In October, The Malibu Group, LLC, completed a recapitalization of Sun Well Services, Inc., of Williston, N.D. Sun Well currently operates in the Williston Basin, which includes sites in Williston and Tioga, North Dakota, and Sidney, Montana. Sun Well operates oil and gas well work-over rigs and is capable of a variety of well completion and well maintenance jobs.
Sun Well's partner in the recapitalization is Chicago-based Unicorn Investment Bank. Formed in 1981, Sun Well is led by Marv Kaiser, who will continue to guide the company's operations. "This partnership with UIB will ensure that we continue to provide our customers with premium service through highly-trained rig crews who utilize top-notch equipment," Kaiser said. "Our service will only improve as we gain additional capital resources to expand the company and its scope of services. It's a win-win for the company, our employees and--just as importantly--the region."
The Williston Basin includes the emerging Bakken Oil Formation, which produces oil that is 41 degree light, sweet crude - highly desired by oil producers. A U.S. Geological Survey field report estimated there are billions of barrels of undiscovered, technically recoverable oil on the U.S. side of the Bakken. In fact, the report confirms the Bakken is the largest "continuous" oil accumulation ever assessed by the USGS.
"I've worked with Malibu on finding the right partner for a lengthy period of time," Kaiser noted. "We evaluated numerous proposals and every step of the way, the Malibu team encouraged patience and provided objective guidance. They knew I wanted a partner who understood the growth potential of this company and this region, wanted to collaborate in growth plans, and truly valued my management team.
"To that end, Malibu helped structure a transaction that not only allowed me to capture current value and upside potential but also provided UIB with a great deal that has almost unlimited potential."