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Industry Brief

Mammoth Energy Partners LP, an oilfield services provider, is planning to launch an initial public offering (IPO) to raise up to $100 million, according to a filing with the Securities and Exchange Commission. The partnership was formed in early 2014, but it "has not and will not conduct any material business" until the IPO is launched. No details on when the launch would occur were provided. Mammoth is affiliated with Oklahoma City-based Gulfport Energy Corp. and is sponsored by Wexford Capital LP. Mammoth would provide services in Ohio, Oklahoma and Texas. It would begin with 14 drilling rigs, including 11 horizontals. Wexford and Gulfport plan to contribute the assets of seven affiliated companies as subsidiaries: Redback Energy Services LLC, Redback Coil Tubing LLC, Muskie Proppant LLC, Panther Drilling Systems LLC, Bison Drilling & Field Services LLC, Bison Trucking LLC and Great White Sand Tiger Lodging Ltd. Together, the seven companies posted a net loss of almost $14 million on revenue of close to $133 million in 2013, versus a loss of $2 million on revenue of $8 million in 2012.

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