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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Date of Report: January 28, 1997
(Date of earliest event reported: January 21, 1997)
MOBLEY ENVIRONMENTAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-19497 75-2242963
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation of organization) Identification No.)
4415 E. GREENWOOD
BAYTOWN, TEXAS 77520
(Address of registrant's
principal executive offices)
(281) 383-7033
(Registrant's telephone number, including area code:)
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ITEM 5. OTHER EVENTS
On January 20, 1997, Mobley Environmental Services, Inc.
(the "Company") completed the sale of its oilfield services assets
to Dawson Production Services, Inc. The Company had previously
announced the signing of a letter of intent for the sale of such
assets on November 4, 1996.
The sale resulted in the Company receiving $4.9 million in cash and a
subordinated note for $500,000, due in January 1999. The Company
used the cash proceeds to reduce its outstanding bank indebtedness
by $3.3 million, with the remainder being used to fund transaction
expenses and for working capital purposes.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
7(c) EXHIBITS.
Exhibit 99(a): Press release dated January 21, 1997 announcing
completion of sale of oilfield services assets to
Dawson Production Services, Inc.
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SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: January 28, 1997 MOBLEY ENVIRONMENTAL SERVICES, INC.
By: /s/ W. Christopher Chisholm
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W. Christopher Chisholm, Vice President
and Chief Financial Officer
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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99(a) Press release dated January 21, 1997 announcing completion of
sale of oilfield services assets to Dawson Production Services, Inc.
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EXHIBIT 99(a)
MOBLEY ENVIRONMENTAL SERVICES INC./NEWS
FOR IMMEDIATE RELEASE:
Mobley Environmental Services Contacts
W. Christopher Chisholm, Chief Financial Officer
or Scott Edwards, Marketing Manager
281/383-7033
MOBLEY COMPLETES SALE OF OILFIELD ASSETS TO DAWSON
HOUSTON, January 21, 1997 -- Mobley Environmental Services, Inc. completed
yesterday the sale of the oilfield services assets of Mobley Company,
its wholly owned subsidiary, to Dawson Production Services, Inc.
(NASDAQ/NM:DPSI). Terms of the transaction included a payment to Mobley of
approximately $4.9 million in cash and a subordinated note for $500,000.
Mobley Environmental Services is a Texas-based recycling company that
specializes in the collection, treatment, recycling and management of a wide
range of non-hazardous liquid hydrocarbons, used oil filters and related
materials.
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