Alpine 4 Technologies Ltd. acquired Horizon Well Testing oilfield services company for $5.5 million, effective immediately, a Jan. 11 press release said.
Alpine 4 uses its 6th Sense Auto inventory management system to create inventory management software for Horizon’s heavy equipment asset base. The new software package will allow real-time reporting of equipment in the field—the first in the oil service industry, according to Alpine 4, the press release said.
Horizon will also be using one of Alpine 4's subsidiary company's automotive aftermarket safety device products called BrakeActive.
Payment of the $5.5 million will be through cash and stock.
Alpine 4 appointed Michael Steele as the president of Horizon, the press release added.
Steele has more than 20 years’ experience in executive and project management. He earned a bachelor’s degree and a master’s degree from the University of Arizona.
Horizon Well Testing is based in McAlester, Okla.
Recommended Reading
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.
Magnolia Oil & Gas Hikes Quarterly Cash Dividend by 13%
2024-02-05 - Magnolia’s dividend will rise 13% to $0.13 per share, the company said.
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.
Air Products Sees $15B Hydrogen, Energy Transition Project Backlog
2024-02-07 - Pennsylvania-headquartered Air Products has eight hydrogen projects underway and is targeting an IRR of more than 10%.
HighPeak Energy Authorizes First Share Buyback Since Founding
2024-02-06 - Along with a $75 million share repurchase program, Midland Basin operator HighPeak Energy’s board also increased its quarterly dividend.