Lafayette-based RedHawk Energy Corp. sold its Texas oilfield services operations for approximately $66 million in cash, assumed bank indebtedness, certain equity securities and other consideration.

RedHawk acquired the Texas-based oilfield service operations in late 2009, returning the business unit to profitability and dramatically improving cash flow from its operations. “The improved cash flow allowed us to significantly reduce bank indebtedness, which then positioned us for a sale of the business unit,” said G. Darcy Klug, founder of RedHawk, in a prepared statement.

Klug, who is resuming duties as the company’s chairman of the board and chief executive officer, said the sale resulted in investment and cash returns in excess of RedHawk's original objective. "With completion of this sale, we will now direct our investment focus on Louisiana-based business opportunities," he said, noting that the company is already working with representatives from the Lafayette Economic Development Authority to evaluate investment opportunities.

RedHawk Energy Corporation was founded in 2008 to focus on acquiring and consolidating well-managed, smaller, undercapitalized onshore and offshore oilfield service and equipment companies. Its common stock is registered with the Securities and Exchange Commission, but the company is not currently trading its common stock.

To post a comment, please log into your IND account. If you do not have an account, click the "register" button to create one. Facebook comments can be used as an alternative to creating an account at theIND.com.

Loading
Chart
ABiz Stock Watch
o Home Bancorp 22.20 ▼0.14 (-0.63%)
o Frank's International 20.09 ▼0.06 (-0.30%)
o IberiaBank Corp 66.22 ▲0.97 (1.49%)
o LHC Group 25.46 ▼0.28 (-1.09%)
o MidSouth Bancorp 19.49 ▲0.38 (1.99%)
o Petroquest Energy 6.45 ▼0.21 (-3.15%)
o PHI Inc. 40.45 ▼1.55 (-3.69%)
o Superior Energy 35.35 ▼0.49 (-1.37%)
o Stone Energy 34.16 ▼1.03 (-2.93%)
o Facebook Inc. 76.68 ▲1.86 (2.49%)
o Twitter Inc. 51.02 ▲1.27 (2.55%)
o Gannett 34.10 ▲0.34 (1.01%)
NYSE:HBCP

Home Bancorp

Company ID [NYSE:HBCP] Last trade:22.20 Trade time:4:00PM EDT Value change:▼0.14 (-0.63%)
NYSE:FI

Frank's International

Company ID [NYSE:FI] Last trade:20.09 Trade time:4:04PM EDT Value change:▼0.06 (-0.30%)
NYSE:IBKC

IberiaBank Corp

Company ID [NYSE:IBKC] Last trade:66.22 Trade time:4:00PM EDT Value change:▲0.97 (1.49%)
NYSE:LHCG

LHC Group

Company ID [NYSE:LHCG] Last trade:25.46 Trade time:4:00PM EDT Value change:▼0.28 (-1.09%)
NYSE:MSL

MidSouth Bancorp

Company ID [NYSE:MSL] Last trade:19.49 Trade time:4:01PM EDT Value change:▲0.38 (1.99%)
NYSE:PQ

Petroquest Energy

Company ID [NYSE:PQ] Last trade:6.45 Trade time:4:02PM EDT Value change:▼0.21 (-3.15%)
NYSE:PHII

PHI Inc.

Company ID [NYSE:PHII] Last trade:40.45 Trade time:3:35PM EDT Value change:▼1.55 (-3.69%)
NYSE:SPN

Superior Energy

Company ID [NYSE:SPN] Last trade:35.35 Trade time:4:04PM EDT Value change:▼0.49 (-1.37%)
NYSE:SGY

Stone Energy

Company ID [NYSE:SGY] Last trade:34.16 Trade time:4:04PM EDT Value change:▼1.03 (-2.93%)
NYSE:FB

Facebook Inc.

Company ID [NYSE:FB] Last trade:76.68 Trade time:4:00PM EDT Value change:▲1.86 (2.49%)
NYSE:TWTR

Twitter Inc.

Company ID [NYSE:TWTR] Last trade:51.02 Trade time:4:01PM EDT Value change:▲1.27 (2.55%)
NYSE:GCI

Gannett

Company ID [NYSE:GCI] Last trade:34.10 Trade time:4:05PM EDT Value change:▲0.34 (1.01%)
Advertisement

Read the Flipping Paper!

Click Here for the Entire Print Version of
ABiz
 
Advertisement
Advertisement