Tulsa-based Seminole Energy Services, LLC, announced today that The Stephens Group, LLC, a private investment firm located in Little Rock, has provided the company $55 million in equity capital to support its growth in the retail gas marketing and midstream businesses.
Privately-held Seminole currently provides “wellhead-to-burner-tip” natural gas marketing services to end users and producers in 13 states, primarily in the Southwest, Midwest, Mid-Continent, and Inter-Mountain regions of the United States. In Illinois and Michigan, Seminole operates under its affiliate brands, Vanguard Energy Services and Lakeshore Energy Services, respectively. Seminole’s customer base today numbers over 50,000 with average daily sales of 600 million cubic feet.
Since it was founded in 1998, Seminole has completed 15 acquisitions, consistent with management’s strategy to expand its geographic footprint of both retail marketing and mid-stream assets. During 2005 and 2006, the company completed acquisitions totaling $35 million, including additional interests in gathering assets, the purchase of the retail book of Tri-Star Producer Services of Texas, LP, and acquisition of Midwest United Energy Inc., with offices in Colorado and Kansas. The latter two transactions added 30,000 customers and 23 billion cubic feet of retail natural gas sales.