Some big, breaking news to share with MDN readers: Deep Well Services, a Marcellus/Utica-born company that specializes in “snubbing” work (completing those super-long laterals you read about), has been sold. Deep Well announced today a deal to be bought out by Houston private equity firm White Deer Energy. No, Deep Well and the expert team of 220 who work there now are not going anywhere. The company, headquartered in Zelienpole, PA, will retain its western PA HQ–same workers, same management team. However, the official announcement says White Deer’s investment will now allow Deep Well to “enter new basins.” Hmmmm. Intriguing. We wonder which new basins they’re considering? MDN spoke to Deep Well CEO Mark Marmo this morning and got the inside skinny. According to Mark, the “big thing” about this deal is “the opportunity to have capital like we’ve never had before. Our growth has been limited to adding one new unit per year. We will now be able to add three new units a year.” Mark also said, “Today we have 220 people. In the next 18 months we’ll have 330 people.” Mark, who is born and raised in the Pittsburgh area, said his goal “is to put a lot of western Pennsylvanians to work making six figures, not $10.10 an hour.” The White Deer Energy deal will make that happen…
Some big, breaking news to share with MDN readers: Deep Well Services, a Marcellus/Utica-born company that specializes in “snubbing” work (completing those super-long laterals you read about), has been sold. Deep Well announced today a deal to be bought out by Houston private equity firm White Deer Energy. No, Deep Well and the expert team of 220 who work there now are not going anywhere. The company, headquartered in Zelienpole, PA, will retain its western PA HQ–same workers, same management team. However, the official announcement says White Deer’s investment will now allow Deep Well to “enter new basins.” Hmmmm. Intriguing. We wonder which new basins they’re considering? MDN spoke to Deep Well CEO Mark Marmo this morning and got the inside skinny. According to Mark, the “big thing” about this deal is “the opportunity to have capital like we’ve never had before. Our growth has been limited to adding one new unit per year. We will now be able to add three new units a year.” Mark also said, “Today we have 220 people. In the next 18 months we’ll have 330 people.” Mark, who is born and raised in the Pittsburgh area, said his goal “is to put a lot of western Pennsylvanians to work making six figures, not $10.10 an hour.” The White Deer Energy deal will make that happen…