Oil billionaires Dan and Farris Wilks have taken around a 10% stake in hydraulic fracking firm U.S. Well Services, according to a regulatory filing, bringing their total investment to $47.5 million in the past month.
The Wilks family office purchased $25 million of notes convertible into common shares in late June, worth some 25.7 million shares, according to a filing with the U.S. Securities and Exchange Commission.
Around that same time, the Wilks brothers’ pressure pumping firm, ProFrac, separately invested around $22.5 million in U.S. Well Services as part of a licensing agreement that allows them to build and operate electric frac fleets.
ProFrac converted those notes into three licenses, valued at $7.5 million each, following the transaction close. It has the option to purchase seven additional licenses at $7.5 million each, and 10 more at $9 million each.
“We believe these investments not only demonstrate the value of our intellectual property, but also offer further evidence that our industry is rapidly transitioning towards next-generation fracturing technology, led by electric fleets,” said a spokesperson for U.S. Well Services in a statement.
Dan Wilks has been scooping up shares in oilfield services firms hard hit by the downturn in drilling and fracking with stakes in ProPetro Holding Corp. and NexTier Oilfield Solutions.
The Wilks brothers also have been engaged in a lengthy court battles seeking to take over Canadian pressure pumper Calfrac Well Services Ltd.
Recommended Reading
Utica Oil E&P Infinity Natural Resources’ IPO Gains 7 More Bankers
2024-11-27 - Infinity Natural Resources’ IPO is expected to provide a first-look at the public market’s valuation of the Utica oil play.
Utica’s Infinity Natural Resources Seeks $1.2B Valuation with IPO
2025-01-21 - Appalachian Basin oil and gas producer Infinity Natural Resources plans to sell 13.25 million shares at a public purchase price between $18 and $21 per share—the latest in a flurry of energy-focused IPOs.
Artificial Lift Firm Flowco Seeks ~$2B Valuation with IPO
2025-01-07 - U.S. artificial lift services provider Flowco Holdings is planning an IPO that could value the company at about $2 billion, according to regulatory filings.
Artificial Lift Firm Flowco’s Stock Surges 23% in First-Day Trading
2025-01-22 - Shares for artificial lift specialist Flowco Holdings spiked 23% in their first day of trading. Flowco CEO Joe Bob Edwards told Hart Energy that the durability of artificial lift and production optimization stands out in the OFS space.
Michael Hillebrand Appointed Chairman of IPAA
2025-01-28 - Oil and gas executive Michael Hillebrand has been appointed chairman of the Independent Petroleum Association of America’s board of directors for a two-year term.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.