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Pilot Water Solutions is a midstream disposal and transportation company that provides tailored solutions for any water midstream challenge in the oil and gas industry.
Rubicon Oilfield International (ROI) is established to create a high performing $1B+ enterprise recognized for its preeminence in the upstream oilfield technology sector. Rubicon is based in Houston, Texas and lead by a seasoned team of five oilfield service and equipment industry executives in partnership with Warburg Pincus, a leading global private equity firm with a two decade track record of building businesses and creating value in the energy sector. Supported with a line-of equity investment of up to $300 million from Warburg Pincus, the Rubicon team will be focused on building a “best-in-class” global company in the oilfield products and equipment sector through a combination of both acquisitions and organic means.
Our purpose is to assist in fueling North America’s energy requirements guided by relentless focus on our six imperatives. Honesty, integrity and commitment are vital to driving our growth and success. We maintain a high standard of business practices which translate into unparalleled value for our shareholders. To achieve our mission, we will conduct our business with these six responsibilities in mind: obey the law, stimulate economic growth, be environmentally responsible, expand opportunities for our employees, respect our vendors, and reward our shareholders. To date, the main focus of the Company has been the acquisition of low cost assets with significant development potential. The Piqua project in Kansas had been lightly developed when acquired, and its low-cost drilling and solid financial return is providing a repeatable and low-risk facet of the Company’s growth strategy. Drilling to date has been 100% successful with an average 10 months to payout of drilling expenses incurred. Reserve valuations have increased from less than $1.0 million to almost $3.0 million in the two years the Company has owned the property. The Bakken lands in Divide County, North Dakota, carry a steep development cost with wells ranging from $6.0-$8.0 million each. As a result, Legend has monetized the acreage while retaining a royalty interest, which allows the Company to continue to participate in the revenue generated through the drill bit, without any additional cost incurred. The royalty continues on the land indefinitely. As drilling on the acreage is still some time away due to priorities of the majority owners, the conversion of our interest to a royalty for Legend is currently unpredictable. Legend will participate in the revenue stream when the wells get drilled. As a non-operator, Legend will utilize the expertise and logistical capabilities of larger companies, without encumbering its balance sheet with expensive rig contracts and extraneous expenses. Legend’s Canadian acquisition affords it the opportunity to enjoy a stable production base coupled with an abundance of undeveloped land with access to a number of low-risk oil development projects. Although the Company has sold a number of smaller production properties, it still maintains a high working interest and solid production and revenue on its remaining assets. Due to saturated drilling around the Company’s Swan Hills property, reserves were drained before Legend could drill a well there. The Company was however able to monetize the small land position for a value in excess of $200,000 per flowing barrel.
C&J Energy Services is a leading provider of well construction, well completions and well services to the oil and gas industry. As one of the largest completion and production services companies in North America, C&J provides a suite of services for the entire life cycle of the well, including cementing; directional drilling; fracturing; coiled tubing; wireline; rig services; fluids management; and numerous complementary services. As part of our ongoing strategic initiatives and vertical integration efforts, we are in the process of developing field-driven technological solutions and innovative products, and we also manufacture, repair and refurbish equipment used in the oilfield services industry. We also offer a suite of well services, including rig services, fluids management and complementary special services, which are essential to enhancing and maintaining production over the life of the well. Our fluids management services boast the largest fluids services fleet in the U.S., and our fleet of workover rigs makes C&J the second largest well servicing provider in the U.S. C&J operates in all major North American onshore basins with facilities across the United States and Western Canada. C&J also has an office in Dubai and is in the process of establishing an operational presence in key countries in the Middle East.