February 28, 2020
Tier 1 Energy Solutions Inc. (“Tier 1”), is pleased to announce that it has entered into an agreement with Winterhawk Well Abandonment Ltd. (“Winterhawk”), to acquire a minority equity interest.
Winterhawk has developed new economical technology for environmentally responsible asset retirement (abandonment) of oil and natural gas wells. Through this development process, Winterhawk has invented and filed for patents for a novel method of controlled casing expansion. This technology, and methodology, development provides a unique solution that will replace current methods of eliminating surface casing vent flows that are expensive and not always successful.
Tier 1 and Winterhawk have also entered into an operating agreement whereby Tier 1 will provide deployment support services and wireline deployed diagnostics to ensure and qualify operational success.
“Tier 1 is a technology-based oil services company and we have been excited about Winterhawk’s casing expansion concept since we first saw it over two years ago. Now that we are partners with Winterhawk, we look forward to working with Winterhawk and our clients to deliver Tier 1’s commitment to the most advanced suite of equipment, services and solutions available, thus enhancing the continued success of all stakeholders.” – Kevin O’Dwyer, President and CEO of Tier 1
“Tier 1 has been an outstanding and dedicated supporter of this technology since we began working together in early 2018. That Tier 1 wants to be equity partner in the technology and help us take it further is a tremendous vote of confidence in our work and we look forward to continuing and expanding the partnership.” – Dale Kunz, founder of Winterhawk
For further information please contact:
President & CEO
Tier 1 Energy Solutions Inc.
780 - 476-0099
Intervale Capital is a middle market private equity firm that invests in and builds market leaders in the energy and infrastructure products and services sector. The firm operates from offices in Houston and Boston, and has raised $1.3 billion of committed capital since its inception in 2006.
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