Bonnett's Energy Services Trust Completes Sale of Frac Assets
Bonnett's Energy Services Trust has completed the sale of two additional pieces of fracturing equipment for $2.7 million, subject to adjustment, relating to its previously announced sale of two multi-pumper conventional fracturing spreads and related equipment.
This equipment was under construction at the time of the original transaction and was not included at that time. This completes the sale of all the fracturing equipment owned by Bonnett's.
Bonnett's has received approximately $1.35 million of the purchase price at the closing of the transaction, with the remaining $1.35 million, as adjusted, to be received on or before January 24, 2007.
Bonnett's will use the proceeds from this sale to further repay the outstanding indebtedness under its syndicated credit facility.