases from a large publicly holders 35%. The final plan cut another traded independent oil and gas producer. $1.3 billion of debt but left nothing for Layne shut down its energy division in 2012 and sold all of the division’s E&P existing equity holders. assets to LR Energy, a portfolio company of Longroad Capital Partners III, for $15 The new plan reserves $10 million million. At the time, Layne said it would continue to develop its energy services business. for litigation with its former parent, Instead, Layne used the energy industry’s downturn to “adjust our strategy and our Noble Corp. Noble has warned its business model,” Caliel told analysts. investors that Paragon might try to prove in court that Noble underfunded Paragon when it spun it off in 2014, a charge that Noble denies. “We established Paragon with good liquidity, a strong backlog, and a solid global business with well- www.sierra-hamilton.com maintained, operating rigs,” Noble CEO Sierra Hamilton provides contract David Williams earlier said. based Operating Services & Asset Weil, Gotshal & Manges is legal Management. Sierra’s clients include upstream E&P operators, Supporting our clients for over 30 years counsel to Paragon, and Lazard is its capital & financial providers. financial advisor. Paul, Weiss, Rifkind, Wharton & Garrison is serving as legal Asset Management - Contract Operating - Engineering Consulting counsel to the creditors’ committee and Jamey Brumley 303-241-2524 (Dallas, Texas) Ducera Partners as financial advisor. Houston Oklahoma City Midland Denver Dallas Lafayette Morgantown

For general inquiries, email [email protected] Access PLS’ archive for previous oilfield services news OilfieldServices 8 June 23, 2017 Developments & Trends Finance Pressure-pumping demand on the rise Continued From Pg 1 CGG files for bankruptcy “Some industry analysts are projecting a rig count of between 1,000 to 1,100 rigs with new reorg plan operated by the end of 2018. This would equate to the need for up to 18 million Paris-based geoscience company CGG horsepower by late 2018.” Mammoth ordered 57,500 additional hhp during Q1 that filed for bankruptcy in France and the US will be activated by Q4. on June 14, and submitted a restructuring The CEO also noted CEO predicts need for 18 million hp by late 2018. plan to replace its unsecured the shift to higher sand debt with equity and extend concentrations and pump times. He said most of Mammoth’s current jobs call for the maturity of its secured debt. 500,000 lb of sand per stage, which is up 82% from 2016. Mammoth sold 227,840 The company said the plan had the approval tons of sand during 1Q17, up 240% YOY. Demand is especially high for 40/70 sand, of a majority of its secured lenders and the he said, and Mammoth is sold out through June. holders of its senior notes as well as DNCA, Increased sand also raises pump time to 2.2 hours from 1.3 hours, creating the a long-standing institutional shareholder increased demand for horsepower. Straehla said current frac pricing is 25-30% above and bondholder. The plan will cut CGG’s 3Q16 lows. “Given where we see the current frac market and the effect of the shift debt from $2.75 billion to $1.15 billion and to higher sand concentrations, we see the potential for continued upward pressure on improve liquidity by $1.0 billion in YE19. pricing as we move during 2017 and into 2018,” he said. CGG was late on two interest payments. Mammoth signs $90-100MM frac sand contract— The company was to pay $12.4 million on Mammoth entered into a three-year take-or-pay sand contract that it expects to May 15 on its 5.875% 2020 senior notes and generate $90-100 million in revenue. Under the agreement, Mammoth will supply $21.2 million on June 1 on its 6.5% 2021 an unnamed third-party service provider with 720,000 tons per year of several senior notes. The 2020 notes' grace period sand grades (20/40, 30/50, and 40/70) expired June 14, the day the company filed Mammoth bought 1.5 mtpa bankrupt starting Oct. 1. for protection. The company said it had the sand mine for $36MM in March. The contract is roughly half of 1.5 cash available to pay, but opted to wait for mtpa capacity of Mammoth’s Chieftain Sand mine in New Auburn, WI, which it restructuring talks to continue. purchased for $36 million during a March bankruptcy auction. Mammoth made the Technology purchase as part of a Midcontinent sand-supply strategy. The company is starting up SCOOP operations this summer. Schlumberger touts tool for “Our expansion into the Midcontinent is on track with our fourth pressure pumping faster, more precise logging crew currently rigging up to pump its second job in the area,” Straehla said. Mammoth Schlumberger unveiled a produces 2 mpta of sand, and the CEO said it plans to use half of the sand on its own multifunction spectroscopy service that pressure-pumping operations and sell the rest. provides the industry’s first complete cased- hole formation evaluation and reservoir Mammoth Illustrates Growing Proppant Demand saturation monitoring with openhole logging quality. The Average Lateral Lengths Increasing (feet) Sand Concentrations (lb/ft) service has successfully 9,000 3,000 SCOOP/STACK Permian Marcellus/Utica Permian SCOOP/STACK Marcellus/Utica 8,000 guided completions designs in more than 60 2,500 7,000 wells in all the major shale plays in North 6,000 2,000 5,000 America and nearly 500 wells worldwide. 1,500 4,000 The Pulsar service uses multiple 3,000 1,000 detectors and a high-output pulsed 2,000 500 1,000 neutron generator to improve acquisition 0 0 2012 2013 2014 2015 2016 2017E2018E 2012 2013 2014 2015 2016 2017E2018E accuracy and increase both logging speed Sand per Well vs. Truck Loads per Well Proppant Demand Recovering (billion pounds) and measurement precision, according to Schlumberger. Pulsar’s measurements 500 Tr ) Permian uck are complemented by algorithms that 20 450 SCOOP/STACK

400 Loads per Marcellus/Utica compensate for variations in the borehole 15 350 300 fluids and completions. “In cost-driven 187 250 176 10 156 169 markets, the Pulsar service makes it 200 127 140 We 121 150 103 86 possible to perform a complete rigless

5 ll 100 69 78 50 formation evaluation that does not disrupt Sand per well (MM lbs - - 2012 2013 2014 2015 2016 2017E2018E 2012 2013 2014 2015 2016 2017E2018E 2019E2020E 2021E2022E drilling schedules,” said Karin Hoeing, Source: Mammoth May 23 Presentation via PLS docFinder www.plsx.com/finder president of wireline services.

