A $750,000 unregistered equity financing by NewKota Energy Group successfully drew to a close. The non-brokered investment round was placed among nine investors. The subscription started a little over a week ago. No offering was previously initiated by the company under a registration exemption with the SEC.
The company was probably created for an investment in NewKota Services & Rentals by private equity firm Woodlawn Partners. NewKota offers its services to the oil and gas industry. It rents open top tanks to separate water sand and oil after hydraulic fracturing, steam units to prevent freezing, drive over pipe ramps as well as light towers and generators. Services include rig equipment and interior tank cleaning. The company was originally formed in 2011 and employs 23 people. The company offers its services mainly in North and South Dakota as well as Wyoming and Ohio.
The company, headquartered in Chicago IL, was registered this year. Revenues were not disclosed.
The executive team includes Evan Gobdel, Gregory I Blegstone and Scott Franklin.
The board of directors includes Jarod Siefert, Joe T Hays, John A Miller and William J Harper.
Company: NewKota Energy Group
Industry: Oil and Gas
Amount offered: $750,000
Amount placed: $750,000
First sale: 03-31-2014
Data as of: 04-09-2014