Covenant Testing Technologies has combined with Stuart Pressure Control to form a flowback and pressure control provider with locations in the Permian, DJ, Eagle Ford, and Haynesville plays. The transaction is a debt-free, equity-for-equity combination with Catapult Energy Services and White Deer Energy will have common equity equity ownership in Covenant. Covenant CEO Jim Burtner will lead the combined businesses. Greg Laake will continue as managing partner of Catapult and take on a new role as chairman of Covenant.
Stuart Petroleum Testers was founded in 1977 and received an investment from White Deer II in October 2016. The company provides frac stack, blowout preventer, wireline pressure control, flowback, and well testing equipment rentals. FMI Capital Advisors served as an advisor to Covenant.