Find more on the oilfield sector at To learn more about PLS, call 713-650-1212 Volume 07, No. 07 9ServiceSector Drilling, Construction & Service Contracts Database wire.plsx.com

Date Location Abstract Africa MHPS signed an EPC contract with STEG for a gas-fired combined cycle power plant with 450 mw June 21 Tunisia-Rades capacity. It will provide a M701F gas turbine, a heat recovery steam generator and a steam turbine. Ocean Installer has been awarded a SURF project by Mabruk Oil. Work includes replacement of a June 20 Libya-Al Jurf 10-in. flexible flowline between a fixed drilling and production platform and the Farwha FPSO. Mauritania- Barakah Offshore has received an LOA valued at $14.28MM from Samling Resources for a well June 19 Chinguetti intervention vessel, support vessel and services for abandonment & decommissioning. Algeria-Hassi Dodsal Group has been awarded a $1.1B EPC by Sonatrach for a separation & compression center. June 19 Messaoud Work includes detailed EPCC of the plant, will begin shortly and is scheduled to be complete in 2020. Americas Canada-White Allseas' heavy-lift Pioneering Spirit will be used to transport and install the topsides for the West June 20 Rose White Rose wellhead platform. Canada-Sable June 21 Offshore Energy ExxonMobil has awarded Secunda Canada a two-year firm contract, plus 12 monthly options for Project AHTS vessels Burin Sea and Trinity Sea. The two vessels will join the Siem Hanne and Venture Sea. Mexico- GE has secured its first order in Mexico for 7HA.01 gas turbine technology with long-time customer June 20 Topolobampo Iberdrola at Topolobampo III . When completed in 2020, project will generate 766 MW. USA-Corpus MAN Diesel & Turbo has been awarded a contract by Knutsen OAS Shipping to supply engines June 19 Christi LNG export two 180,000 cm LNG newbuildings. Asia Pacific Australia-Ichthys Trace, a Broadspectrum-Actemium JV, was awarded a six-year contract to provide maintenance June 20 LNG services at Ichthys LNG by Inpex. Monadelphous has been awarded a five-year contract withWoodside for general maintenance ser- June 21 Australia- vices and offshore brownfields implementation for its gas production facilities valued at A$600MM. Korea (South)- Lloyd’s Register was awarded a new contract from S-Oil covering the implementation of a fully June 20 Ulsan integrated risk-based inspection system. Based at S-Oil’s largest investment project at Ulsan. Malaysia-MHS June 19 Aviation / Petronas Petronas terminated a contract with MHS Aviation for 5 rotary aircraft, equipment and services. Central Asia Ukraine-Rusko- Cub has contracted Sep-Pro Systems for a new nitrogen rejection unit expected to be operational in June 19 Komarivske Ukraine by yearend and expected to cost $1.6 MM. Europe Denmark-Tyra DNV GL won a contract for independent verification services for redevelopment. The scope includes June 21 Southeast independent verification & support services and ultimately the certification of all greenfield activities. June 20 Poland-Włocławek PKN ORLEN has entered into a long-term servicing contract with GE. Expro secured a $10MM contract extension with Apache. The contract covers well services including June 20 UK-Forties slickline, cased hole and pumping services, as well as support in delivering coiled tubing services. UK-Regional Claxton won a contract to riglessly casing cut & recover 7 wells in the Southern North Sea across 2 June 19 Construction unmanned platforms along with an additional subsea suspended well at one of the locations. Middle East The VLCC jetty allows Fujairah port customers to load or unload up to 2MMbbl/d of crude via super- June 20 UAE Fujairah tankers. There are plans for the port to add a second berth that also would handle super­tankers. Worldwide DOF Subsea has signed frame agreements with Aquatic. One covers the hire of Aquatic Flex-lay June 19 International equipment and Fisher winches across the Asia Pacific region. Another one-year agreement with Aquatic Americas covers hiring of equipment in the USA, Guyana, Mexico and Trinidad and Tobago. UTEC (Acteon) has been awarded a contract by Saipem to perform surface positioning on-board the June 13 International barges, Bautino and Castoro 10, and associated Anchor Handling Vehicles, for the Zohr field off Egypt. See more at wire.petrowire.com Email [email protected] to begin your trial!

