Heat Waves Hot Oil Service of Colorado Springs is one of two Colorado companies that are part of a merger and reorganization agreement between Hugoton, Kan.-based Dillco Fluid Services, Inc. and Denver-based Aspen Exploration Corp.
Under terms of the agreement, Aspen will acquire all outstanding shares of privately held Dillco through the issuance of 14.5 million shares of Aspen common stock to Dillco’s shareholders.
Following completion of the proposed transaction on or before July 31, Aspen expects to do business under the trade name “ENSERVCO.” Aspen will be 100-percent owner of Hugoton, Kan.-based Dillco Fluid Services, Inc. and indirectly, through Dillco, 100-percent owner Heat Waves Hot Oil Service.
Both Dillco and Heat Waves are longtime providers of well-site services to the onshore oil and gas industry, serving customers throughout the Rocky Mountain region and the central United States.
Heat Waves is expanding its presence in the northeast United States. The local group also plans to begin operations in the Bakken Formation, and is establishing a facility in North Dakota to do so.
The firms’ customers range from small independents to many of the largest diversified energy companies in the United States.