CP Well Testing, LLC was founded in 2008 by Carl Robertson. The company specializes in frac flow back services. Based in Elk City, Oklahoma, the company services all the active exploration and production plays in the Texas Panhandle, Oklahoma and Southern Kansas. Larry Harrison heads the operations from Elk City, in the heart of the Granite Wash shale play. The company furnishes all the flow back valves, trees, flow lines and tanks. CP transported rental equipment and rigs with in-house employees and utilized contract operators for field observation to monitor flow back.
The current owners: Leslie Harrison, Street Robertson, Don Selmon and Carl Robertson engaged DAG to find a buyer for the company. DAG identified a set of industry and private equity candidates to purchase CP. After discussions and site meetings with interested parties, DAG negotiated a transaction with Hastings Equity Partners, LLC. Hastings is a private equity firm with offices in Boston and Houston.
Leslie Harrison continues on at CP to head up current operations and build on equipment and staff to expand its’ rental services.
The transaction was a combination of cash and stock, with a total transaction value in excess of $22 million.