For general inquiries, email [email protected] Access PLS’ archive for previous oilfield services news OilfieldServices 10 June 23, 2017 Finance Technology Ocean Rig restructuring endorsed by holders of 94% of debt GE looking to automate Ocean Rig UDW said that its restructuring plan has the support of creditors inspections to cut downtime holding 94% of its debt. Under the plan, $3.7 billion in debt will be exchanged for A General Electric startup will new equity in the company, $280 million in cash and $450 million in new secured debt. use robotics, artificial intelligence and The company filed its reorganization plan in the Cayman Islands and predictive data analytics to deliver filed for Chapter 15 bankruptcy protection in the US in April. Hearings in the advanced inspection services to the Grand Court of the Cayman Islands to consider the plan will be held on July oil and gas industry, cutting 11, where Ocean Rig will seek approval to hold creditholder meetings. However, Ocean downtime. Avitas Systems Rig said the holders of the vast majority of its debt has signed or acceded to the plan. will send drone aircraft or Highland Capital Management, which holds debt and equity in Ocean Rig, has submersibles to inspect assets and use withdrawn its objection to the reorganization plan. The company had threatened to advanced computing to interpret the file an involuntary bankruptcy petition, alleging that Ocean Rig Chairman and CEO findings, resulting in faster results while George Economou has diverted company revenue to support his other businesses. cutting costs by 25%. Meanwhile, Nasdaq has agreed to call off the delisting of Ocean Rig’s stock to “We will use state-of-the-art robotics, allow the restructuring plan to take effect. The exchange announced on March 30 plans automated defect recognition and cloud- to delist “ORIG,” and Ocean Rig appealed. Bankrupt companies often must delist and based technology to give customers the trade on the OTC market until they emerge from protection. ORIG is trading at $0.19 customized service and data they need and has been below $1.00 since late February. Drone inspection system would cut costs by 25%. Seaport, Morgan Stanley downgrade OFS Continued From Pg 1 Seaport downgraded 51 energy-related stocks on the gloomy scenario. In the OFS to advance from reactive to predictive sector, it cut to Sell Diamond Offshore, Ensco, Frank’s International, Helmerich repair,” said Alex Tepper, founder & Payne, Oceaneering and Rowan. Downgraded to Neutral were Basic Energy and head of corporate and business Services, Baker Hughes, Dover Corp., Eco-Stim Energy Services, Halliburton, development at Avitas. Key Energy Group, Nabors Industries, Noble Corp., Patterson-UTI, Pioneer Inspections typically have to be Energy Services, RPC, Superior Energy Services, TechnipFMC, Twin-Disc Inc. done manually—sometimes in high- and Weatherford International. risk situations—and can be unreliable Morgan Stanley’s analyst believes oilfield services is facing a or slow. Instead, Avitas’ system, which bearish scenario that sees 30-50% downside to historical valuation support. “It is now is built on GE’s Predix platform for the consensus that global oil markets will swing into surplus in 2018, and the burden of proof Industrial Internet, analyzes existing that this will not happen lies with the bulls,” inspection data, integrates regulations said Morgan Stanley analyst Ole Slorer. Seaport downgraded Weatherford, and external data such as weather, and but Barclays upgraded it. In May 2015, Slorer predicted a identifies defects automatically. The multi-year rally for oilfield services. Then he said, “we prefer the Big Four, North system can recommend inspection and American land drillers, and North American small cap services over equipment, subsea, maintenance schedules. offshore drillers & logistics.” “Unplanned asset downtime is a top The company cut Frank's, H&P and Oceaneering to Underweight from Equal issue for the oil and gas industry and can Weight. Independence Contract Drilling, Nabors, Oil States, Precision Drilling cost operators millions of dollars,” said and Superior were downgraded to Equal Kishore Sundararajan, chief technology The EIA predicted last week that Weight from Overweight. officer of GE Oil & Gas. “Avitas Systems crude would be at $56/bbl in 2018. Morgan Stanley also removed the will help enhance the efficiency of rating of Tidewater and Hornbeck Offshore because of restructuring concerns. Trican inspections and can help our customers filed for Chapter 11 in May, while Hornbeck just reached a new credit revolver to increase and others avoid significant costs by liquidity (PG. 11). However, Trican Well Services was upgraded to Overweight. reducing downtime and increasing safety.” Barclays changed its rating on two of the Big Four. Despite being praised as “the best managed company within oilfield services,”Schlumberger was downgraded from Equal Weight from Overweight because it has the most exposure to an oil slump. However, Weatherford was upgraded to Overweight from Equal Weight on Barclays’ Save time plus confidence in new CEO Mark McCollum. sourcing Earlier this month, the Energy Information Agency predicted crude supply critical data Call For would outpace demand in 2Q18 when Brazilian and OPEC production should jump Web Demo by 570,000 bbl/d and 220,000 bbl/d. However, the EIA predicted that the US would 713-650-1212 www.plsx.com/docFinder produce at a record rate of 10.0 MMbbl/d with $56/bbl in 2018. Find more on the oilfield sector at To learn more about PLS, call 713-650-1212 Volume 07, No. 07 11 ServiceSector Contracts Finance ■■ Amec Foster Wheeler won a contract Hornbeck Offshore boosts its liquidity through new revolver from Saudi Aramco to deliver pre-FEED, Hornbeck Offshore Services refinanced its existing $200 million senior FEED and project management to part secured revolving credit facility with a new first-lien delayed-draw credit facility of Aramco’s multi-billion-dollar Marjan providing for up to $300 million of term loans. The agreement increases Hornbeck’s field development in eastern Saudi Arabia. liquidity by $500 million, making it more likely the company could stay Under the five-year contract, Amec Foster out of bankruptcy. Wheeler will deliver support services The new facility increases Hornbeck offered 51 of its 71 vessels as collateral for new revolver. for an additional 300,000 bbl/d gas/oil liquidity from the currently applicable separation train, a world-scale greenfield borrowing base of $75 million under the old facility and eliminates all of the existing gas processing plant, a cogeneration financial ratio maintenance covenants and the anti-cash hoarding provision of the facility and modifications to a facility to old facility. The six-year term extends the maturity from February 2020 to June add NGL fractionation capacity. Financial 2023. Hornbeck has to pledge 51 of its terms were not disclosed. Interest rate higher, but Hornbeck 72 vessels for the facility, up from 12 can renegotiate after two years. ■■ Baker