Drilling services firm acquired by North Dakota company
Old West Oil Field Services, a Grand Junction-based drilling services company, has been acquired by a North Dakota-based firm.
Headquartered in Belfield, N.D., MBI Energy Services provides a range of services to the drilling industry, including waste fluid disposal, workover and wireline services. MBI also provides short-haul crude oil trucking. The company ranks among the largest firms operating in the Williston Basin.
IBG Business Services, a Colorado-based merger and acquisition services company, announced the acquisition. IBG initiated the transaction, found the buyer and served as a financial advisor to Old West Oil Field Services. Terms of the transactions were not disclosed, however.
Founded in 2005, Old West has expanded with operations in Colorado, North Dakota, Pennsylvania and Wyoming. The firm provides transportation and logistics services for fluids and other materials used in drilling and completing natural gas and oil wells. The firm employs more than 200.
“We believe Old West fits extremely well with MBI from a number of standpoints and that the combination of the two businesses makes a great deal of strategic sense,” said Jim Arthaud, founder and chief executive officer of MBI.
The acquisition will enable MBI to expand its hauling capacity in existing service areas as well as expand into new basins, Arthaud said. “Old West’s modern hauling equipment fleet and, as importantly, its core work force of trained drivers, represent valuable strategic assets.”