Houston Based Coiled Tubing Company Raises $1 Million Debt Financing
Houston headquartered Starlight Capital, Inc. (www. starlightcapital. com) announces that its client, P. E.T. International, Inc., (PETI) also based in Houston, has closed its $1 million Private Placement Offering. The Coil Tubing Industry is growing at twice the rate of the overall oilfield service sector.
(PRWEB) March 17, 2005
Houston headquartered Starlight Capital, Inc. (www. starlightcapital. com) is pleased to announce that its client, P. E.T. International, Inc., (PETI) also based in Houston, has closed its $1 million Private Placement Offering, representing the second round of a three phase subordinated debt financing.
PETI is an international coil tubing company, providing patented coil tubing units that offer 30% + cost savings to drilling customers - both on-shore and off - and a healthy EBITDA for the company and its investors. PETI has both a domestic energy services division and a joint venture division for select domestic and international markets.
“We have experienced a high level of interest in these incremental financing offerings,” observes CEO Philip C. Crawford, “and have started our third round. Last year’s 43% rise in oil services stocks coupled with $50 oil is difficult to ignore, as is the coiled tubing market segment itself, which is one of the fastest growing oilfield technologies, expanding at twice the rate of the overall industry.”
Starlight Capital specializes in early-stage Private Placements in the US for North and South American companies. Managing Principal Bryan Emerson serves on the NASD District VI Board, and supervises both Starlight Capital, with offices in seven states, and its NASD registered sister company.
For more information, contact Bryan Emerson at www. starlightcapital. com or emersonb@starlightcapital. com or 713.225.3028.
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