The joint venture company, named Wise Latina, is 51% owned by Grupo Creatica and 49% owned by PEG and will market, sell and support well intervention systems and services in Mexico under PEG's trademarked Wise brand. The joint venture will immediately begin constructing six Wise multifunction coiled tubing units for deployment in Mexico. The units are being funded by or through Grupo Creatica. The Wise units will be custom-configured for each target location and will feature the latest Wise patented technology, including site-generated nitrogen capabilities.
Philip C. Crawford, PEG's Chief Executive Officer, said, "We believe our multifunction well intervention technology can play a key role as Mexico focuses on restoring production from mature fields. With their excellent reputation, their financial strength, and their experience in oil and gas and operations in Mexico, Grupo Creatica is an ideal partner for us. We look forward to working with them."
Production Enhancement Group is a Houston-based energy services company incorporated in Alberta, Canada. PEG owns Wise Well Intervention Services, Inc., which markets patented multifunction coiled tubing services, pressure pumping services, and wireline services from locations in Texas, Louisiana, and Mississippi. Wise is a trademark of Production Enhancement Group, Inc.
Grupo Creatica, S.A. de C.V. is a private holding company established in Mexico, with operations in numerous industries, including contract drilling services for geothermal fields and exploration and production in oilfields outside of Mexico. The company wants to expand its operations by offering oilfield services in Mexico through joint ventures such as the one described above.
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