Press Releases
Aug 11

Assets of Well Testing and Petroleum Production Services Company to Be Sold by Online Auction

Tiger Liquidity Services Energy Partners is offering well production,
wireline, test and other equipment in California, Texas and Pennsylvania
owned by Pacific Process Systems; auction set for December 14

BAKERSFIELD, Calif.–(BUSINESS WIRE)–Dec. 5, 2016–
Tiger Liquidity Services Energy Partners (TLSEP), a strategic alliance
between Tiger Group and Liquidity Services, Inc., under the direction of
court appointed receiver Stapleton Inc., is conducting a major auction
of all operational equipment of Pacific Process Systems. The assets are
located in strategic basins in Bakersfield, CA; Amity, PA; and Odessa,
TX that support client operations.

The sale is the latest project for the alliance between Tiger
Group
and Liquidity
Services
(NASDAQ: LQDT), which was formed in January 2016 to help
insolvency and turnaround professionals ramp up their services to the
turbulent oil and gas market, and to directly assist companies seeking
to sell surplus assets.

Pacific Process Systems is continuing to serve a number of clients in
California and Pennsylvania, providing well testing, wireline and
production services. These client contracts, along with a related
selection of equipment, remain available for a negotiated sale to
qualified companies prior to the auction.

Online bidding for all other company assets will commence December 7 at www.networkintl.com,
Liquidity Services’ marketplace for idle and used energy equipment in
the oil and gas industry, and www.SoldTiger.com.
The auction will close in rapid succession, live auction style, at a
two-day closing on December 14 and 15, beginning at 8:00 a.m. CT each
day. Previews of the assets will be held by appointment only in three
locations: 7401 Rosedale Highway in Bakersfield, CA; 195 Hatfield Road
in Amity, PA; and 1801 E. Pearl Street in Odessa, TX.

Well production, test and measurement equipment assets currently
available for sale include two and three-phase separators (up to 1,440
psi); scrubber, flares, line heaters up to 1.7 million Btu; SID mount
pressure tanks, and a fleet of wireline trucks and tools. A large
quantity of pipes, fittings, joints, valves and flanges in assorted
lengths, diameters and pressures up to 15,000 psi are also available to
support field fit-up of equipment.

Rolling stock for sale includes quarter, half and one-ton pickup trucks
and service vehicles (gas and diesel), some as new as of 2014.
Gooseneck, equipment, cargo and other trailers are also available.

“This asset sale represents a unique opportunity for well production and
exploration testing companies to buy a turnkey operating business, or a
fleet of vessels and equipment to support their operations at attractive
prices,” said Brooks Graul, vice president of business development for
Liquidity Services. “Many of these assets are currently maintained and
in rotation serving clients in California and Pennsylvania. Companies
can purchase a revenue stream by taking over contracts, or they can put
these assets into operation for their own domestic or international
clients.”

Andy Babcock, Tiger’s director of transitional services, noted that the
contracts and assets have already attracted offers from service
companies in North America that want to add these assets or turnkey
operations to their business line. “There is an appetite from multiple
parties who want the turnkey operation in these regions, or individual
pieces of equipment,” he said. “We are assisting parties with due
diligence and working through early negotiations, but encourage any
interested party to get in touch and take advantage of this opportunity.”

For a full catalog of the items offered, go to: www.SoldTiger.com.
To learn more about the assets and the bidding process, register at www.networkintl.com.
Offers, inquiries or inspection requests can be submitted by email to
Brooks Graul at brooks.graul@liquidityservices.com.

Source: Tiger Liquidity Services Energy Partners (TLSEP)

Media Contacts:
At Tiger Commercial & Industrial division
Jeff
Tanenbaum, president
805-497-4999
jtanenbaum@TigerGroup.com
or
Parness
& Associates Public Relations
Bill Parness
732-290-0121
Mobile:
732-673-6852
bparness@parnesspr.com
or
Liquidity
Services
Jeanette Hanfling
202-467-5723
jeanette.hanfling@liquidityservices.com