OFS Energy Fund News

July 7, 2016

Bold Production Services, LLC Adds Treating and Processing Service Line

Houston, Texas – July 7, 2016 Bold Production Services, LLC (“Bold” or the “Company”) is pleased to announce that it recently closed on the acquisition of production assets to facilitate the creation of its newly-formed Treating and Processing service line. The new service line will allow Bold to provide a broader range of products and services to its customers. Bold envisions creating a turnkey production solution encompassing its existing completions and flowback services along with gas treating, gas processing, and emissions reduction services.

 
Asset Acquisition
On June 29, 2016, Bold expanded its asset base via the acquisition of seventeen glycol dehydration units and additional separation equipment. In conjunction with the purchase of the assets, Bold will assume all customer contracts associated with the assets. The assets are under contract with blue chip E&P and midstream companies and are primarily located in the Permian Basin. The customer relationships gained through the asset acquisition provide Bold with a solid foundation from which it can develop and grow its Treating and Processing service line.
 
New Service Line – Treating and Processing
Bold will use the acquired glycol dehydration fleet as a platform to service the gas lift compression market and expand into complimentary services focusing on both the extraction of H2S and CO2 from acidic natural gas and the stabilization of natural-gas liquids. Bold plans to provide its customers with a turnkey production solution that begins with its existing completions, flowback, and well testing services and ends with production facility and gathering system services. To achieve this goal, Bold will expand its rental fleet to include amine treating systems, BTU management systems, gas coolers, condensate stabilizers, and additional glycol dehydration units. 
 
“We are excited to grow our rental fleet and add to the range of services that we provide to our customers. Bold will use this acquisition to springboard into the treating and processing markets.” said Bold CEO Glen Wind.
 
Bold President Blake Maywald said, “We strongly feel that now is an opportunistic time to grow our company. This acquisition provides Bold with the means to grow its rental fleet with quality assets and a well-established customer base.”
 
“OFS Energy Fund is excited about the growth of Bold” said Jerad McMayon, Partner at OFS Energy Fund. “This acquisition presents a unique opportunity for Bold to enter the gas treatment market with a strong customer base and steady cash flows, and we look forward to continuing to support Bold in the future as it pursues its strategic growth initiatives.”
 
Strategic Partnership – KW International, LLC
Bold has entered into a supplier agreement with KW International, LLC (“KWI”) to support the development of the Treating and Processing service line. KWI will manufacture treating and processing equipment for Bold and provide related field services. KWI is well-regarded for its ability to design, engineer, and manufacture high-quality production equipment. This strategic partnership is integral to Bold’s future growth as the Company adds new products and services to better serve its customers.
 
About Bold Production Services
Bold Production Services provides highly-engineered flowback and production equipment to oil and gas operators and other service businesses. Bold, based in Houston, is a partnership between OFS Energy Fund and Bold’s CEO, Glen Wind, former CEO of Zephyr Gas Services.  For more information about Bold, please visit www.bps-llc.com.
 
About OFS Energy Fund
Houston-based OFS Energy Fund is a private equity firm that specializes in acquiring and recapitalizing lower middle-market energy service companies. OFS seeks to provide capital to business owners in the form of buyouts, recapitalizations and growth equity investments. The Fund supports the development of management, appropriate governance, professionalization of reporting, and the tracking of operating metrics. OFS currently has in excess of $300 million of committed private equity capital under management across its Fund II and Fund III. Additionally, OFS lends industry relationships, ideas for operational improvement, and support in developing strategic growth plans and initiatives.

For more information please visit www.ofsfund.com.
 

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