Key Energy Acquires Edge Oilfield and Summit Oilfield Services

Key Energy is increasing its shale oil exposure through the acquisition of Edge Oilfield Services and Summit Oilfield Services. The Key Energy deal follows Edge’s entry into the Eagle Ford Shale where the company has expanded its offering. The two acquisitions put Key Energy in a position to further capitalize on the shale oil boom across the country.

“Oilfield services provider Key Energy Services Inc said it would buy Edge Oilfield Services and Summit Oilfield Services for about $300 million to add to its products used for drilling in unconventional shales.””The deal comes as oil and gas companies look to tap North American shale fields — underground rock formation rich in oil and gas — that require techniques like hydraulic fracturing to crack the resources.”

“Edge’s entry into the lucrative Eagle Ford shale is underway. This will boost Key Energy’s revenue as many companies have been striking deals to expand in the oil-rich region.”

Read the full news release at Reuters.com

The following two tabs change content below.
Kenneth E. DuBose

Kenneth E. DuBose

Kenneth DuBose is the past President of Cheyenne Minerals Inc., an independent oil and gas operator. He began his energy industry career with ARCO Oil & Gas. Mr. DuBose then directed development of natural gas storage projects with Tejas Power Corp. He was a founding member of U.S. Minerals, (acquired by Torch Energy in 1999) a provider of internet based education for America’s mineral owners. Mr. DuBose holds a BS in Petroleum Engineering from Mississippi State University. He has served on various industry steering committees, non-profit boards, and is an active member of the Society of Petroleum Engineers, the National Association of Royalty Owners, the American Association of Professional Landmen, as well as being a Registered Investment Advisor. He writes on topics of oil and gas investing, wealth management and personal finance, having appeared in the Wall Street Journal, Kiplinger’s, Kiplinger’s Personal Finance, Houston Business Journal, Financial Advisor and various radio and TV outlets.
MENU