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Axis Energy Services Acquires Assets from SPN Well Services

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Longview, TX – November 1, 2021 – Axis Energy Services, LLC is pleased to announce it has completed an agreement to acquire the assets of SPN Well Services. SPN is a leading independent oilfield services contractor that provides a broad range of completion and production related services to oil and natural gas companies in the US.

The transaction will strengthen Axis’ well servicing, plug & abandonment, cementing, and BOP rental business lines, as well as add wireline services, by adding SPN’s infrastructure and crews to the Axis team. The combination will result in the expansion of rig capacity and service offerings to customers and make Axis a top-three well service company in the US by total rig count.

With this acquisition, Axis is strengthening its presence in Colorado and North Dakota, as well as across its Texas operations. As the Company scales, it has more capability to deliver Axis CORE® technology to more customers and provide game-changing data acquisition and analytics that improve completion and production operations. The asset purchase gives Axis the ability to add the CORE platform to more production rig packages to broaden wellsite solutions and provide greater value for customers.

“Two best-in-class companies joining together under the Axis name has been a long-time vision of Axis and its investors, B-29 Investments and Lime Rock Partners,” said Dirk Lee, President and CEO of Axis. “We are very proud of the data-driven company we have built and the growth driver it has become that has allowed us to pursue profitable opportunities. We’re bringing together the industry’s leading talent under one roof, coupled with the technology and equipment to handle the largest oil and gas operators. In addition to adding assets, we are excited to embrace a number of talented people from SPN into the Axis family. We look forward to continuing to provide both current and new customers with outstanding service and operational excellence. I’m thankful for our team who has worked hard to make sure this transition runs smoothly.”

About Axis Energy Services, LLC

Axis is a data-driven energy services company committed to continuous improvement across the life of the well by utilizing innovative technologies, employee training, and best-in-class customer service. The proprietary Axis CORE® system is a data acquisition and analytics software platform offered with our services that enables safer, more efficient operations and a data-driven experience for our customers. Formed in 2018, Axis is a private company backed by Lime Rock Partners and B-29 Investments. Our leadership brings decades of experience to provide our customers with necessary service offerings, including completions, workovers, pressure control, and pumping services, as well as BOP equipment rentals, chemical mixing, nitrogen, fishing and rental services, and plug and abandonment services. Axis is headquartered in Longview, Texas with operations in the Bakken, Eagle Ford, Haynesville, Marcellus, Permian, and Utica basins.

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