Progress Equity Partners Enters Oil Field Services Segment - EnAqua Solutions Announces Acquisitions
Progress Equity Partners, Ltd is pleased to announce EnAqua Solutions' completion of its Eagle Ford disposal facility and two acquisitions that substantially expand EnAqua's customers and geographic footprint. Progress Equity partnered with Scott Johnson, Geremy Anderson and Steven Eaves to form EnAqua in June 2012 to build a fully integrated oilfield waste disposal business primarily focused on servicing oil and gas fields in or around Texas. EnAqua currently offers disposal solutions to exploration and production companies for the management of oilfield waste water and fluids resulting from the drilling, hydraulic fracturing and daily operation of oil and natural gas wells. The Company is headquartered in Dallas, Texas with field offices in Kenedy, Centerville and Carthage, Texas.
In October 2012, EnAqua opened a full service disposal facility in Karnes County to service the Eagle Ford shale in South Texas. The facility is currently permitted to inject 25,000 barrels per day of oilfield waste and has the ability to increase permitted disposal capacity as demand dictates.
In January 2013, EnAqua acquired the assets of Hwy 79 N. Enterprises, which included three injection wells with a combined capacity of 38,000 barrels per day. The facilities are located near Carthage, Texas and will service the Haynesville Shale in East Texas and Northwest Louisiana.
In addition, EnAqua acquired the surface lease and injection permit to develop an additional disposal facility, the Morris facility, in the Haynesville Basin of East Texas. The Morris facility is strategically located just five miles west of the Texas/Louisiana border and will be the first Texas based disposal facility on Highway 79 for water being transported from Louisiana to East Texas. EnAqua plans to begin drilling the Morris well in the first quarter of 2013 and expects the facility to be completed in the third quarter.
Scott Johnson commented, “The completion of EnAqua's Eagle Ford disposal facility coupled with current and future acquisitions marks significant achievement since organizing the company in June 2012. The company is well positioned with its waste disposal operations in the Haynesville, Eagle Ford, and Woodbine formations. Today we have over 70,000 barrels per day of permitted disposal capacity to service our customers' disposal needs. Over the coming months, through a combination of both pending acquisitions and new business lines, we plan to expand our services to include fresh water supply, solids and water storage, as well as full service transportation and disposal of oilfield waste water (flowback and produced) and solids (drill cuttings and mud).”
Ralph Manning of Progress Equity Partners added, “The Company's objective is to offer a turnkey waste solution to E&P companies by providing a fully integrated process for the management of materials that are produced as a by-product during the drilling, completion, and production phases inherent in the procurement of hydrocarbons. This turnkey solution differentiates EnAqua and creates a compelling value proposition for the company's customers.”
About Progress Equity Partners
Progress Equity Partners, Ltd., with offices in Dallas and Denver, is a private equity investment firm that makes direct investments in entrepreneurial, service-based businesses with minimum EBITDA of $2.0 million. Progress Equity has a proven track record of transitioning and building entrepreneurial companies into professionally managed organizations and is actively seeking new investment opportunities.
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