Platinum Pressure has been acquired by Basic Energy Services
Platinum Pressure Services, Inc. (“Platinum”)
Platinum is a privately owned oilfield services company that specializes in high-pressure integrated rig assisted snubbing, pressure control and well intervention services. Platinum owns 13 snubbing units, which are located primarily in the Marcellus shale, and has additional operations in the Ark-La-Tex region and Barnett shale. Admiral Well Service, Inc., a wholly owned subsidiary of Platinum, operates six well servicing rigs, all in the Marcellus shale. The Company is based out of Decatur, TX and employs approximately 100 people.
Petro Capital Group (“Petro Capital”)
Petro Capital is an energy focused merchant banking firm based in Dallas, TX. Through its investment fund, Petro Capital provides private capital to oilfield services companies as well as oil and gas companies.
Basic Energy Services, Inc. (NYSE:BAS) (“Basic”)
Basic provides well site services essential to maintaining production from the oil and gas wells within its operating area. The company employs more than 4,300 employees in more than 100 service points throughout the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas, and the Rocky Mountain and Appalachian regions.
PPHB, LP (“PPHB”)
PPHB is an independent investment banking firm providing financial advisory services exclusively to clients in the oilfield equipment and service industry.