Hughes, IHS Markit under the prior facility. and software company CMG created Interest will accrue at various spreads during different periods of the facility’s an alliance to offer geological lifecycle over either LIBOR or another rate chosen by the company, and the company characterization, reservoir modeling, also has the option to pay interest on the facility in kind subject to a 100 bps step-up production data analysis and reservoir in interest rate and a minimum 3% cash-pay coupon for the duration of Hornbeck’s flow simulation to E&P customers. The choice to pay the interest in kind. collaborative geoscience system will use Earlier in the year, Hornbeck Maturity of revolver extended to 2023 from 2020. IHS Markit Kingdom, Baker Hughes was rebuffed by some holders of its JewelSuite reservoir modeling software $1.125 billion in bonds as it tried to swap 2019 bonds for longer maturities backed and CMG’s suite of simulation software. by collateral. The new revolver gives the company new options for restructuring its ■■ Engie awarded WesternGeco debt, analysts said, making a discounted debt buyback or new longer-dated securities contracts for acquisition and processing of more likely. Seaport Global praised the new facility as “a step in the right direction” 4D seismic data in PL 153 in the Norwegian but kept the stock’s rating at neutral on the troubles facing the offshore market. North Sea. The survey reprocesses a 3D However, Morgan Stanley removed its rating because of the risk of bankruptcy. survey acquired over the Engie-operated Hornbeck’s financial advisor was PricewaterhouseCoopers. The company's Gjøa field 10 years ago and will help optimize legal advisors were Latham & Watkins, LLP and Winstead PC. field management. Data acquisition will be completed by the beginning of August and processed by the end of 1Q18. ■■ North Atlantic Drilling Ltd. has No. 2 In Ultra Hi-Spec Offshore Support Vessels been awarded a one-well contract with #2 Operator Worldwide #2 Operator in the GoM(Jones Act) SPE for Seadrill Limited’s West Hercules (Pro Forma 300 Class Fleet1 by DWT) (Pro Forma 300 Class Fleet1 by DWT) for work in the UK, West of Shetland. The harsh-environment, ultradeepwater semi- submersible is stacked in Canada. The contract will start on April 1, 2018, when SPE will drill and test an appraisal well on the Cambo discovery. The minimum backlog for the contract is estimated at $7.0 million. ■■ Maersk Supply Service will delay several newbuilds at two shipyards as it tries to wait out low offshore supply 214 Vessels 74 Vessels demand. Three Starfish anchor-handling (including 23 vessels under construction) (including 11 vessels under construction) tug supply vessels will be delivered from 1.2m DWT 423k DWT the Kleven yard in Norway in either 2018 or 1. Pro Forma Fleet includes all currently announced newbuilds, including HOS’s two remaining MPSVs 2019 under a revised schedule. MSS is also to be delivered under OSV Newbuild Program #5 “Ultra Hi-Spec“ definedas all OSVs with cargo- postponing the delivery of four Stingray carrying capacity greater than 5,000DWT, built since 1991withdynamic positioning class 2.Source:Company estimates and IHSPetrodataasof 3-May-2017; market share basedonpro forma subsea support vessels from Cosco’s Dalian 2018EOSV capacityinDWT. yard in China to 2Q18. They were supposed to be delivered this summer. Source: Hornbeck May 30 Presentation via PLS docFinder www.plsx.com/finder For general inquiries, email [email protected] Access PLS’ archive for previous oilfield services news OilfieldServices 12 June 23, 2017 Technology Contracts Gazprom Neft partners with H&P, Weatherford ■■ Noble Corp.’s fleet status report Gazprom Neft signed agreements with Helmerich & Payne and Weatherford revealed two new contracts for the International in an effort to secure the technical skills it needs to develop hard-to- Noble Bob Douglas. The drillship will recover reserves. Financial terms were not disclosed. work for Murphy throughout July in Under the five-year agreement with Weatherford, the companies will share the Gulf of Mexico, its information on new technologies and launch and monitor joint projects on efficiency first work since finishing solutions. Weatherford will also organize technical seminars and training courses an Apache Corp. job for Gazprom Neft specialists. in Suriname in mid-April. The Bob Details on the H&P agreement are still Partnerships aimed at developing Douglas will return to Suriname for a previously unpromising reserves. under negotiation with Gazprom Neft only one-month contract with Tullow Oil in describing the duration as “long term.” The US company is expected to provide oilfield early October. Meanwhile, Shell cut its services, including high-technology drilling, throughout Gazprom Neft’s license blocks. North Sea contract with the Noble Hans The partnership also proposes scientific and technical Deul jackup, ending it this September collaboration and personnel training. January 29, 2016 instead of August 2018. The Noble InternatIonal Scout Serving the international upstream industry with information, analysis & prospects for sale Volume 08, No. 02 Dam Harley jackup off Brunei could “Thanks to collaboration with leading technology Eni’s third West Hub field on stream in Angolan deepwater Who dat? Eni started up the Mpungi oil field offshore Angola in Block 15/06. Mpungi is part of Readers will notice a change in the the West Hub development project, which lies 350 km northwest of Luanda, and its start- mastheads for our international products. up follows that of Sangos field in November 2014 and Cinguvu field in April 2015. With Changing the “Explorer” name to three fields now producing to the N'Goma FPSO, West Hub’s output is projected to grow “Scout” is the first step in bringing our be available in 4Q17 instead of 1Q19 companies... our company will continue to bring new to 100,000 bo/d during 1Q16. The field was brought on stream on time and on budget. international report in step with our U.S. InternationalApproved in 2010, West Hub Scoutreports, June where we have 14 taps or will tap Block 15/06’s Start of Mpungi will bring West Hub to been publishing Regional 100,000 bo/d during 1Q16. Sangos, Cinguvu, Mpungi, Scouts for three-plus years Mpungi North and Vandumbu fields. They hold a gross 3 Bbbl (24-34° API), all in in plays like the Bakken and Eagle because it is ahead of schedule on its reserves—previously considered unpromising—into Lower-Middle Miocene formations that feature normal pressure and temperature ranges. Ford. The new name is also an effort to Of the oil in place, 850 MMbbl can be recovered via 21 planned wells, all producing dovetail our global E&P report with our to the project FPSO anchored at Sangos field. Future plans include the addition of the GazpromMpungi North and Vandumbu finds after eyes start-up of West Hub’s projects sister project, East Hub. Mardi Gras in offers the promise that the good times will roll again. East Hub in turn aims to develop 230 MMbbl at the Cabaca Norte and Cabaca Total contract. Noble has