Post Oak Energy Capital Leads $50 Million Capital Commitment to Prime Downhole Holdings, LLC

Post Oak Energy Capital, LP (“Post Oak”), through investment
partnerships it manages, today announced that it has led a $50 million
equity commitment to Prime Downhole Holdings, LLC (“Prime”). The Prime
management team will co-invest alongside Post Oak.

Houston-based Prime is a global provider of engineered services and
manufactured products to the oil and gas industry, with a focus on
downhole tools. With its existing assets and product lines currently in
place, Prime provides a platform on which to build a diversified
oilfield equipment manufacturing company both organically and through
acquisition with a focus on manufacturing tools that are consumed
primarily in the development and production of unconventional basins
both domestically and internationally. The senior management team of
Prime, led by CEO Leif Syversen, has a track record of building oilfield
manufacturing companies and creating significant value for stakeholders.
Prior to forming Prime, Syversen and members of his team were involved
in building two oilfield equipment manufacturing companies, BasinTek and
Dyna-Drill.

“We at Post Oak are excited to enter into a partnership with Leif
Syversen and members of the management team of Prime,” said Post Oak
Managing Director Philip Davidson. “With the existing platform in place
and management’s track record of building successful oilfield
manufacturing companies, Prime is well positioned to deliver value over
time to all stakeholders and Post Oak looks forward to providing capital
and support to management in this endeavor.”

"This is an exciting time for the Prime management team. We looked for a
strategic partner for six months and we knew after several meetings with
Post Oak, we found the right equity partner,” said Prime CEO Leif
Syversen. “Our team is skilled at building value through a combination
of aggressive organic growth and adding strategic acquisitions that fit
our manufacturing profile."

About Post Oak Energy:

Post Oak, which was established in 2006, is an energy-focused private
investor based in Houston, Texas. Its management team has executive
management experience and a broad network in the energy business as well
as significant expertise in equity investments, operations, development,
finance, acquisitions and divestitures. The firm pursues private
investments primarily in the upstream sector of the oil and gas industry
in North America and, to a lesser extent, in oilfield service and
related infrastructure. Post Oak works in close partnership with
operating management teams to build businesses, accelerate growth and
enhance shareholder value. www.postoakenergy.com.

About Prime Downhole Holdings, LLC

Prime Downhole Manufacturing is a global provider of engineered services
and manufactured products primarily to the oil and gas industry, with a
focus on downhole tools. Prime serves primarily the upstream oil and gas
market. Prime’s business offerings include engineered downhole tools,
project management, precision machining services, and services/repair of
breakout machines and bucking units for drilling applications. https://www.primedownhole.com.

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