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Thermo Fluids and Heckmann Corporation Enter into a Definitive Sale Agreement

Thursday, March 08, 2012  
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Press Release from NORA Member Thermo Fluids, Inc.

Scottsdale, Ariz. (March 8, 2012) – Thermo Fluids, Inc., a Scottsdale, Arizona headquartered environmental services company and a closely held portfolio company of CIVC Partners has entered into a definitive sale agreement to be acquired by Heckmann Corporation (NYSE: HEK). The transaction is expected to close, subject to regulatory approvals and other normal and customary conditions, early in the 2012 second quarter. Upon completion of the acquisition, Thermo Fluids will operate as a new business segment within Heckmann Corporation, to be called Heckmann Environmental Services, or HES.

Heckmann Corporation is a service-based company focused on total water solutions for shale or "unconventional” oil and gas exploration. Through its water solutions for energy development business segment, also known as Heckmann Water Resources, or HWR, Heckmann Corporation’s services include water disposal, trucking, fluids treatment, pipeline transport facilities and water infrastructure services for oil and gas exploration.

"As part of the Heckmann Corporation portfolio, we are in a position to enhance our current services, expand our geographic footprint and continue the growth of our company and the deep partnerships we share with our customers,” said James Devlin, CEO of Thermo Fluids. "Heckmann Corporation and Thermo Fluids’ complementary services will broaden our integrated service offerings to create a more powerful value proposition to the marketplace. Our continued expansion will create value for our customers, employees and stakeholders,” added Mr. Devlin.

This acquisition aligns with Thermo Fluids’ growth strategy, which entails the recent purchase of certain assets and customers of four environmental service companies throughout the Western United States since 2010. In 2010, Thermo Fluids acquired Proleum’s used oil collection business in Arizona. Thermo Fluids later acquired the oil collection and environmental services arm of Nevada-based Bango Oil, which increased Thermo Fluids’ market share throughout Nevada. In 2011, Thermo Fluids acquired the second largest waste management and oil recycling business in Arizona, Southwest Petroleum. In 2012, Thermo Fluids acquired NEVCO SERVICE, Inc., an integrated service provider of used oil and antifreeze collection throughout Colorado.

"We are thrilled with Thermo Fluids’ capabilities, its impressive customer list and its demonstrated ability to grow,” said Richard J. Heckmann, Chairman and Chief Executive Officer of Heckmann Corporation. "We welcome Thermo Fluids’ customers and dedicated employees to the Heckmann Corporation family.” The operations of Thermo Fluids will continue to be led by its current leadership team. No workforce changes are anticipated at this time.

About Thermo Fluids

Thermo Fluids, Inc., a closely held portfolio company of CIVC Partners, is an environmental services company and the largest producer of commercial fuel oil from recovered used motor oil in the Western United States. Headquartered in Scottsdale, Ariz., the company collects and purchases used motor oil from a large number of companies across a diverse range of industries, such as quick-lube centers, auto dealerships, mining operations and industrial companies. In addition to collecting used motor oil, the company provides a portfolio of environmental services as a "one-stop" solution to its customers. These other essential services include oily wastewater collection and processing, spent antifreeze collection and recycling, and used oil filter collection and disposal. Thermo Fluids reprocesses and recycles its collected used motor oil into a commercial fuel product that is sold as an alternative energy source to a variety of industrial customers. Thermo Fluids has 31 facilities serving the Western United States. For more information, visit www.thermofluids.com.

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