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July 13, 2007

Two major distributors of industrial and oilfield PVF supplies, McJunkin Corporation, with nearly $2 billion in annual revenues, and Red Man Pipe and Supply Company, nearly $1 billion in annual sales, have announced a "merger of equals" that will make the new company a leading industrial and oilfield PVF supplier in North America. Charleston, WV, and Tulsa, OK , will serve as co-headquarters for the new company.

McJunkin Corporation CEO and President H.B. Wehrle III and Red Man Pipe and Supply Company President and CEO Craig Ketchum will serve as Co-CEOs for the new company.

“It is an exciting time for Red Man with great opportunities in today’s energy business," Ketchum said. “This combination will give us more geographic locations, expanded service capabilities for our customers, and increased growth potential, as well as presenting professional opportunities for our combined team members.”

The merger, which is expected to close within 60 days, is subject to customary closing conditions, including regulatory approvals.

Founded in 1921, McJunkin Corporation is headquartered in Charleston, WV, and distributes industrial pipe, valves, fittings and other products to a wide variety of industries including oil and gas exploration, refining, chemical and petrochemical, power generation steel manufacturing and others. In January 2007, Goldman Sachs Capital Partners became a substantial investor in McJunkin Corporation.

Red Man Pipe & Supply Co., Tulsa, OK, was founded in 1977 as a distributor of oilfield and industrial supplies to the oil and gas, petrochemical, refining, pipeline, transmission, utility and chemical industries. A year ago, Red Man acquired Bear Tubular Inc., Marcus Hook, PA. Bear Tubular has annual sales of more than $15.1 million.

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