OKLAHOMA CITY, OK (Aug. 14, 2018) Edmond-based WTL Oil announces it has been acquired by Oklahoma City-based Mammoth Energy Services for an undisclosed amount of cash and other consideration. It will continue to operate as WTL Oil under the Mammoth umbrella. Infinity Capital Partners, a full-service investment-banking firm based in Oklahoma City, acted as exclusive financial advisor to WTL Oil.
The father-and-son team of Rick Westfall and Heath Westfall founded WTL Oil in 2013 and have grown the business to include 20 crude hauling trucks with the primary area of operations in the western Oklahoma STACK and SCOOP plays. The Westfalls will remain with WTL Oil and lead the company’s growth from its current areas into the lucrative Permian and Eagle Ford basins in Texas.
“Heath and I are proud of the business we have built over the past five years and are excited to join the Mammoth team to continue that growth,” WTL Oil President Rick Westfall said. “Good business is about taking care of people – your employees and your customers alike. We believe if you work hard, do the right thing and take care of people, good things happen. We were fortunate to have a great team behind us, and we’re thankful for the team at Infinity for helping us see this through.”
Mammoth is an integrated, growth-oriented company serving both the oil and gas and the electric utility industry in North America and US territories and is one of Oklahoma’s fastest-growing publicly-traded companies, growing by 86 percent over the past year. Mammoth's subsidiaries provide a diversified set of drilling and completion services to the exploration and production industry including trucking.
“The Westfalls did a terrific job managing WTL Oil through the recent downturn in the oil and gas markets,” Infinity Capital Partners Managing Partner Bryan Vahlberg said. “They are not unlike many other businesses in the services segment of the oil and gas industry: those that made it through difficult conditions in 2016 and 2017 are now seeing significant growth opportunities in their respective markets. By highlighting WTL’s potential for growth, both in the STACK and SCOOP plays in western Oklahoma and in the Permian and Eagle Ford basins in south and west Texas, we were able to create a dynamic market for the company’s crude transportation platform.” Vahlberg says this type of transaction is the reason he and his business partners founded Infinity Capital Partners, “Our aim is to bring visibility to opportunities in this region that don’t have clear access to capital providers or strategic partners who would otherwise be interested in these opportunities.”
About Infinity Capital Partners
Infinity offers a full-suite of investment banking services for small and middle-market businesses. Headquartered in Oklahoma City, OK, the company has established a reputation working with closely held businesses with the utmost integrity, discretion and professionalism. For more information about Infinity Capital Partners, including a list of current projects, please visit our website at www.infinitycappartners.com.
About Mammoth Energy Services, Inc.
Mammoth is an integrated, growth-oriented company serving both the oil and gas and the electric utility industry in North America and US territories. Mammoth's subsidiaries provide a diversified set of drilling and completion services to the exploration and production industry including pressure pumping, coil tubing, natural sand and proppant services as well as trucking, drilling, cementing, water transfer among others. In addition, its infrastructure division provides transmission, distribution and logistics services to various public and private owned utilities throughout the US and Puerto Rico. For more information, visit www.mammothenergy.com.