also cold- development,” Gazprom Neft First Deputy CEO South East discoveries, which also lie in Block 15/06. Continues On Pg 6 acquisition of Paris-based PetroWire Premier expands Falklands potential with Isobel Deep re-drill last April, and PLS plans to integrate Twitter-like abstracts, original content Novatek’sOff the Falkland Islands, Premier backyard.Oil’s Well 12/20-2 re-drill confirmed the and research archives in the perfect Isobel Deep discovery as well as found pay in additional sandstones. Drilled to 3,014 complement to the new (wire.PetroWire. stacked the Noble Bully I. m, the well intersected oil-bearing intervals in a number of reservoir sands between com) and the old (traditional publishing). Vadim Yakovlev said. 2,564-2,861 m. No oil-water contact was detected by the deepened well, and Herein we are also adding new content Premier estimates that it has found gross oil pay of ~300 m. The partners like page 13, which shows additional permit will plug and abandon the well and combine these results with existing 3D data taken from PetroWire that might seismic to better estimate the size of the Re-drill extends initial 23-m gross oil not be worthy of a story but interesting ■■ Patterson-UTI had an average of discovered reservoir. column to 300 m. just the same. Continues On Pg 3 Isobel Deep lies in the North Falkland Basin in the southern part of PL 004a, just 30 km south of Premier’s undeveloped, 400 MMbbl Sea Lion field in PL 032. In May 2015, exploration Well FEATURED DEALS 14/20-1 reached 2,526 m in water 400-450 m deep and intersected the top 23 m of CARIBBEAN LEASES 159 drilling rigs operating in the US in an oil-bearing reservoir in the F3 sands. The formation’s oil is similar to Sea Lion’s 4-Key Blocks. hydrocarbons (26-29°API), but the well registered higher-than-expected pressure FOR SALE OR JV DV National Oilwell Varco grows completionthat resulted in borehole tools influx. lineupContinues On Pg 10 OFFSHORE GAS PLAY 2014 3-D Seismic On Blocks. CARIBBEAN ExxonMobil leads work in hot Guyanese offshore Gas Infrastructure Nearby. Analogous To Major Fields In Trinidad. May—an increase of 44 rigs from April. Offshore work is on the decline most everywhere in 2016, but Guyana is OPERATED WI AVAILABLE continuing to attract interest because of ExxonMobil’s Liza-1 discovery in the Estimated Recoverable: 15+ TCF National Oilwell Varco unveiled an expanded completion tools portfolioDV 5350L that Stabroek Block. The supermajor will drill four wells there this year starting in 1Q16, assisted by more than 6,000 sq km of 3D data recently collected by CGG and Fugro. In addition to determining Liza’s SOUTH AMERICA OPPORTUNITY Massive Acreage Position. size, the campaign will target the separate Ranger prospect—an Upper Jurassic- The company had one rig operating in SHALLOW ONSHORE Lower Cretaceous carbonate build-up 2-D Seismic Defined. EX it acquired last year with the purchase of businesses fromwith draped Trican Lower Tertiary clastics that DrillingWell program will size up Liza Servicesfind Offsets Prolific Basin. and in the deepwater Stabroek block. could support up to 20,000 bo/d per well. Emerging Province. Low Cost. Access To Local Markets. EXPLORATION Exxon has been tight-lipped about how much oil Liza-1 found, saying only OPERATED WI AVAILABLE that the well intersected a 90-m pay column. However, signs indirectly point to a Canada in May, down from two in April. Operatorship To Buyer If Qualified. substantial find. The Guyanese government estimates peg the find at 700 MMbbl-1.5 $15 Oil Breakeven Projected. Omega Completion Technology. The enhanced suite includesBbbl, and officials have said hydrocarbons Trican’s worth 12 times Guyana’s entire economy high-quality EX 1033L likely lie there. Another clue is that Exxon is reportedly fast-tracking development of Liza and is looking at a 60,000 bo/d early-production FPSO that would later be More listings at plsx.com/listings replaced by a 150,000-200,000 bo/d offshore unit. Continues On Pg 10 ■■ Saipem was awarded a contract sliding sleeve product line. All Standard Disclaimers & Seller Rights Apply. The Bulldog Frac annular fracturing system enables the precise to use the drillship Saipem 12000 at control of proppant placement in each stage by pumping down the Coral field off Mozambique. coiled tubing annulus through Multiple Open/Close sliding sleeves. This provides The 15-month contract with for an unlimited number of stages while leaving no restrictions in the wellbore. The Eni starts in mid-2019 with system’s “shift up to open” design, performed with NOV’s proprietary hydraulic options of up to 45 months. In addition, shifting tool, ensures no sleeves are Eni awarded Saipem a contract for the accidentally closed on the trip out. Bullmastiff ball-drop frac system uses drilling of two wells offshore Cyprus. sand screens. The Bullmastiff Openhole Sand Control Work will be carried out by the Saipem Ball-Drop fracturing system incorporates sand screens to eliminate costly sand-production 12000 starting in Q4. In another issues. The ball-drop frac sleeve component is the first to allow for proppant stimulation new contract, the semi-submersible with integral sand control, segregating the stimulation port from the production port. rig Scarabeo 9 will drill one well NOV also introduced Rottweiler frac plugs, which are the shortest on the market. plus an optional one in the Black Rottweiler plugs can be pumped in at high displacement rates, hold high differential Sea. These new contracts are valued pressure, and are easily milled. They also offer a built-in chemical tracer that provides at $230 million. real-time data on reservoir characteristics ■■ Seitel and Schlumberger formed NOV bought Trican’s completion tools during frac jobs to enhance production. a strategic multi-client alliance to & Omega’s ReAct last June. The ReAct product family, which reimage and acquire new geophysical belonged to Omega, offers remote signaling to downhole valves and sleeves. It has data onshore Mexico. The core of the capability for inflow control, liner hanger deployment, production packer setting and project will be reimaging 25,000 km wellbore cleanup prior to flow-through sand screen completions. NOV says these tools of 2D seismic data from Mexico’s offer the lowest-cost remote technologies available. National Hydrocarbons Commission “We acquired a small completion tool company in mid-2016 that had limited scale that cover lease blocks in the current and geographical reach but offered a high-quality sliding sleeve product line, strong Bid Round 2. The alliance will also portfolio of intellectual property, and solid team,” said Clay Williams, NOV chairman, cover future onshore lease blocks. New president, and CEO. “Over the past year, this team organically developed several multi-client data acquisition projects are complementary products and supplemented that development with acquisitions of what also being developed. Financial terms we believe are best-in-class liner hanger and intelligent completion tool technologies.” were not disclosed.

