CIG Sells Sandstorm®

Fort Worth, Texas, August 10, 2022 – CIG is pleased to announce we have entered into and closed a definitive agreement to sell all of our assets in sand hauling, wellsite storage, and last mile logistics businesses to NexTier Oilfield Solutions, Inc. We received $27 million in cash and 500,000 shares of NexTier common stock. NexTier is an industry-leading US land oilfield service company focused on the completions side of the business. We have transferred approximately 200 employees over to NexTier and as of August 3rd. There will be a slight overlap in some of our services from HR, Finance, Accounting, and ESH for the month of August.

CIG’s plans are to use the proceeds to improve our balance sheet and refocus our energies on growing our Rail and Terminal Transloading business. We wish our colleagues the very best at NexTier and look forward to the path forward with less debt and a continued focus on safety and quality service.