Wellbore Energy Solutions Raises Growth Equity Financing
Wellbore Energy Solutions, Inc., a provider of wellbore clean-up tools and services, announced that it has secured an equity investment from NGP Energy Technology Partners, L.P. ("NGP ETP") to support its global growth initiative.
Wellbore provides a suite of new, innovative tools for the oil & gas industry. Wellbore's tools effectively clean-up the wellbore during displacement in critical applications. The Company's products have successfully performed in a variety of challenging deepwater completions. The management team includes seasoned rental tool executives with significant experience in the area of wellbore clean-up.
"We are very pleased to welcome NGP ETP as partners in Wellbore. We believe the investment experience and energy expertise of NGP ETP will serve Wellbore well at this exciting time in the life of our company," stated Wellbore Chief Executive Officer Kirby Arceneaux. "We expect our business to continue its rapid growth over the next couple of years."
"Wellbore is led by an impressive management team and has proven its ability to deliver high-quality products and services to the industry," said Philip Deutch, Managing Partner of NGP Energy Technology Partners. "Wellbore's reputation in the marketplace, innovative products, and strong industry acceptance make it an attractive investment for NGP Energy Technology Partners." As part of the transaction, Michael LeBourgeois of NGP ETP will join Wellbore's Board of Directors.