HOUSTON - Thursday, December 20th 2012 [ME NewsWire]
(BUSINESS WIRE)-- Stallion Oilfield Holdings, Inc. (the "Company”), today announced that its Board of Directors has determined to terminate the previously announced senior secured term loan transaction (the "Term Loan”) and declared a special cash dividend of $4.00 per share that is to be paid to the Company’s stockholders in 2012. The record date for the dividend will be December 20, 2012, and it will be paid on December 24, 2012.
The Company’s Board of Directors determined to abandon the Term Loan in order to explore and evaluate potential strategic alternatives available to the Company that would be more advantageous to the Company’s stockholders than the Term Loan. There can be no assurance that any strategic alternative will be pursued or completed. The Company does not intend to disclose developments with respect to its strategic review process unless and until its Board of Directors has approved a specific transaction.
Stallion Oilfield Holdings, Inc. and its subsidiaries provide a wide range of wellsite support, completion, production and logistics services to oil and gas exploration and production companies, drilling contractors and other service companies throughout the United States. The Company’s comprehensive suite of services includes workforce accommodation units, production and fluid logistics, surface equipment rental, solids control, wellsite construction and remote communications. Stallion’s operations cover the most active and prolific oil and natural gas basins in the US, including South Texas (Eagle Ford Shale), ArkLaTex (Haynesville Shale), Marcellus/Utica Shales, North Texas (Barnett Shale), the Mid-Continent (Woodford Cana/Granite Wash), Permian Basin (Wolfcamp/Avalon/Bone Spring Shales), Rocky Mountain Regions (Niobrara/Bakken Shale), the Gulf Coast (Tuscaloosa Marine Shale), offshore Texas and Louisiana Gulf Coast, Prudhoe Bay (Alaska) and, to a lesser extent, certain international waters. Additional information may be found at www.stallionoilfield.com.
Cautionary Statement For Purposes Of The "Safe Harbor" Provisions Of The Private Securities Litigation Reform Act Of 1995
This press release may contain statements which constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995, including statements regarding the plans, intentions, beliefs and current expectations of Stallion Oilfield Holdings, Inc., its directors, or its officers with respect to our business and the oilfield service industry in general.
Stallion Oilfield Holdings, Inc.
David Schorlemer, 713-528-5544