(Source: Shutterstock.com)
M Wright Services, an oil and gas pipeline construction firm, announced that Velocity Management Advisors (VMA) has made a minority investment in the Oklahoma-based firm.
“MWS has been looking to strengthen their Board with experienced entrepreneurs, investors and operators who understand the Midstream pipeline construction market and will support their growth,” M Wright Services said in a press release on Jan. 17.
The announcement did detail the value of Velocity’s investment.
VMA is a partnership of three managers, backed by Energy Spectrum Capital, who have built and monetized more than $800 million in assets since 2008. Velocity Management divested Velocity Midstream in 2018 for $442 million, and the partners have since served as investors and served on several boards.
Tied to VMA’s investment, three partners are joining the pipeline builder’s board. All of the partners worked for Velocity Midstream: Rick Wilkerson served as the former CEO; Van Nguyen as COO; and Mike Parker as CFO.
ClearRidge represented MWS on the transaction, while McAfee & Taft provided legal advice to MWS, and Hall Estill provided legal advice to VMA.
Recommended Reading
Formentera Joins EOG in Wildcatting South Texas’ Oily Pearsall Pay
2025-01-15 - Known in the past as a “heartbreak shale,” Formentera Partners is counting on bigger completions and longer laterals to crack the Pearsall code, Managing Partner Bryan Sheffield said. EOG Resources is also exploring the shale.
Shale Outlook: E&Ps Making More U-Turn Laterals, Problem-Free
2025-01-09 - Of the more than 70 horseshoe wells drilled to date, half came in the first nine months of 2024 as operators found 2-mile, single-section laterals more economic than a pair of 1-mile straight holes.
Matador’s U-lateral Delaware Tests Outproduce 2-mile Straight Holes
2024-10-30 - Matador Resources' results from eight Loving County, Texas, tests include two 2-mile U-turn laterals, five 2-mile straight laterals and one 1-mile straight lateral, according to state data.
Wildcatting is Back: The New Lower 48 Oil Plays
2024-12-15 - Operators wanting to grow oil inventory organically are finding promising potential as modern drilling and completion costs have dropped while adding inventory via M&A is increasingly costly.
Coterra Takes Harkey Sand ‘Row’ Show on the Road
2024-11-20 - With success to date in Harkey sandstone overlying the Wolfcamp, the company aims to make mega-DSUs in New Mexico with the 49,000-net-acre bolt-on of adjacent sections.
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.