Hastings Equity Partners, a private equity firm focused on investing in lower middle market energy services and equipment companies, has made its fourth Fund III platform investment in Hybrid Tool Solutions (Hybrid).
Hybrid provides its customers with a patent pending, revolutionary process for conducting frac plug drill outs. The Hybrid Tool is the most advanced system on the market because it simplifies the steps involved in stick pipe drill outs and tube ups. In addition to saving time, Hybrid offers its customers a higher safety standard and significant cost savings. Hybrid is active in the Marcellus Shale, Utica Shale and Mid-Continent.
Headquartered in Lindsay, Oklahoma, Hybrid provides its customers with a patent pending, revolutionary process for conducting frac plug drill outs. The Hybrid Tool is the most advanced system on the market because it simplifies the steps involved in stick pipe drill outs and tube ups. In addition to saving time, Hybrid offers its customers a higher safety standard and significant cost savings. Hybrid is active in the Marcellus Shale, Utica Shale and Mid-Continent.
"The Hybrid management team has done a terrific job establishing a market leading position in the Marcellus and Utica Basins in just over two years through its patent pending well completion process," says Ted Patton (pictured), managing director at Hastings. "We are looking forward to partnering with them to expand throughout the rest of the US oilfield and beyond."
"Hybrid is an innovative company whose founders possess almost 100 years of completion engineering and oilfield consulting experience," says Belo Kellam, co-founder of Hybrid. "We've built Hybrid to provide cost savings and best-in-class safety for our customers."
"We decided to partner with Hastings to get the assistance we need in expanding our organisation and to reach into new basins," says Leslie Howell, co-founder of Hybrid. "Through their extensive network, we believe we will accelerate our growth even in this challenging oilfield environment."
"With over 800 wells successfully completed using our patent pending process, Hybrid is well positioned to continue to expand its customer base and geographic presence," says Red Kennedy, co-founder of Hybrid. "Hybrid will soon be the standard for plug drill out operations."
