American Energy Completes the Acquisition of Unlimited Energy Services, LLC
Rhea-AI Summary
American Energy Partners, Inc. (AEPT) has successfully completed the acquisition of Unlimited Energy Services, LLC, effective October 1, 2021. This transaction, funded through cash and conventional debt, is expected to generate an annualized revenue increase of approximately $3 million starting in Q4 2021. Unlimited Energy, headquartered in Jane Lew, West Virginia, provides environmental services including decommissioning and reclamation for oil and gas assets across several states. Michael Goodwin will continue as President of Unlimited and is optimistic about the future of the company.
Positive
- Acquisition expected to increase annualized revenue by $3 million starting Q4 2021.
- Strategic entry into environmental services market with existing operations in multiple states.
- Michael Goodwin continues as President, providing stability and leadership.
Negative
- None.
News Market Reaction – AEPT
In the trading session that priced this news, AEPT gained 15.09%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ALLENTOWN, PA, Oct. 04, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- American Energy Partners, Inc. (“American Energy”) (PINK: AEPT), a diversified energy company, is pleased to announce the completion of the previously announced acquisition (“Acquisition”) of Unlimited Energy Services, LLC, an Ohio limited liability company, (“Unlimited”) effective October 1, 2021. Total consideration for the Acquisition was funded through a combination of cash and conventional debt. Michael Goodwin will continue in his role as President of Unlimited Energy Services, LLC.
Unlimited is a regional provider of services to reduce customers’ environmental footprint including decommissioning, plug and abandonment, and reclamation services of oil and gas assets. Headquartered in Jane Lew, West Virginia, Unlimited is currently performing services in Ohio, West Virginia, Pennsylvania, Virginia, and Kentucky for public and private customers.
Highlights include:
- Represents an increase in annualized revenue of approximately
$3,000,000 b eginning in Q4 2021 - 27 employees
- Four-acre facility in Jane Lew, West Virginia
Michael Goodwin, President of Unlimited, commented on the announcement, “Today marks the culmination of five years of relentless work. The future for Unlimited is very bright and I could not be happier to have the full support of American Energy.”
American Energy’s CEO Brad Domitrovitsch stated, “We are very pleased to make this high-quality investment to reduce the environmental footprint of companies in the energy sector. Mr. Goodwin is an exceptional operator, and we welcome him and his employees to our team.”
American Energy Partners, Inc. (AEPT)
American Energy Partners, Inc. is a diversified energy company. Through its various subsidiaries, the Company engages in water treatment and distribution, oil and natural gas production, geotechnical consulting services, and energy education.
For additional information, visit: American Energy Partners, Inc.
Safe Harbor
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of AEPT, statements relating to goals, plans and projections regarding AEPT’s financial position and business strategy. The words or phrases “would be,” “will allow,” “intends to,” “may result,” “are expected to,” “will continue,” “anticipates,” “expects,” “estimate,” “project,” “indicate,” “could,” “potentially,” “should,” “believe,” “think”, “considers” or similar expressions are intended to identify “forward-looking statements.” These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. AEPT cautions readers not to place undue reliance on such statements. AEPT does not undertake, and AEPT specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from AEPT’s expectations and estimates.
Company Contact:
Contact@americanenergy-inc.com
