Expedition Water Solutions

Expedition Water Solutions

Industry: Energy

Investment Date: December 2013

Headquarters: Greeley, CO

Website: www.expedition-water.com

Investment Overview:

Expedition Water Solutions (“Expedition”) is an oilfield wastewater disposal infrastructure company based in Greeley, Colorado.  Expedition was formed to address the significant need for oilfield wastewater disposal that exists in the DJ Basin.  Expedition was founded in December 2013 by Jim Goddard who brings 20 years of direct saltwater disposal experience in the DJ Basin.  Expedition provides services to oil and natural gas producers and trucking companies through its ownership and operation of five commercial disposal facilities in the DJ Basin and Powder River Basin.

 

 Transaction Background:

The rapid increase in oil and gas drilling activity in the U.S. onshore market and the increased use of hydraulic fracturing has resulted in a significant increase in U.S. water disposal. In order to address the need for additional disposal capacity in the DJ Basin, Platform partnered with Jim Goddard to form Expedition in 2014 as a start-up company.

Mr. Goddard has over 20 years of direct experience with saltwater disposal wells in the DJ Basin. Specifically, he served as General Manager and oversaw the development of Conquest Water Services (predecessor to NGL Energy), where he developed and operated the largest saltwater disposal business in the DJ Basin. Mr. Goddard was joined by Zach Neal, Expedition’s CFO, who has over 10 years of experience, having served as Manager of Strategic Planning and Corporate Development at Sterling Energy, a DJ Basin focused midstream company, as well as prior experience in energy private equity and investment banking at Morgan Stanley. In a short-time, Mr. Goddard and Mr. Neal have successfully grown Expedition into the second largest saltwater disposal operator in the DJ Basin and have also expanded into the Powder River Basin.