Find more on the oilfield sector at To learn more about PLS, call 713-650-1212 Volume 07, No. 07 13 ServiceSector Contracts Tullow & Repsol acquiring 3D data off Guyana near Liza ■■ Global Petroleum contracted Companies with acreage close to ExxonMobil’s Liza oil find off Guyana are trying Seabird Exploration to acquire 834 km to determine if their blocks contain similar potential. Tullow Oil hired WesternGeco of 2D seismic data covering PEL 0029 to collect 2,550 sq km of 3D data from Guyana’s Orinduik Block, which was awarded offshore Namibia. The survey will provide to Tullow (60% WI, operator) better delineation of the Gemsbok prospect, and Eco Atlantic (40%) Over 5,000 sq km of 3D data will support drilling near Stabroek. a large, multi-level dip closed structure in 2016. This is 1,000 sq extending over 200 sq km. In addition, the km more than planned and will supplement existing 2D data covering the permit. survey will provide better resolution of the Orinduik borders Exxon’s Stabroek Block to the east and covers an area updip of the deeper syn-rift section adjacent to Gemsbok. supermajor’s Liza and Payara discoveries. ■■ TechnipFMC joined a three- Elsewhere in Guyana, Tullow (30%) and Repsol (70% WI, operator) are collecting year frame agreement with Woodside 2,000 sq km of 3D seismic data in Kanuku Block. Kanuku’s 6,525 sq km lies south of Energy Ltd in Australia for riserless Stabroek and, like Orinduik, has shallow waters. light well intervention (RLWI) People & Companies and subsea services. The agreement covers intervention, Parker Drilling CFO moving to Halliburton installation and plug and abandonment Halliburton has hired Christopher Weber as EVP and CFO effective June services. TechnipFMC will install subsea 22. Weber joins Halliburton from Parker Drilling, where he was SVP and CFO trees and deploy its deepwater RLWI stack for four years. on up to eight subsea wells in the Greater General counsel Robb Voyles has served as Halliburton’s CFO since March when Western Flank Phase 2 development, 110 Mark McCollum left Halliburton to become CEO at Weatherford International. miles northwest of Western Australia. Parker Drilling announced that Jon-Al Duplantier, SVP, chief ■■ Transocean’s Deepwater Asgard administrative officer and is spudding a well in the Mississippi general counsel, will serve as its interim New Halliburton CFO hired less than two weeks after CEO change. Canyon area. The drillship CFO and a search was underway. has been warm-stacked since Before Parker, Weber served as the VP and treasurer of Ensco, where he led January when Chevron ended the company’s global treasury and risk management functions. He joined Ensco its contract early. The Rampart Deep well following the acquisition of Pride International, where he spent five years in will be operated by Deep Gulf Energy III various management roles. and tied back to Stone Energy’s Pompano Weber holds an MBA in finance and strategic management from the Wharton platform. The dayrate was not released. School at the University of Pennsylvania and an undergraduate degree in economics ■■ Wintershall signed an LOI with and English literature from Vanderbilt University. Shearwater GeoServices for a 965 sq km 3D seismic survey Source: CapIQ covering PL 768/768B in Oilfield Services Stock Movers—Last 30 Days the Barents Sea offshore % Norway. The survey will help satisfy $/Share $/Share % Change Company Ticker 6/21/17 5/22/17 Change YOY Wintershall’s obligations for the block, which requires acquisition of 2D seismic Gulf Island Fabrication GIFI $10.60 $9.25 15% 51% within the license’s first two-year period. Hornbeck Offshore HOS $2.95 $2.58 14% -67% PL 768/768B is owned by Wintershall (30% WI, operator), OMV (25%), RPC RES $18.99 $19.88 -4% 23% Top 5 Top Concedo (25%) and Petoro (20%). Baker Hughes BHI $54.85 $58.00 -5% 19% Dril-Quip DRQ $49.10 $53.25 -8% -19% SEACOR Holdings CKH $32.06 $64.42 -50% -46% Bristow Group BRS $7.19 $14.11 -49% -47% Fairmount Santrol FMSA $3.48 $5.63 -38% -55% PLS brings Call For

Web Demo Bottom 5 Pioneer Energy PES $1.90 $2.90 -34% -57% transparency 713-650-1212 to oil & gas Hi-Crush Partners HCLP $9.55 $14.10 -32% -21% capitalization Note: Data includes public, US & Canadian-listed companies operating in the oilfield service www.plsx.com space, limited to companies >$1.00/share and market cap >$100 million.

