Allentown-based American Energy Partners (AEPT), a diversified energy company, recently acquired all membership units of Oilfield Basics in exchange for 1 million of American Energy’s common shares equal to less than 1 percent of American Energy’s outstanding common stock.
Under the deal, American Energy reserves the right to repurchase the common shares before any third parties.
The acquisition allows AEPT to increase its footprint in the energy sector, COO Josh Hickman said.
The company believes the acquisition will immediately contribute to top-line revenue.
Oilfield Basics is based in Marietta, Ohio, and was founded in 2018 by two petroleum engineering students. The company created a platform for industry members to share news and information.
“This company started with an entrepreneurial business competition during my time at Marietta College, and over the few years it has been running, we have partnered with multiple companies and have created over 100 educational resources for our industry,” Derek Krieg, Oilfield Basics co-founder, said. “Now, as we join the AEPT family, I am confident that their guidance, network, and expertise will make Oilfield Basics an industry leader in the educational marketing space. I look forward to what the future will bring.”
American Energy will be transferring assets and interests this month.