Allis-Chalmers Energy Inc., Houston, (Amex: ALY) has completed the acquisition of Lafayette, La.-based Rogers Oil Tool Services Inc. for total consideration of approximately $13.7 million, including $11.3 million in cash, $1.6 million in common stock and a $750,000 three-year promissory note. The acquisition includes all the patents and proprietary technology developed by Tommie L. Rogers, the chief executive and founder of Rogers, fixed assets with an appraised fair market value of approximately $10 million and working capital of approximately $3 million. Rogers provides service for tubing tongs and casing tongs in addition to selling and renting specialized automated power tongs to the snubbing and well control markets. Rogers also rents and sells drill pipe tongs, accessories, hydraulic power units and hydraulic tong positioners.
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