Cimarron Energy announced that it has closed on the acquisition of substantially all of the assets of Diverse Energy Systems today. The integration of the business interests of Cimarron and Diverse and the combination of continuing employees from both organizations are part of Cimarron’s strategic plan to create a single source supplier of production, processing, and environmental equipment and related services for U.S. customers in the upstream and midstream markets, and for select international markets.
John U. Clarke, Chairman of Cimarron Energy and a Partner with the company’s equity sponsor Turnbridge Capital LLC said:
“The combination of Cimarron and Diverse creates a financially strong company with capabilities unlike most in the industry. It brings together two capable and highly motivated teams with deep experience in engineering and design, manufacturing, and field service. Together, we can offer customers a broad array of equipment ranging from standard products which are integral to the cost effective production of oil and gas, to highly customized solutions designed to address more complex production and processing applications, environmental compliance and measurement.”
Equipment available includes:
· Production: gas processing units; treaters; separators; sand traps; storage and bullet tanks;
· Processing: gas dehydration; gas sweetening systems; scrubbers; water treatment;
· Measurement/Custody Transfer: LACT units;
· Vapor Handling: vapor recovery towers; vapor recovery units; enclosed combustors; flares; ignition systems;
· Artificial Lift: jet pumps; steam flood EOR, water flood;
· Rental: vapor recovery units; generator sets;
· The company will maintain a sales and field service presence in all major markets, including: the Marcellus and Utica, Mid-Continent, Permian, Eagle Ford, Rockies and Bakken.
Todd Tomlin, Partner of Turnbridge Capital added:
“We are pleased to be partnered with Cimarron and to provide capital supporting its growth and the realization of its strategic vision. While industry conditions remain challenging, we believe the acquisition of Diverse is opportunistic and will enhance the integrated company’s position as a sector leader as market conditions recover.”