MSF Provides $24MM Financing For Pistol Drilling
September 29th, 2011 - Montgomery Street Financial Services (MSF), the San Francisco based specialty investment bank, recently advised and successfully arranged a $24 MM term loan financing for the acquisition of land-based drilling rigs for privately owned Pistol Drilling, LLC of Woodward, Oklahoma.
Pistol Drilling, LLC is a newly formed deep drilling company managed by the Weder Family whose Edge Services has been providing oil field services since 1984. Tommy Weder, the CEO of Pistol Drilling, as well as Edge, commented, “The exciting oil discoveries in the Mississippi Limestone area of western Oklahoma, combined with the Eagle Ford Shale region of southern Texas, the Permian Basin, the Bakken Shale and others along with high oil prices have significantly increased demand for experienced drillers and equipment. By forming Pistol Drilling, we are responding to the needs of our core clients seeking more deep drilling capacity and hope to play an increasing role in energy independence for the country.”
Rick Rodgers, Managing Director of MSF and former head of syndications for Bank of America, said, “This was a transaction which would have seen multiple banks and finance companies stepping up to finance Middle America and job creation in years past. While we were pleased to present an oversubscribed financing, thus giving Pistol Drilling additional choices, it is telling that the entities funding America nowadays are not banks, but often newly formed, private entities and funds.”
About Montgomery Street Financial Services
Montgomery Street Financial (MSF) is an independent boutique investment bank that specializes in capital raising, financial advisory and restructurings for asset-centric industries such as energy, transportation and asset finance businesses. MSF focuses its efforts on: Energy and Alternate Energy, Portfolio Advisory, Highly Structured Asset Backed Financings, and Project Finance. With the Managing Directors each having over 25 years of experience in structured finance; we have become specialists in extracting value from existing portfolio assets and implementing cross border solutions in multiple jurisdictions. MSF offers prospective clients direct contact with principals that apply creativity and tenacity to identify and achieve the best structure for each client's unique circumstances. We provide financial engineering solutions, not just products.