[Context: On July 23, CP Energy Services recapitalized Spartan Energy Services, which provides thru-tubing, fishing and milling, flow control, and well testing services. Further details, advisors and related links are below.]
CP Energy Services Welcomes Spartan Energy Services to the CP Energy Group of Affiliated Companies
OKLAHOMA CITY, July 23, 2019 (GLOBE NEWSWIRE) — CP Energy Services, Inc. (“CP” or “CP Energy Services”) announced today, as a result of its recapitalization of Spartan Energy Services (“Spartan”), that CP now welcomes Spartan to the CP Energy Group of affiliated companies, which also includes CP Well Testing, Arctic Energy Services, and Foster Testing. Spartan is a leading, multi-basin, oilfield services company that provides thru-tubing, fishing and milling, flow control, and well testing services throughout the United States – primarily in Texas, Louisiana, and Pennsylvania.
Tracy Scott Turner, Chief Executive Officer of CP Energy Services stated, “We are excited to welcome Spartan into our growing strategic alliance of oilfield service companies. As CP continues growing its customer base and expanding into additional basins, we are focused on maintaining our dedication to service quality and safety excellence in all service lines and solutions. Bringing Spartan into the CP Energy Group of companies provides us with a substantially stronger geographical presence in the Eagle Ford, Haynesville, and Marcellus. Pairing with Spartan and its highly competent operating team creates the opportunity to roll out CP’s patent pending Sand Commander and established well testing services, while extending our service offerings to new customers in additional oil and gas basins.”
Delmar Crochet, Chief Executive Officer of Spartan stated, “We feel that our affiliation with The CP Energy Group of companies is a great fit and look forward to the new opportunities it will produce for the companies and our employees. CP’s patent pending Sand Commander and proven well testing service align perfectly behind Spartan’s frac stacks and hydraulic chokes. Coupled with our thru-tubing, Spartan can now offer a complete four phase flow control service from start to finish. This further enhances Spartan’s value-chain and service offerings to our customers. The combined geographic footprint bodes well for both companies. CP’s strength and reputation in the Mid-Con, Rockies, and Bakken offers Spartan a strong launching pad for our thru-tubing and frac valve service lines.”
Both CP and Spartan expect to realize significant revenue and cost synergies given the complementary nature of the businesses.
About CP Energy Services
CP Energy Services is a premier oilfield services and equipment rental company providing high-value completion and production solutions including flowback and well testing, specialty pumping, water transfer, and acidizing/ specialty chemicals. The Company’s safety focused personnel are skilled, dependable and well-equipped, and use the finest equipment available, while the Company’s locations in OK, TX, ND, CO, & WY position it to provide excellent service 24/7 in a cost-effective, efficient, and safe manner.