Panhandle Oilfield Service Companies, Inc.
On June 19, 2013, Argosy Private Equity acquired Panhandle Oilfield Service Companies, Inc. (www.posci.net). Founded in 1992, Panhandle is a leading oil and gas services company, providing roustabout services, maintenance, equipment sales, trucking and other key drilling and production services to a diversified customer base of leading oil and gas exploration and production companies. The Company is headquartered in Liberal, KS and led by its founder, who has more than 30 years of experience in the oil and gas industry. Panhandle has grown to become a leading provider of roustabout and other services, including drilling and production related services, in eight states across four different oil and gas drilling formations. The Company serves blue chip customers in the oil and gas industry and is positioned to continue its growth internally with existing customers and through acquisitions. Argosy partnered with an executive with significant oil and gas experience who will serve as Executive Chairman and will work with Argosy to grow the business going forward. Executive management will continue with the business and will be augmented by a new COO who joined the Company immediately post closing. Panhandle’s key service offerings include: Oilfield Construction & Maintenance Services, Trucking & Transportation, Equipment Sales & Service, Tubular Sales & Inspection, and Safety Services. The shale formations in which Panhandle operates are expected to experience strong growth in both drilling and production activities, in particular, the Mississippian Lime formation in which Panhandle has its headquarters is projected to experience significant growth.