Charles Moncla is chairman and CEO of Platinum Energy Solutions Inc., recently funded.
"We believe the services supporting the shale plays make more sense for us.
We love the fracing business and the transportation business.
That's where we see the majority of our focus," says Layton
, who specifically brought in oil service veteran Charles Moncla
to run PES
as chairman and chief executive officer.
wasn't on board, then I wasn't interested," says Layton
, indicating the impact of the right management on the attractiveness of the deal.
own drilling company, Moncla Well Service Inc.
, to Key Energy Services Inc.
built the company from one leased rig to a fleet of over 53 owned rigs at the time of sale.
"We went into the raise with a pair of contracts for PES
services of at least 12 months, with options for extensions," says Moncla
Upon funding, he
used some of the proceeds to purchase 50 pumps with over 2,250 hydraulic horsepower each, that are being delivered to contracted locations in the coming weeks.
The company is also looking for locations in Texas and Louisiana to site yards to house and repair equipment.
says the clients already secured had particular training and education in mind, and that will also be paid for with the initial raise.
"The money is there, but investors want to know how you are going to pay them back," says Moncla
, who was grilled about equipment, availability and timing of delivery.
"They wanted to know how equipment was going to be delivered, and how we could guarantee it.
Everyone is being told there is no availability for this equipment, but we knew we could get what we needed," says Moncla
"We will start taking delivery of the first equipment shortly."
The road show was intense, according to Moncla
Forty-eight hours on a jet over two weeks was a new experience for him, as he
always funded the growth of his
own company with cash.
This time he
had to make the trip to New York, among other places.