HOUSTON--(BUSINESS WIRE)--Catapult Energy Services Group, LLC (“Catapult”), funded by Natural Gas Partners and NGP Energy Technology Partners (collectively “NGP”), has made a growth equity commitment to help establish Cretic Energy Services, LLC (“Cretic”). Cretic, headquartered in Montgomery, Texas, provides large-diameter, extended-reach, pad-optimized coiled tubing services to leading oil and gas producers throughout Texas, Louisiana, Mississippi, Oklahoma and New Mexico.
Cretic was created to address the growing market for well completion and intervention services in longer horizontal wells drilled from pad locations, which cannot be adequately serviced with the vast majority of the industry’s current coiled tubing fleet. Cretic’s fleet of next-generation coiled tubing systems efficiently delivers the power and reach to allow customers to extend horizontal well lengths and enhance reservoir performance, while also increasing safety and decreasing completion times. Cretic has successfully executed completion and production enhancement projects for customers in the Eagle Ford, Haynesville, Cotton Valley, Permian and Tuscaloosa Marine Shale plays.
Cretic was founded by Chief Executive Officer Joe Michetti and Chief Financial Officer Brian Williams. In 2004, Mr. Michetti created and led Infinistar Energy Services, which was acquired by Weatherford International in 2009. From 2009 to 2013, Mr. Michetti was the Global Coiled Tubing Product Line Manager for Weatherford, where he was responsible for managing Weatherford’s global fleet of 35 coiled tubing units. Prior to forming Cretic, Mr. Williams spent the majority of his career leading oilfield services investment banking teams, most recently with Tristone Capital and Macquarie and previously with Simmons & Company International.
“At Cretic, we see proof every day that combining our cutting-edge coiled tubing units with our team of experienced operators and technical staff is resulting in faster, safer, more efficient completions for our customers,” said Mr. Michetti. Mr. Williams added, “We are continuing to add units to meet our customers’ growing demand for extended-reach, large-diameter coiled tubing services.”
“We are very excited to partner with Joe and Brian. Their knowledge, relationships and vision are second-to-none in the coiled tubing business,” said Greg Laake, Managing Partner of Catapult Energy Services Group. Laake added, “The Cretic service offering is ideally suited to service the growing trend of longer-lateral horizontal oil and gas wells in North America.”
Founded in 2013 with financial backing from NGP, Catapult is a partnership of experienced oilfield services executives with a track record of adding value in the energy sector. In addition to start-up capital, Catapult provides back-office consulting in accounting, finance, human resources, IT, legal and risk management services. Catapult also made a growth equity investment in Covenant Testing Technologies, LLC in May 2013.
“Catapult continues to be a great vehicle for NGP to deploy growth capital to the oilfield services sector, while also providing back-office services to expedite the growth of young companies,” said Tony Weber, Managing Partner of Natural Gas Partners. Phil Deutch, Managing Partner of NGP Energy Technology Partners, added, “We look forward to working with Catapult and Cretic on technology innovations that enhance their product offering and drive value creation.”
About Catapult Energy Services Group
Founded in 2013, Catapult uses an innovative approach to establish and invest $25 million or more in start-up oil field products and services companies. Led by experienced entrepreneurs, Catapult is funded by Natural Gas Partners and NGP Energy Technology Partners. www.catapultservices.net
About Natural Gas Partners
Founded in 1988, Natural Gas Partners (NGP) is a $10.5 billion family of private equity investment funds organized to make investments in the natural resources sector. NGP is part of the investment platform of NGP Energy Capital Management, a premier investment franchise in the natural resources industry, which together with its affiliates has managed approximately $13 billion in cumulative committed capital since inception. www.naturalgaspartners.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 and is led by investment professionals that have extensive experience investing in virtually all types of energy technology. The investment team strives to partner with strong, experienced management teams and work with them to create significant value. NGP ETP is an affiliate of NGP Energy Capital Management. www.ngpetp.com