Argonaut Private Equity, a Tulsa, Oklahoma-based private equity fund, has acquired the assets of Pioneer Well Services, a subsidiary of Pioneer Natural Resources.
Located in the heart of the Permian Basin, the operation is now doing business as American Well Services and provides well service rigs for workover or completions operations and wellsite support services including, fluid transfer, hot oiling, frac tank rental and wellsite construction. American Well Services announced the retention of substantially all employees related to the operations, and an extensive amount of assets including a fleet of rigs, water hauling trucks, frac tanks, hot oil units, fishing packages and heavy machinery for construction services.
“The acquisition of the Pioneer Well Services assets allows us to partner with one of the premier operators in the Permian Basin in Pioneer Natural Resources, while leveraging our experience in the oil and gas industry and an unlevered balance sheet for American Well Services to continue its track record of providing first-class service and safety,” says Steve Mitchell, Argonaut CEO.
American Well Services will partner with existing Argonaut portfolio company, Nichols Oil Tools. The combination of both companies enables additional services to be bundled to provide production and completions solutions for operators in the Permian basin.
“We are beyond excited about the opportunity to continue and build on our relationship with Pioneer,” says Kent Easter, Chief Operating Officer for Nichols Oil Tools. “We also look forward to being able to offer the services provided by American Well Services to our existing customer base and any prospective customers of Nichols Oil Tools, creating a better, more streamlined experience to service our customer’s needs.”
