January 20, 2017 11:19 PM ET

Energy Equipment and Services

Company Overview of LoneStar Geophysical Surveys L.L.C.

Company Overview

LoneStar Geophysical Surveys L.L.C. provides seismic data acquisition services to clients in the oil and gas exploration industry. Its services include permitting, surveying, and recording. The company was incorporated in 2009 and is based in Edmond, Oklahoma with a branch office in Houston, Texas. On June 17, 2016, the voluntary petition of LoneStar Geophysical Surveys L.L.C. for reorganization under Chapter 11 was converted to Chapter 7. It had filed for Chapter 11 bankruptcy on May 18, 2015.

441 South Fretz Avenue

Edmond, OK 73003

United States

Founded in 2009

Phone:

405-726-8626

Fax:

405-285-8521

Key Executives for LoneStar Geophysical Surveys L.L.C.

Chief Executive Officer and President
Health, Safety, Environment, and Quality Management System Director
Compensation as of Fiscal Year 2016.

LoneStar Geophysical Surveys L.L.C. Key Developments

Motion for Asset Sale Approved for LoneStar Geophysical Surveys L.L.C.

The US Bankruptcy Court gave an order approving the sale of certain assets of LoneStar Geophysical Surveys L.L.C. on January 12, 2017. The debtor has been authorized to sell its certain assets to Frontier State Bank for a purchase price of $0.71 million pursuant to the asset purchase agreement. The debtor’s assets include 2006 Ford Explorer VIN 1FMEU64E16UA660, certain accounts receivables and other personal property.

Motion for Asset Sale Approved for LoneStar Geophysical Surveys L.L.C.

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of Lonestar Geophysical Surveys, LLC on October 14, 2016. The debtor has been authorized to sell substantially all its assets to Breckenridge Geophysical, LLC, the Successful Bidder for a purchase price of $2.61 million in cash. At the auction held, Breckenridge Geophysical, LLC emerged as the winning bidder by offering a purchase price of $2.61 million in cash and Dawson Geophysical Company, stalking horse bidder, was selected as Backup Bidder with purchase price of $2.6 million.

Motion for Asset Sale Filed by LoneStar Geophysical Surveys L.L.C.

The Trustee of Lonestar Geophysical Surveys, LLC filed a motion in the US Bankruptcy Court for the sale of substantially all assets of Lonestar Geophysical Surveys, LLC on August 26, 2016. The Trustee seeks the Court’s approval for the sale of substantially all its assets to Dawson Geophysical Company, the stalking horse bidder, for a purchase price of $2.2 million in cash pursuant to the Stalking Horse Term Sheet. The stalking horse bidder will deposit a sum of $0.22 million as a part of the term sheet. Instead of buying all the assets interested parties can bid for assets in lots as well. The purchase price for lot 1(8 Inova 364 Vibrators) is $1.4 million, Lot 2 (Inova spare parts), Lot 3 (8 Mertz Vibrator), Lot 4 (2 Ford F-550 Service Trucks and Nissan Recording Van) is $0.1 million each, Lot 5 (3 Ford F-700 Trucks) is $0.03 million, Lot 7 (21 All-Terrain Vehicles) is $0.04 million, for Lot 8 (Fairfield Nodes and Ancillary Equipment) is $0.3 million, for Lot 9 (Office furniture and equipment) is $4,000 and for Lot 10 (Miscellaneous equipment) is $0.06 million. Frontier State Bank, creditor, is a Qualified Bidder for the purpose of making a Lot Bid only by and through its credit bid rights. To qualify as a qualified bidder, interested parties should submit their bids by October 7, 2016. The initial minimum overbid should be at least $0.01 million more than the initial purchase price in case of bulk bid and 10% of the stalking horse bid for each of the lots. The interested parties must accompany their bids with deposit of at least 10% of the purchase price. The debtor has scheduled an auction on October 12, 2016. The sale hearing is scheduled for October 14, 2016. The transaction is expected to complete by October 31, 2016.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
August 26, 2016
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