Privately held RedHawk Energy Corp., Lafayette, La. has acquired 100% of the membership interests of Houston-based Xxtreme Pipe Services LLC, Xxtreme Pipe Storage LLC, Xxtreme Tubular Processors LLC and Wolf Pack Rentals LLC (collectively, the Xxtreme Group) for $66 million in cash, preferred stock and assumed debt.

The Xxtreme Group provides oilfield services including ultrasonic inspection, storage and API threading and processing of oil country tubular goods. Through its tubular unit, the Xxtreme Group employs approximately 150 operational, marketing and administrative personnel with field and administrative facilities in Houston, Channelview and Lone Star, Texas and Beebe, Ark.

Through its rental unit, Wolf Pack Rentals, the group, employs approximately 30 field, marketing and administrative personnel in Texas, Oklahoma, Arkansas and West Virginia. Wolf Pack Rentals’ rental fleet includes modular buildings, living quarters, generators, light towers, water and sewer systems, forklifts, man-lifts, communication systems and drill pipe.

For the twelve month period ended Dec. 31, the Xxtreme Group reported net income of approximately $11.1 million on revenue of approximately $36.4 million. For the nine month period ended Sept. 30, the Xxtreme Group reported net income of approximately $4.2 million on revenue of approximately $20.5 million as compared to net income of approximately $7.3 million on revenues of approximately $25 million. For the twelve month period ended Sept. 30, net income for the group approximated $8 million on revenue of approximately $31.9 million.

RedHawk founder G. Darcy Klug says, “This acquisition is a tremendous milestone for our company. We believe market conditions are favorable for selective, strategic energy sector acquisitions of businesses with strong management teams and a good track record through these difficult and challenging periods. We are positioning RedHawk with a solid financial and operational foundation to capitalize upon various strategic growth opportunities as they arise if market conditions stabilize over the next twelve to twenty-four months.”