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COVENANT TESTING TECHNOLOGIES MERGES WITH STUART PRESSURE CONTROL TO CREATE PRESSURE CONTROL AND FLOWBACK POWERHOUSE

For Immediate Release

Covenant Testing Technologies, LLC (“Covenant”) announced today that it has combined with Stuart Pressure Control (“Stuart”) to form the premier provider of Well Flow & Sand Management and Pressure Control Solutions in the Permian, DJ, Eagle Ford and Haynesville. The transaction is a debt-free, equity-for-equity combination whereby Catapult Energy Services Group, LLC, an NGP and NGP Energy Technology Partners portfolio company, and affiliates of White Deer Energy will partner together under common equity ownership in Covenant.

Covenant now represents the leading provider of flowback, production and sand management, and pressure control products and associated services. The combined strength of Covenant’s well flow technology and Stuart’s pressure control offering creates the largest independent well flowback and pressure control provider in the Permian, DJ, Eagle Ford, and Haynesville. The combined company’s blue-chip customer base will benefit from the expanded product and service offerings to deliver superior value to their completion, production, and workover applications. This platform drives deeper focus and talent into the areas Covenant and Stuart are known for – well flowback and pressure control. The Company’s pressure control lines now consist of frac stacks, Single Line®, zipper manifolds, wireline PC, drill outs, torque & test, and blow-out preventers (BOPs). The well flow management lines now consist of flowback, well testing, sand management and production site management services.

Stuart’s Chairman and CEO, Joe Compofelice, commented, “In this new oil price environment, consolidation in the oilfield services business is necessary, and partnering with Covenant will make us both stronger and able to retain and build on our leading positions in the marketplace.”

Jim Burtner, President and CEO of Covenant, will lead the combined businesses. Mr. Burtner has extensive oilfield service experience, largely focused on completions, production services and technologies as a Vice-President of Baker Hughes and Partner at Select Energy Services. Mr. Burtner commented, “By combining our people, assets and systems in accordance with our core values and safety culture, the combined company will deliver superior equipment and service to the well site from frac to production. With our expanded service offerings, our competitiveness in each business line will increase and enable us to be more efficient and cost-effective for our customers. “

Greg Laake will continue as Managing Partner of Catapult Energy Services Group and take a strategic role as Executive Chairman at Covenant. Mr. Laake remarked, “Bringing together two top-flight field organizations under one set of professional management with a strong performance culture makes all the sense in the world. We will continue to seek efficiency and cost reductions in the industry to provide a better value proposition to our combined customer base. We are pleased to partner with White Deer Energy as we continue to seek efficiencies and deliver value in this market segment.”

FMI Capital Advisors served as exclusive financial advisor to Covenant and Locke Lord LLP served as legal counsel in the transaction. Bracewell LLP served as legal counsel for Stuart.

About Stuart Pressure Control & White Deer Energy

Stuart Pressure Control offers a complete pressure control package for unconventional oil and gas development. Stuart’s customers benefit from the cost savings associated with purchasing complete pressure control services from one vendor, as well as from their safer and more efficient well site environments. Stuart was a portfolio company of White Deer Energy, a leading energy, industrials, and infrastructure focused private equity firm that has raised in excess of $2.7 billion in committed capital since inception. White Deer will continue to be a shareholder in Covenant.

About Covenant Testing Technologies

Covenant combines high-quality equipment and leading technology with some of the most skilled and knowledgeable operators in the business. Covenant provides best-in-class flowback and well testing services with a special focus on horizontal and pad drilling for the upstream oil and gas services industry.

About Catapult Energy Services Group

Catapult uses an innovative approach to invest in start-ups, acquisitions, and workout situations in the oilfield services sector. Led by experienced OFS professionals, Catapult is funded by NGP and NGP Energy Technology Partners.

About NGP

Founded in 1988, NGP is a premier private equity firm in the natural resources industry with over $20 billion of cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors. For more information, visit www.ngpenergycapital.com.

