Longview, Texas, Nov. 2, 2015
-- T.E.C. Well Service, Inc. today announced that it has entered into an agreement to combine with Trupoint Well Service, LP and Nexus Oil Tools, LLC in a private transaction that closed on November 2, 2015. The combination will create a premier well service company with locations in East Texas, the Permian Basin, North Texas, and Colorado. The addition of the Trupoint assets adds 13 workover rigs (8 Loadcraft 550 rigs with 110’ masts and 5 Taylor 500 rigs with 104’ masts) and four swab rigs. Services and equipment provided by the combined company will include 37 workover rigs, each with a full workover and well control package, 10 swab rigs, 4 kill trucks, as well as packers, isolation tools, and fishing services. The company will have the scale and capabilities to service the growing market for integrated workover and completion rig solutions for the more complex demands of unconventional, horizontal wells. The operational and financial benefits of the combination will allow the company to both strengthen its presence in its current markets and expand into other unconventional basins. The combined company will be headquartered in Longview, Texas and be called TEC Well Service, LLC. Stephen Shore will serve as President & CEO, and Kenneth Shore will serve as Vice President.
T.E.C. Well Service, Inc. was founded in 1978 in Kilgore, Texas by Ron and Grace Shore. The company has built a strong reputation over the past 37 years for quality and safety in the oilfield. Trupoint Well Service, LP and Nexus Oil Tools, LLC are portfolio companies of B-29 Investments L.P., which is a private equity firm owned by John and Steve Schmitz of Gainesville, Texas. John Schmitz, who has over 35 years of experience in the energy services business, is the founder and President of B-29 Investments L.P. B-29 Investments focuses on both private and public company investments in oil field services, equipment and oil and gas production. John expressed his excitement over the combination, “TEC has established itself as a premier well service company over the last few decades, and I have long admired their reputation for service and safety, and this reputation has only grown as the second generation of the Shore family took over and expanded the business. We are excited about the opportunities that this combination will create and are glad to have such a great management team to work with.”
Stephen Shore, TEC President, also noted, “This combination creates a financially strong platform to expand our services to our customers. We have been approached many times by companies wanting to combine with us, but in Trupoint and B-29, we finally found an experienced partner who understands and shares our values and commitments to customers and employees. We are truly excited about this combination and welcoming our new team members from Trupoint.”