Business
Forbes Energy Services Acquires Cretic Energy Services
Forbes Energy Services Acquires Cretic Energy Services.
About this update from Forbes Energy Services Ltd
[{"type":"text","content":"\nALICE, Texas, Nov. 16, 2018 (GLOBE NEWSWIRE) -- Forbes Energy Services, Ltd. (OTCQX: FLSS) (“Forbes”), announced today that it has acquired Cretic Energy Services, LLC (“Cretic” or the “Company”) from Catapult Energy Services Group, LLC, an NGP and NGP Energy Technology Partners portfolio company. \n Cretic, headquartered in Montgomery, Texas, provides large-diameter, extended-reach, coiled tubing services to oil and gas producers predominantly in the Permian Basin. The Company has been an early mover in bringing high capacity coiled tubing units to the market and one of the fastest growing providers to address specific demands associated with completing long lateral wells. The acquisition is expected to position Forbes as a leading completions service provider by adding seven large-diameter coiled tubing spreads, engineered fluids, nitrogen pumping, thru-tubing, and other completion support services to its existing coiled tubing business. The combined company will have one of the largest fleets of large-diameter, high-capacity coiled tubing units, and an established footprint in the Permian Basin and South Texas, as well as a presence in niche markets in East Texas, Oklahoma and other states surrounding Texas.  “This acquisition is a sizeable opportunity to accelerate growth for Forbes,” said John Crisp, President and Chief Executive Officer of Forbes. “The Cretic team has built a company that is best in class, and dovetails directly with our current offering of completion and production-related services. We share a common goal in continuing to build out an operation based on safe, reliable, consistent and efficient execution.” Cretic was co-founded by Joe Michetti, its President and Chief Executive Officer. Prior to founding Cretic, Michetti co-founded Infinistar Energy Services, which he sold to Weatherford International in 2009, maintaining a managerial position within Weatherford’s Global Coiled Tubing product line. He also has held various managerial and engineering positions for El Paso Production, Burlington Resources and Pan Canadian Petroleum. Michetti will become President and Co-Chief Operating Officer of Forbes, and brings with him an experienced and professional team of managers, technical support staff, and operators, each of whom will c...