About NGP Energy Technology Partners

NGP Energy Technology Partners (“NGP ETP”) invests equity capital for growth and buyout transactions in companies that provide products and services to the oil and gas, power, environmental, energy efficiency, and alternative energy sectors. Founded in 2005, NGP ETP manages approximately $500 million in committed capital and is led by investment professionals that have extensive experience investing in those subsectors. The investment team strives to partner with strong, experienced management teams and work with them to create significant value.

STUART HOSTS OPEN HOUSE SEPTEMBER 7TH & 8TH TO PRESENT LATEST GREEN COMPLETION EQUIPMENT

For Immediate Release

The Woodlands, TX, September 1, 2016 /PRLog/ — Stuart Pressure Control

Stuart Pressure Control, a leading unconventional oil and gas services company, announced today that it host an Open House at its new Operations Center in Pleasanton, TX on September 7th & 8th. The event will take place against a backdrop of the company’s new Operations Center, where the latest in flowback green completion equipment will be presented. Green completions provide environmental and economic benefits to oil and gas operators while helping to reduce methane and other emissions. Stuart will also be highlighting WLPC, FracStack and Well Testing Services at the open house event.

“Our customers are our lifeblood, so in addition to showing them our latest green completion equipment and our new Operations Center, we want to thank them for their ongoing loyalty,” stated CEO Joe Compofelice. “Over the last two years, unlike other companies in the industry, Stuart has seen increased business through internal growth and strategic acquisitions. We are focusing on growing opportunities throughout the industry and across the nation.”

The Customer Open House will be held on September 7th & 8th, 2016 from 9:00-5:00.  A complimentary lunch will be served in an air-conditioned tent between 11:30 and 1:00 each day; there will be door prizes as well.  To RSVP, email [email protected] or call 713/678-0154.  The press is also invited and is asked to RSVP at the same number.

The address for the event is:  Stuart Pressure Control, 944 Humble Camp Road, Pleasanton, TX 78064.  Google Map

To be added to the Stuart email list, please email [email protected].

About Stuart Pressure Control 

Stuart Pressure Control has been a customer-focused business serving the industry since 1977 and providing customers with a complete pressure control package for unconventional oil and gas development. Stuart’s customers benefit from the cost savings associated with purchasing complete pressure control services from one vendor, as well as from their safer, more efficient well site environments. Stuart is a portfolio company of White Deer Energy LP, a $2.5 billion private equity firm dedicated to energy investing.

STUART ANNOUNCES ACQUISITION OF PWR AND THE FRAC ASSETS OF BOOTS & COOTS

For Immediate Release

The Woodlands, TX, March 1, 2016 — Stuart Pressure Control

Stuart Pressure Control (“Stuart”) is pleased to announce that effective March 25, 2016, it has completed the acquisition of all of the assets of the Professional Wireline Rentals business (“PWR”) and the Pressure Control Rental equipment portion of the Boots & Coots business, from Halliburton. In addition, in order to ensure continuity of service and a smooth transition for the current customers of these businesses, Stuart has retained the majority of the employees associated with these assets and as well as the key management team members currently responsible for running these business units. A number of key facilities were also acquired in this transaction in order to continue to have close proximity to the customers that these businesses serve.

The acquisition includes the following equipment and related service capabilities: PWR Wireline Pressure Control Equipment (complete lubricator packages and wireline bop’s), Frac Stack and Zipper Manifolds, Flow Back equipment, valves and the related ancillary equipment and parts.

Joseph Compofelice, Chairman and CEO of Stuart, commented that “This acquisition significantly improves Stuart’s ability to offer its customers a full pressure control package for unconventional oil and gas development including: frack stacks and zipper manifolds, complete wireline lubricator packages, BOP’s for coil tubing, hydraulic choke packages, flow back and well testing services. We believe that under all market conditions, but especially the current low commodity price environment, our customer can benefit from the cost savings associated with a complete pressure control bundle from one vendor along with a safer more efficient well site environment.”

Stuart Pressure Control is a portfolio company of White Deer Energy LP, a $2.5 billion private equity firm dedicated to energy investing. For more information please contact Joseph Compofelice at [email protected]

Stuart Pressure Control
10077 Grogan’s Mill Rd.
The Woodlands, Texas 77380
713.678.0154