Park Energy Services has acquired all the assets of MidCon Compression, a division of Chesapeake Energy Corp. All MidCon personnel will join Park Energy Services.
The transaction includes a large facility in Hinton, Oklahoma and a fleet of natural gas compressors that have been used in artificial lift, wellhead compression and gathering applications. The fleet consists of three-stage, high-pressure gas lift compressors.
With these assets, Park Energy Services’ total compression fleet increases to more than 150,000 hp (111,855 kW), while also expanding the company’s presence in Midcontinent and South Texas regions.
Park Energy Services also signed a multi-year agreement with Chesapeake, allowing the company to sell the ancillary assets while making Parks Energy Services a strategic local compression provider.
Chesapeake formed MidCon Compression in September 2003 to supply natural gas compression equipment to energy markets. Its fleet featured compressors from Ariel, GE and Ajax, as well as drivers from Caterpillar and GE Waukesha.
“By letting us provide the compression services and equipment, these companies are saving themselves from the expense of managing and maintaining a serviceable fleet,” said Jonathan Mitchell, president and CEO of Park Energy Services. “That frees them up to invest in and develop their core, profit-making assets. It’s a win-win scenario for Park and our customers.”