| WTI Cushing Spot: | $74.60 |
| Nymex -Henry: | $3.94 |
| US Rig Count: | 1653 |
| CAN Rig Count: | 388 |
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McJunkin Red Man Corporation Closes Private Placement of Senior Secured Notes; Andrew Lane Named Chairman of the Board of McJunkin Red Man Holding Corporation Houston, TX – December 21, 2009: McJunkin Red Man Corporation(MRC), the largest global distributor of pipes, valves and fittings to the energy industry, today announced the completion of its offering of $1 billion aggregate principal amount of 9.50% Senior Secured Notes due 2016 (the “Notes”). The company received net proceeds of approximately $957.8 million. Net proceeds from the sale of the Notes, together with available cash on hand, were used to repay approximately $977 million of outstanding indebtedness. The Notes are guaranteed by McJunkin Red Man Holding Corporation, MRC’s parent company (MRMHC), and by all of MRC’s domestic subsidiaries, and are secured by a senior lien on substantially all of MRC’s assets (other than assets which secure MRC’s revolving credit facility) and a junior lien on the assets which secure MRC’s revolving credit facility. The Notes were sold in a private offering that was exempt from the registration requirements of the Securities Act of 1933, as amended. MRC also announced the appointment of Andrew Lane, the President and Chief Executive Officer of MRC and MRMHC, to the added role of Chairman of the Board of Directors of MRMHC. It was also announced that former Chairman Craig Ketchum would serve as Co-Chairman of the Board of PVF Holdings LLC, MRC’s indirect parent company, together with H.B. Wehrle III. About McJunkin Red Man Media Contact
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