Fort Worth, Texas, August 10, 2022 – CIG is pleased to announce we have entered into and closed a definitive agreement to sell all of our assets in sand hauling, wellsite storage, and last mile logistics businesses to NexTier Oilfield Solutions, Inc. We received $27 million in cash and 500,000 shares of NexTier common stock. NexTier is an industry-leading US land oilfield service company focused on the completions side of the business. We have transferred approximately 200 employees over to NexTier and as of August 3rd. There will be a slight overlap in some of our services from HR, Finance, Accounting, and ESH for the month of August.
CIG’s plans are to use the proceeds to improve our balance sheet and refocus our energies on growing our Rail and Terminal Transloading business. We wish our colleagues the very best at NexTier and look forward to the path forward with less debt and a continued focus on safety and quality service.
About CIG Logistics:
CIG Logistics is a trusted logistics partner for large scale transloading and storage services for the oil and gas market. Operating over 20 strategically located rail terminals spread across 8 different states, CIG supports the energy supply chain in the United States, Canada, and Mexico. CIG Logistics uses technology to re-engineer intermodal transportation, offering full-service handling of Bulk Commodities. CIG Logistics is headquartered in Fort Worth, Texas.