WellDog raises $5,000,000 to support expansion
International mix of angel and strategic investors provide debt and equity capital to company
Laramie, Wyoming (June 7, 2011)—WellDog announced today that it has closed on $5,000,000 in new debt and equity financing to support its continued expansion. The round was led by Simon Ashton and his strategic investment company, ProX Pty Ltd, and included participation by members of Sacramento Angels, Houston Angels, and some of the successful entrepreneurs behind Pure Energy, as well as expanded investment from the Brisbane Angels.
“WellDog possesses all of the traits of a successful resource service company,” said Ashton. “It’s operating in high growth market niches, it has compelling proprietary technology, it’s taking an integrated and international service approach, and it has a talented, hard-working management team. I’m pleased to be involved.” Ashton played a significant role in the management buyout and subsequent public LSE listing and growth of The Expro Group, a UK-based global oilfield services company. He has since then founded or participated in a series of small, technology led, start up, oil & gas service companies in the Asia Pacific Region.
“Many of our members are excited to be joining this investment round in WellDog,” said Larry Palley of the Sacramento Angels. “Since 2000, the Sacramento Angels have selectively invested in about 35 companies. John and his team at WellDog give us a chance to participate alongside passionate entrepreneurs with unique capabilities who are already receiving significant business with customers in a large growing marketplace.”
“It is clear that future energy exploration and development will rely on increasingly complex and sophisiticated tools and techniques to access significant oil and gas reserves,” said Terry Primeau of Focal Petroleum, also a new WellDog investor. “At the same time, future exploration and development will require low cost, high volume solutions. WellDog has the tools, skilled personnel and experience to evaluate and recommend specific solutions to enhance conventional or non-conventional, oil and gas reservoir productivity. I am pleased to be a part of the successful raising.” Primeau and his team built Pure Energy Resources, a coalbed methane production company sold in 2009 to Queensland Gas Company (now British Gas) for over $1 billion.
