Pelican Energy Partners Announces Final Closing of Debut Fund and New Managing Director

Key accomplishments of 2012 set the stage for sustained growth in 2013 and beyond

Feb 12, 2013, 10:05 ET from Pelican Energy Partners LP

HOUSTON, Feb. 12, 2013 /PRNewswire/ -- Pelican Energy Partners LP ("Pelican"), a specialized private equity fund, has held a final close of its debut fund, having reached $120 million in committed capital.  Pelican is led by a group of highly experienced senior energy executives and is focused on strategic investments in smaller, high growth energy service companies having sustained earnings outlooks.  Investors in the fund include current and former energy service company owners, CEOs and other top officers within the oilfield service industry. 

"Our initial goal was to raise $80 to $100 million," said Mike Scott, Managing Partner of Pelican.  "We believe the incremental capital commitments to the fund, coming from an extremely experienced investor base, further validates our strategy."

In terms of management philosophy and structure, members of Pelican's management team describe themselves as "oilfield service guys making private equity investments, not private equity guys making oilfield service investments," Scott said.  "Our hands-on management team and investor base brings us insider access to proprietary investment opportunities in the underserved lower-to-middle tier oilfield service sector."

Pelican's management team was recently further strengthened with the addition of Joe Welsh, who joins Pelican as a Managing Director.  Mr. Welsh most recently served as Director of Corporate Development at Complete Production Services, Inc. where he successfully executed over 30 transactions within the energy services industry. He also served as Vice President of Water Treatment Solutions where he led the development of FracMate, a portable water treatment system designed to facilitate wastewater re-use. Prior to his work with Complete, Mr. Welsh was founder and CEO of Longview Capital & Management, an equity fund targeted at service industry companies.  Mr. Welsh holds an MBA from Stanford University and a BSEE from Rensselaer Polytechnic Institute.

"2012 was a year of significant milestones," said Scott.  "With the completion of fundraising, the building out of the team and a jump-start on capital deployment with three very solid investments, we have established a solid platform for future earnings, as well as a foundation for continued investment growth - all in a very short time span." 

About Pelican Energy Partners

Pelican Energy Partners LP is a Houston-based private equity fund specializing in strategic investments in small to middle-market, high-growth potential energy service companies with sustained earnings outlooks. Pelican holdings include: Capline Environmental Services LLC, an oilfield water management services firm; Boss Hog Energy Services LLC, a technology developer and manufacturer of next-generation composite frac plugs; and 2-J Well Service, a south Texas-based provider of pressure testing services.

For more information, visit

Pelican Energy Partners LP   945 Bunker Hill Suite 250,  Houston, TX 77024
713.559.7117  Fax: 713.559.7111

SOURCE Pelican Energy Partners LP