Argonaut Private Equity, a Tulsa, Okla.-based private equity fund, acquired the assets of Pioneer Well Services, a subsidiary of Pioneer Natural Resources.
Located in the Permian Basin, the operation is now doing business as American Well Services and provides well service rigs for workover or completions operations and wellsite support services including, fluid transfer, hot oiling, frac tank rental and wellsite construction.
American Well Services announced the retention of substantially all employees related to the operations, and an extensive amount of assets including a fleet of rigs, water hauling trucks, frac tanks, hot oil units, fishing packages and heavy machinery for construction services.
American Well Services will partner with existing Argonaut portfolio company, Nichols Oil Tools. The combination of both companies enables additional services to be bundled to provide production and completions solutions for operators in the Permian basin.