Steel Energy's $60.8 Million Acquisition of Black Hawk Energy
Steel Energy Ltd.
Represented Steel Energy Ltd., through its wholly-owned subsidiary Black Hawk Acquisition, Inc., in the completion of the acquisition of substantially all of the assets of Black Hawk Energy Services, Inc., a work over and completion rig company, for approximately $60.8 million. Steel Energy also owns two oilfield service businesses, Rogue Pressure Services and Sun Wells Service. In connection with the acquisition of Black Hawk Energy Services, Steel Energy amended its existing credit facility with Wells Fargo Bank, National Association and certain other lenders, to provide for, among other things, an increase in borrowing capacity to $105 million, a portion of which was used to fund the acquisition.