T-3 Energy Services Acquires Pinnacle Wellhead
T-3 Energy Services, Inc. has completed the purchase of Pinnacle Wellhead, Inc. (Pinnacle) located in Oklahoma City, Oklahoma. Pinnacle has been in business for over twenty years as a service provider that assembles, tests, installs, and performs repairs on wellhead production products primarily in Oklahoma. In addition to the acquisition in Oklahoma, T-3 has opened a new wellhead service facility in Grand Junction, Colorado. The acquisition of Pinnacle and the expansion into Grand Junction, Colorado further demonstrates T-3 Energy's successful execution of its business strategy to expand its wellhead and production products and services to both existing and new customers located in strategically identified markets. These strategic market expansions were funded from T-3's working capital and the use of its senior credit facility.
Gus D. Halas, T-3 Energy's Chairman, President and Chief Executive Officer commented, ``The acquisition of Pinnacle allows us to move forward with our goals to immediately expand our wellhead products and services into a strategically identified market that already has existing operations, work force and customer relationships. Our plan is to expand and turn the Oklahoma facility into a full service repair facility similar to other T-3 Energy locations. In addition to Pinnacle, we are already seeing positive bookings from our expansion into the Grand Junction region of the Rocky Mountains. The acquisition in Oklahoma City, Oklahoma and the expansion into Grand Junction, Colorado should allow us to expand our rapid response capabilities to customers in these new regions and enable us to continue to build our market share.''
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