Assets of Well Testing and Petroleum Production Services Company to Be Sold by Online Auction
06 December 2016 - 2:30AM
Business Wire
Tiger Liquidity Services Energy Partners is
offering well production, wireline, test and other equipment in
California, Texas and Pennsylvania owned by Pacific Process
Systems; auction set for December 14
Tiger Liquidity Services Energy Partners (TLSEP), a strategic
alliance between Tiger Group and Liquidity Services, Inc., under
the direction of court appointed receiver Stapleton Inc., is
conducting a major auction of all operational equipment of Pacific
Process Systems. The assets are located in strategic basins in
Bakersfield, CA; Amity, PA; and Odessa, TX that support client
operations.
The sale is the latest project for the alliance between Tiger
Group and Liquidity Services (NASDAQ: LQDT), which was formed in
January 2016 to help insolvency and turnaround professionals ramp
up their services to the turbulent oil and gas market, and to
directly assist companies seeking to sell surplus assets.
Pacific Process Systems is continuing to serve a number of
clients in California and Pennsylvania, providing well testing,
wireline and production services. These client contracts, along
with a related selection of equipment, remain available for a
negotiated sale to qualified companies prior to the auction.
Online bidding for all other company assets will commence
December 7 at www.networkintl.com, Liquidity Services’ marketplace
for idle and used energy equipment in the oil and gas industry, and
www.SoldTiger.com. The auction will close in rapid succession, live
auction style, at a two-day closing on December 14 and 15,
beginning at 8:00 a.m. CT each day. Previews of the assets will be
held by appointment only in three locations: 7401 Rosedale Highway
in Bakersfield, CA; 195 Hatfield Road in Amity, PA; and 1801 E.
Pearl Street in Odessa, TX.
Well production, test and measurement equipment assets currently
available for sale include two and three-phase separators (up to
1,440 psi); scrubber, flares, line heaters up to 1.7 million Btu;
SID mount pressure tanks, and a fleet of wireline trucks and tools.
A large quantity of pipes, fittings, joints, valves and flanges in
assorted lengths, diameters and pressures up to 15,000 psi are also
available to support field fit-up of equipment.
Rolling stock for sale includes quarter, half and one-ton pickup
trucks and service vehicles (gas and diesel), some as new as of
2014. Gooseneck, equipment, cargo and other trailers are also
available.
“This asset sale represents a unique opportunity for well
production and exploration testing companies to buy a turnkey
operating business, or a fleet of vessels and equipment to support
their operations at attractive prices,” said Brooks Graul, vice
president of business development for Liquidity Services. “Many of
these assets are currently maintained and in rotation serving
clients in California and Pennsylvania. Companies can purchase a
revenue stream by taking over contracts, or they can put these
assets into operation for their own domestic or international
clients.”
Andy Babcock, Tiger’s director of transitional services, noted
that the contracts and assets have already attracted offers from
service companies in North America that want to add these assets or
turnkey operations to their business line. “There is an appetite
from multiple parties who want the turnkey operation in these
regions, or individual pieces of equipment,” he said. “We are
assisting parties with due diligence and working through early
negotiations, but encourage any interested party to get in touch
and take advantage of this opportunity.”
For a full catalog of the items offered, go to:
www.SoldTiger.com. To learn more about the assets and the bidding
process, register at www.networkintl.com. Offers, inquiries or
inspection requests can be submitted by email to Brooks Graul
at brooks.graul@liquidityservices.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161205005812/en/
Media Contacts:At Tiger Commercial & Industrial divisionJeff
Tanenbaum, president805-497-4999jtanenbaum@TigerGroup.comorParness
& Associates Public RelationsBill Parness732-290-0121Mobile:
732-673-6852bparness@parnesspr.comorLiquidity ServicesJeanette
Hanfling202-467-5723jeanette.hanfling@liquidityservices.com
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