OFS Energy Fund News

September 30, 2014

OFS Energy Fund partners with Pro Oilfield Services and Maxx Oilfield Services

The investment will fund the company’s strategic growth initiatives, including growth in wireline and expansion into frac stack market


Houston – September 30, 2014 – OFS Energy Fund (“OFS”) is pleased to announce its investment in Pro Oilfield Services, LLC (“Pro” or the “Company"), which included the legal merger of Maxx Oilfield Services (an affiliate company) into Pro concurrent with closing. The proceeds from OFS Energy Fund III’s preferred equity investment will recapitalize the Company and provide significant growth equity to fund the Company’s strategic growth initiatives.


Pro was founded in 2011 by Darrell Brewer (“Brewer”), an oilfield services industry veteran who has previously founded, built, and sold six oilfield service companies. Brewer, who will continue as CEO, and the existing management team will remain with the Company and are rolling a significant amount of equity.


Pro’s current service offerings include wireline, wireline lubricators, surface drilling, solids control, mixing plants/chemicals, and torque and test services. The proceeds from OFS’s investment will fund the continued growth of the Company’s existing business lines, as well as the Company’s expansion into frac stack rental and related flow control services. Pro is headquartered in Houston, Texas with field offices in Beeville and Midland, Texas, Shreveport, Louisiana, and New Castle, Pennsylvania.  The Company is currently active in the Marcellus and Utica Shales, the Haynesville Shale, the Permian Basin, and the Eagle Ford Shale.


Bruce Ross, Managing Partner of OFS, stated “We are pleased to have the opportunity to partner with professional managers like Darrell and his team. They exhibit the attributes of most highly successful enterprises; they are professional, focused, passionate about their business and clients, and resourceful. OFS is excited to be a part of the Company’s next phase of growth. In addition, we are pleased that one of our LP’s, Cornelius “Corny” Dupre, will co-invest with OFS and join the Board of Directors of Pro. Corny has a long history of successfully participating in the growth of private and public oil service companies, including many years at National Oilwell.”


Brewer, CEO of Pro, stated that "I felt comfortable entering a partnership with OFS because they are focused on energy service and equipment investments, have experience with operation of middle market energy service companies, and have significant capital resources to support our business.  OFS delivered the deal they committed and closed our transaction efficiently.”


About Pro Oilfield Services, LLC
Pro Oilfield Services, LLC is an oilfield services company providing wireline, wireline lubrication, top-hole drilling, solids control, mixing plants/chemicals, and torque and test services. The Company is headquartered in Houston, Texas and operates in the Marcellus Shale and Utica Shale regions of Pennsylvania, the Haynesville Shale region of Louisiana, the Permian Basin region of West Texas, and the Eagle Ford Shale region of South Texas.


About OFS
Houston-based OFS Energy Fund is one of the few professionally managed private equity firms that specializes in acquiring and recapitalizing lower middle-market energy service companies. OFS seeks to provide capital to business owners including buyouts, recapitalizations and growth equity investments. The Fund supports the development of management, appropriate governance, professionalization of reporting and tracking of operating metrics. OFS currently has under management in excess of $260mm of committed private equity capital across its Funds II and III. Additionally, OFS lends industry relationships, ideas for operational improvement and support in developing strategic growth plans and initiatives. For more information please see the web site: http://www.ofsfund.com/

OFS Energy Fund
6363 Woodway Drive, Suite 900

Houston TX 77057
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Main Number: (713) 580-2727