Superior Well Services acquires Patterson Wireline assets
  by: OilOnline
  Thursday, October 05, 2006

Superior Well Services, Inc. has purchased substantially all of the operating assets of Patterson Wireline, L.L.C. for approximately $8.7 million in cash. Patterson provides open hole and cased hole completion services. The operating assets include 5 cased hole trucks and 4 open hole trucks and various tools and logging systems that are compatible with Superior's existing systems. Superior plans to retain all of Patterson's 25 employees. The acquired operations will be integrated into Superior's Rocky Mountain operations and expands its presence in Colorado and New Mexico.

Commenting, David Wallace, Chief Executive Officer, stated, "The Patterson acquisition expands our wireline operations in the Rocky Mountain Region and provides us a number of top-tier personnel. Additionally, this accretive acquisition provides new opportunities to grow Superior's stimulation, nitrogen and cementing services in markets currently serviced by Patterson's operating assets."