Covenant Secures Funding From Catapult Energy Services Group.
Funding by Natural Gas Partner and NGP Energy Technology partners, Catapult Energy Service Group,LLC (“Catapult”), made a growth equity commitment to help establish the Covenant Testing Technologies. Covenant provides the best in-class flowback and well testing service with a special focus on a horizontal and pad drilling for the upstream oil and gas service industry.
Based in Sugar Land, Texas, Covenant is currently supporting customers in the Permian Basin and Niobrara Shale. Covenant was founded by President and Chief Executive office John Cavitt. Mr. Cavitt contains a successful track record when it comes down to flowback and well testing businesses and has rapidly established Covenant as a top flight service provider in the oilfield services space. Previously before finding Covenant, Mr.Cavitt held a managerial positions at Select Energy Services and Oil States International.
“At Covenant we are finding that our employee and safety-focused approach is helping to generate positive results for our customers,” said Mr. Cavitt. “Our team has done a fantastic job building Covenant’s customer base and we look forward to continuing to deliver quality service.”
In addition to startup capital, Catapult provided Covenant with back-office consulting in accounting, finance, human resources, IT, legal and risk management services.
“We believe this partnership with Catapult helped to accelerate Covenant through the start-up phase, allowing us to get into business more quickly, cost effectively, and professionally,” said Mr. Cavitt.
Catapult is a partnership of experienced oilfield services executives who have a track record of adding value in the energy sector. Each partner, individually, has a successful background in developing and managing back-office infrastructure designed to enhance the capabilities of oilfield services operations.
“Covenant’s early success has our team eagerly awaiting new management teams to partner with,” says Gregory D. Laake, Managing Partner, Catapult Energy Services Group.