News & Resources

Olshan Represents Steel Energy Ltd. in Acquisition of Black Hawk Energy Services, Inc.

February 5, 2014

In December 2013, Olshan client Steel Energy Ltd., through its wholly-owned subsidiary Black Hawk Acquisition, Inc., completed the acquisition of substantially all of the assets of Black Hawk Energy Services, Inc., a work over and completion rig company, for approximately $60.8 million. Steel Energy also owns two oilfield service businesses, Rogue Pressure Services and Sun Wells Service. In connection with the acquisition of Black Hawk Energy Services, Steel Energy amended its existing credit facility with Wells Fargo Bank, National Association and certain other lenders, to provide for, among other things, an increase in borrowing capacity to $105 million, a portion of which was used to fund the acquisition. The Olshan team representing Steel Energy and its subsidiary in connection with the acquisition of Black Hawk Energy Services and its related financing included Steve Wolosky, Kenneth Schlesinger, Elizabeth Gonzalez-Sussman, Hyman Kindler and Marisa Lusthaus.