For general inquiries, email [email protected] Access PLS’ archive for previous oilfield services news OilfieldServices 14 June 23, 2017 People & Companies EAST TEXAS MULTISTATE PERMIAN ■■ Aker BP ASA said two members EAST TEXAS BASIN ASSETS PERMIAN BASIN NONOP SALE PKG of its board of directors have resigned. ~60-Wells. 33,173-Net Acres. 854-Wells. 2,548-Net Acres (100% HBP). Aage Ertsgaard, deputy to the employee FORT TRINIDAD FIELD NEW MEXICO & TEXAS PP representatives, has left the Buda, Georgetown Vertical Development PP Spraberry, Bone Spring, Wolfcamp A & B company. Emil Brustad-Nilsen, ~91% OPERATED WI; ~83% NRI ~9.4% NonOperated WI; ~7.1% NRI Gross Prod: ~1,500 BOED (76% Oil) ~1,500 Est 7-Mn Net Production: 880 BOED 880 deputy to the shareholders Total Proved Reserves: 8.5 MMBOE BOED Est 7-Mn Net Cash Flow: $740,000/Mn BOED representatives, resigned as well due Total Proved PV10: $87,800,000 Total Proved Reserves: 1,984 MBOE to the Norwegian Public Limited Integral SWD System & Waterflood CALL Total Proved PV10: $23,342,000 PLS FOR Liability Companies Act’s requirements AGENT WANTS OFFERS JULY 7, 2017 INFO AGENT WANTS OFFERS JULY 13, 2017 PP 1470DV PP 7175DV regarding gender representation on the board of directors. MULTISTATE ARK-LA-TEX MULTISTATE MIDCONTINENT ■■ Canadian Energy Services & Technology Corp. changed its name to ARK-LA-TEX ASSETS FOR SALE HUGOTON BASIN ASSET SALE CES Energy Solutions Corp. The name ~1,500-Wells. ~210,000-Net Acres. 2,414-Total Wells. 596,184-Net Acres. change was chosen to reflect that the EAST TEXAS & NORTH LOUISIANA OKLAHOMA & KANSAS PP Haynesville, Mid-Bossier & Cotton Valley PP Chase & Council Grove Benches company’s operational footprint across ~86% OPERATED WI; ~80% NRI 78% NonOperated WI Available North America while keeping the CES Net Production: ~98 MMCFED ~100 Est May 2017 Net Prod: 56.7 MMCFED >55 acronym to maintain brand recognition. PDP Net Reserves: ~422 BCFE MMCFED Net Proved Reserves: ~326 BCFE MMCFED The company will continue to trade on the Net PV10: ~$290,000,000 Net Proved PV10: $254,000,000 TSX as “CEU” and on the OTC market Substantial Midstream Infrastructure. CONTACT AGENT FOR UPDATE BUYERS! NO CALL AGENT FOR JUNE UPDATE PP 5710DV COMMISSIONS as “CESDF.” The Calgary company PP 9460PKG specializes in chemical solutions for the MIDCONTINENT EOR ASSET SALE oilfield. CES also reported that its director MULTISTATE GULF COAST 390-Active Wells. 60,262-Net Acres. slate was elected. The board consists OKLAHOMA, TEXAS & KANSAS of President and CEO Thomas Simons, GULF COAST BASIN PACKAGE Burbank, Booker, Camrick & PP 132-Wells. 9-ShutIn Wells. Farnsworth Fields Burton Ahrens, Colin Boyer, Rodney ALABAMA, LOUISIANA, MISSISSIPPI, PP 98% OPERATED WI AVAILBLE Carpenter, John Hooks, Kyle Kitagawa, -- TEXAS AND WEST VIRGINA Net Production: 6,200 BOED (99% Oil) 6,200 Philip Scherman and Michael Stewart. 30+ Undeveloped Locations Including Est 2017 Cash Flow: ~$2,166,667/Mn BOED ■■ Cathedral Energy Services 3P Reserves: 104.5 MMBOE -- Behind Pipe Potential NONOP shareholders elected the full slate of Varying NonOperated WI Available AGENT WANTS OFFERS LATE JUN 2017 Gross Prod: 1,122 BOPD & 11,309 MCFD PP 4352 nominees to its board of directors. 6-Mn Avg Net Cash Flow: $33,705/Month The board consists of: AGENT WANTS OFFERS JUNE 27, 2017 MIDCONTINENT SALE PACKAGE President and CEO Scott PP 1856DV ~3,800 Active Wells. >1,100,000 Net Acres MacFarlane, EVP Randy TEXAS PANHANDLE & OKLAHOMA PP H. Pustanyk, managing director of SOUTH LOUISIANA IMMEDIATE UPSIDE Panhandle Hugoton Play, Western -- StoneBridge Merchant Capital Rod EAST LOUISIANA PROPERTY SALE Anadarko Stacked Pay & SCOOP/STACK LARGE Maxwell, Premiax Financial CEO Scott 55-Total Wells. Attractive Mineral Interest PACKAGE Sarjeant, Jay Zammit of Burstall Winger LOUISIANA GULF COAST PP OPERATED & NonOperated Positions Zammit LLP, former Raymond James 10-90% WORKING INTEREST; ~37% NRI 39-Operated & 16-NonOperated Wells. senior managing director Ian Brown OPERATED & NonOperated WI Available Current Production: 121 MMCFED Gross Prod: 189 BOPD & 6,135 MCFD UPSIDE OFFERS DUE BY JUNE 28, 2017 and former Western Energy Services 6-Mn Avg Net Income: $222,514/Month PP 6400PKG CEO Dale Tremblay. PDNP/PDP Upside Potential: 3,871 MBOE ■■ Dawson Geophysical appointed AGENT WANTS OFFERS JUNE 28, 2017 OKLAHOMA Philip Lathram as VP of information PP 6387DV DEALS technology and Thomas Phillips as VP of FOR CENTRAL OKLAHOMA PROPERTY WEST LOUISIANA PROPERTY SALE 403-Wells. 60-Operated Wells. applied geophysical technology. Lathram 87-Total Wells. ~6,501-Net Acres. MERGE MULTI-STACKED PAYS PP joined Dawson in 1991 as a computer LOUISIANA GULF COAST PP ~45,500-Net Acres. technician and system administrator. ~2,013-Net Undeveloped Acres. Springer, Mississippian, Woodford & Hunton Phillips joined as principal engineer in Multiple Targets Within Mississippian MERGE RI, OPERATED & NonOperated WI GULF 2013. Before Dawson, Phillips worked at Gross Prod: 318 BOPD & 2,307 MCFD COAST OPERATED WI AVAILABLE 10-Mn Avg Net Income: $105,114/Month Net Cash Flow: $800,000 Per Month INOVA Geophysical Equipment from AGENT WANTS OFFERS JUNE 28, 2017 SELLER WANTS OFFERS JUNE 26, 2017 2003 to 2013 as a VP of engineering. PP 6391DV PP 6489DV

