Recent News and Announcements from Centre Partners

March 9, 2006

Centre Partners Announces Formation of Gray Energy Services LLC and Growth Investment in Gray Wireline Service, Inc.

Leading Middle Market Private Equity Firm and Dallas Affiliate

Dallas, Texas, March 9, 2006 – Centre Partners Management LLC and its Dallas-based affiliate, Centre Southwest Partners LLC, today completed the acquisition of a majority interest in Gray Wireline Service, Inc. through a newly-formed entity, Gray Energy Services LLC. The investment in Gray Energy Services creates a partnership among the companys senior management team, Centre Partners, and Centre Southwest. Centre and its affiliates invested approximately $24 million in equity in Gray to acquire roughly 60% of the company; management of Gray will own the balance of the company. The Gray investment also marks Centre Partners first major transaction with Centre Southwest under their partnership to pursue investments in the energy sector.

Gray Wireline, which was founded in 1983 in Levelland, Texas by Mr. Steve Gray, is an established independent provider of cased-hole wireline services to the domestic natural gas and oil production industry. Cased-hole wireline services, which are performed during and after the completion of a well, and from time to time thereafter throughout the remaining life of a well, are delivered by lowering a wireline cable from a truck into a well with various tools and instruments attached to its end. Grays cased-hole wireline services, which are delivered from both electric-line and slickline units, include logging, perforating, pipe recovery, and other mechanical services.

Gray has expanded significantly over the past two years, both organically and through two acquisitions, resulting in four new district locations in Texas and greenfield operations in New Mexico and Oklahoma. The strategy and execution of this expansion has been achieved by a team of outstanding industry veterans. The strategic business plan was developed by Larry Cavanna and David Otte, whose previous experience together includes senior operating and management roles at Halliburton and Computalog, and its implementation was led by a partnership formed in early 2004 by Steve Gray, David Gray, Gary Cain, Larry Cavanna, and David Otte. The partnership was later enhanced by the additions of Jackie Wilson, Dick Melvin, Brian Hilliard, Rick Wilson, Ken Nester Sr., and John Dunlap. Effective with this transaction, Mr. Cavanna will serve as Chief Executive Officer of the company. Mr. Steve Gray will play a vital role in the management of the Permian Basin operations, will remain a significant shareholder of the company and become a member of its board of directors.

Centre Partners is a leading middle market private equity firm with offices in New York and Los Angeles, and an affiliate office in Dallas through Centre Southwest. Centre Partners Managing Directors have invested over $3 billion of equity capital in more than 80 businesses in the past 20 years. Centre is investing in Gray Wireline through its fourth fund, Centre IV, which has approximately $780 million of committed capital.

According to Centre Partners Managing Director Scott Perekslis, the investment in Gray Energy Services creates an opportunity to build upon a well established and rapidly growing independent wireline services company to create a leading diversified provider of production enhancement solutions across the North American exploration and production industry.

Were extremely pleased to have partnered with the strong and proven management team at Gray, said Perekslis. As the fastest-growing independent provider of cased-hole electric wireline services in North America, Gray provides a tremendous platform to continue to expand into new geographies and to extend into complementary oilfield services business lines. We consider our investment today to be a first step toward realization of this vision; we stand ready to invest additional capital in Gray to help support and accelerate its continued growth.

Larry Cavanna said: We owe a deep gratitude to all of our managers and employees f

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