ALLENTOWN, PA, Feb. 10, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- American Energy Partners, Inc. (“American Energy”) (PINK: AEPT), a diversified energy company, has agreed to acquire 100% of the membership units of Oilfield Basics, LLC (“Oilfield Basics”) in exchange for 1,000,000 shares of American Energy’s common shares equal to less than 1% of American Energy’s outstanding common stock. American Energy reserves the right to repurchase these common shares prior to any other third parties.
The transaction was approved by the Board of Directors after determining, in good faith, that the acquisition is in the best interests of American Energy. The acquisition will immediately contribute to top-line revenue that will be derived from an underserved segment of the oilfield services industry in which American Energy currently does not participate.
The addition of Oilfield Basics to American Energy’s group of subsidiaries expands American Energy’s services to an online educational platform that can derive growth through advertisements, podcasts, videos, and webinars that market to the energy industry.
This acquisition represents only one of a series of acquisitions planned for the future. This acquisition is a continuation of American Energy’s buy and build strategy. For additional information, visit: Oilfield Basics, LLC
Josh Hickman, COO of American Energy, commented, “The opportunity to acquire Oilfield Basics presented an excellent opportunity for AEPT to increase our footprint in the energy sector. The Company’s core competency is marketing services through educational awareness. Oilfield Basics is a well-connected thought leader in this area and has just recently completed their 50th podcast. We at AEPT are looking forward to a great future with the Company.”
Derek Krieg, Co-Founder of Oilfield Basics, LLC also commented, “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. 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 expects to complete the transfer of all assets and interests within the month of February and will announce the completion of this acquisition at such time.
American Energy Partners, Inc. (AEPT)
AEPT and its group of companies focus on providing solutions in markets where energy production and water meet technology. Collectively, the subsidiaries are engaged in the energy sector as well as the design, construction and operation of regional water treatment facilities that serve the industrial, energy and government sectors.
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.
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