Tetra Technologies Takes Eastern Reservoir Services Under Its Wing

Bought flow-back service provider operating in PA, WV & CO.

Tetra Technologies Inc., The Woodlands, Texas, (NYSE: TTI) has acquired Eastern Reservoir Services, a division of Patterson-UTI Energy Inc., Houston, (Nasdaq: PTEN) for $42.5 million in cash.

Eastern Reservoir provides frac flow back services to oil and gas operators in Appalachia and the U.S. Rockies with operating locations in Pennsylvania, West Virginia and Colorado. From these bases the company provides services to E&Ps in the Marcellus and the emerging Utica shale plays and in the U.S. Rockies.

Tetra president and chief executive Stuart Brightman says, “This acquisition is strategically important to TETRA and is consistent with our stated goal of growing our frac flow back and well testing business. With this acquisition, this business holds a leading position across the natural gas and liquid hydrocarbons producing areas within the Marcellus shale, it is ideally located to serve the liquids-rich Utica shale and it has a footprint in the U.S. Rockies. In combination with our current frac flow back and well testing activities in the Eagle Ford, West Texas, the midcontinent and other markets, TETRA is increasingly well positioned in this business as natural gas and oil production levels shift over time.”