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Frontier Oilfield Services Buys Chico Coffman Tank Trucks

Texas Business reports:  DALLAS—Frontier Oilfield Services Inc. completed the acquisition of Chico Coffman Tank Trucks Inc., including its wholly owned subsidiary, Coffman Disposal LLC, which had audited gross revenue in 2011 of $40.5 million and net income before interest, taxes, depreciation and amortization of $3,263,000.

Capital One Bank and ICON Investments provided credit facilities to the company to support the acquisition.

Coffman is a commercial salt water disposal company with its primary area of operations located within the Northern Barnett Shale oil and gas field located in North Central Texas.

Coffman's assets are currently valued at $24 million and consist of accounts receivables, rolling stock (85 trucks and trailers) six permitted commercial salt water disposal wells and its headquarters real property located in Chico, Texas.

Coffman primarily services wells owned and operated by Devon Energy, XTO Energy, Pioneer Natural Resources and EnCana Corporation.

“The acquisition of Coffman allows Frontier to expand its operations across North Central and East Texas and was a next step to our business strategy of geographic expansion over the US mid-continent region,” said chief executive Tim P. Burroughs in a prepared statement.