SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) January 15, 2013
FRONTIER OILFIELD SERVICES, INC.
(Formerly TBX Resources, Inc.)
(Exact name of registrant as specified in its charter)
3030 LBJ Freeway, Suite 1320
Dallas, Texas 75234
(Address, including zip code of registrants principal executive offices
and telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
TABLE OF CONTENTS
1.01 Entry into a Material Definitive Agreement
9.01 Financial Statements and Exhibits
Section 1 Registrants Business and Operations
Item 1.01 Entry into a Material Definitive Agreement
The Registrant has entered into a material acquisition agreement;
Acquisition of Chico Coffman Tank Trucks, Inc.
On January 15, 2013 Registrant by and through wholly owned subsidiaries, Frontier L&R Tank Trucks, LLC and Frontier L&R Disposal Wells, LLC., executed an Asset Purchase Agreement whereby, upon closing, it will acquire substantially all of the assets and business of L&R Tank Trucks, Inc., and Stark & Stark Equipment, Inc. (L&R) for the sum of $10,300,000 subject to certain negative and positive adjustments based upon the amount, at the time of closing, of L&Rs indebtedness, sellers expenses and EBITDA adjustments.
L&R is a salt water disposal company founded in 1989 with its primary base of operations located in Bowie, Texas with its trade and service area being in the Barnett Shale oil field located in north central Texas.
L&R had unaudited 2012 revenues of approximately 9.5 million with an EBITDA of approximately $3.7 million. L&Rs assets are currently valued on its unaudited financials at $10.5 million and consist of accounts receivable, rolling stock (trucks and trailers), four permitted disposal wells with an approved permit for a fifth disposal well and the headquarters real property.
The Registrants payment of the purchase price and closing is currently not scheduled as closing is conditioned upon certain obligations of the parties however Registrant anticipates that the closing will be within the current fiscal quarter.
Section 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.