Find more listings at No commission! List today, call 713-650-1212 Volume 07, No. 07 15 ServiceSector People & Companies ■■ Divergent Energy Services OKLAHOMA MULTISTATE ROCKIES appointed former Trican Well Service GARFIELD CO., OK NONOPERATED COLORADO & WYOMING PROPERTIES President and COO Donald Luft to its ~9,578-Gross Acres. ~846-Net Acres. 1,000-Wells. ~335,000-Net Acres. board of directors. Luft, who retired SOONER TREND PP GREATER GREEN RIVER BASIN PP from Trican last year, has also been Mississippian Formation 200,000+ Net Acres HBP NonOperated Working Interest Available Mesaverde, Lewis, Almond, Niobrara, appointed chair to the HSE Committee of Gross Prod: ~294 BOPD & ~3,669 MCFD SOONER Rocksprings & Ft. Union Formations >40 the Calgary-based artificial lift company. Avg Net Prod: 19 BOPD & 366 MCFD Avg 83% OPERATED WI; 70% NRI MMCFED ■■ Frank’s International appointed AGENT WANTS OFFERS JUNE 28, 2017 Net Production: ~41 MMCFED Kyle McClure to SVP and CFO. PP 6605 Net Cash Flow: ~$2,000,000/Month CALL CALL AGENT FOR JULY UPDATE PLS FOR McClure served as OKLAHOMA STACK ASSETS SALE PP 3120DV INFO the company’s SVP ~14,200-Net Acres. 50+ AFE’s Approved. of Finance and treasurer since March BLAINE, KINGFISHER, DEWEY, PP NORTH DAKOTA 2015 and became interim CFO in this -- AND CANADIAN COUNTIES March, when Jeffery Bird left to become ~48% OPERATED WI; 37% NRI ~3,400 WILLISTON BASIN NONOP PACKAGE Est 2017 Exit Rate: ~3,400 BOED BOED VP and CFO at Dril-Quip. Before ~9,500-Net Acres. AGENT WANTS OFFERS JULY 10, 2017 BAKKEN & THREE FORKS PP joining Frank’s International, McClure PP 7320G Multiple Counties In North Dakota worked at Ascend Performance 31 Drilled But Uncompleted Wells. ~1,970 Materials, Cooper Industries, Dell and PENNSYLVANIA Avg 12.2% NonOperated WI Available BOED Arthur Andersen. Net Production: 1,966 BOED ■■ Helix Energy Solutions Group TIOGA & POTTER CO., PA ASSETS CALL AGENT FOR JUNE UPDATE 1-Well. 44,500-Net Acres. PP 6079DV is changing several management UTICA & POINT PLEASANT PP positions under a long-standing DRY GAS FAIRWAY WYOMING succession plan. Finance and Stacked Development Potential Accounting VP Erik Staffeldt ~100% OPERATED WI; ~82.5% NRI >10 SOUTHERN WYOMING ASSETS has been promoted to SVP and CFO. 1 Well Net Production: ~11 MMCFD MMCFD ~1,400-Wells. 163,000-Net Acres. Well IP24: ~19 MMCFD MOXA ARCH - GREEN RIVER BASIN PP Helix’s EVP and CFO Tony Tripodo is CALL AGENT FOR JUNE UPDATE LINCOLN, SWEETWATER & UINTA COS. now EVP and senior advisor to President PP 5440DV Frontier & Dakota Stacked Pays and CEO Owen Kratz, advising on the >1,000 Infill Drilling Locations & Behind Pipe ~95 company’s long-term strategy. MULTISTATE ROCKIES OPERATED & NonOperated WI Available MMCFED ■■ Former Poseidon Concepts SVP Net Production: ~95 MMCFED WILLISTON BASIN SALE PACKAGE Net Cash Flow: ~$5,833,333 Per Month Joseph Kostelecky is barred from high- 171-Wells. ~51,305-Net Acres. AGENT WANTS OFFERS LATE JUNE 2017 level positions of any issuing company NORTH DAKOTA & MONTANA PP PP 4020DV and ordered him to pay 104-Operated & 67-NonOp/ORRI Wells $750,000 because he Varying ORRI, OPERATED & NonOp WI ORRI “engaged or participated Gross Prod: 1,264 BOPD & 5,168 MCFD PLS tracks thousands of deals AGENT WANTS OFFERS JULY 13, 2017 for sale www.plsx.com/listings in a fraud,” said the Alberta Securities PP 6034RR Commission said. Kostelecky is facing criminal fraud charges in the US in the collapse of Poseidon, once the Philadelphia Stock Exchange’s Oil Service Sector Index Vs. S&P 500 largest owner of high-capacity, modular . fluid storage tanks in North America. . . Poseidon crashed in 2013 after the company announced that at least . S& 64% of the revenue for the first three . quarters of 2012 should not have been . recorded as revenue. . ■■ Tetra Technologies SVP and . COO Joseph Elkhoury has resigned . for personal reasons. Stuart Brightman, . president and CEO of the completion . fluids company, has assumed Elkhoury's . responsibilities. Elkhoury will continue in a transitional role for a period. Source: PLS Research Using Google Finance For general inquiries, email [email protected] Access PLS’ archive for previous oilfield services news Dallas Dealmakers Hyatt Regency Downtown Thursday, July 13, 2017 | 300 Reunion Blvd, Dallas, TX 75207

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