HOUSTON, May 12, 2015 (GLOBE NEWSWIRE) -- NuDevco Partners Holdings, LLC ("NuDevco") has entered into a Purchase Sale Agreement to purchase Oasis Power, LLC ("Oasis" or "Oasis Energy"), a Houston based power and natural gas retail energy company. Oasis has approximately 40,000 RCE (Residential Customer Equivalent) customer base in multiple states and utilities and has experienced significant growth over the last few years. Oasis management projects 2015 EBITDA of over $8.0 million, before synergies or other cost reductions.
W. Keith Maxwell III, CEO of NuDevco Partners, commented, "We are pleased to be buying a great company and brand with the purchase of the Oasis team and customer base. This company and brand is the right fit and size for our family of retail companies, which includes Spark Energy. This type of transaction is a first for NuDevco and we believe there are many opportunities for similar transactions in the space."
Michael Osowski, President of Oasis Energy, commented, "We are looking forward to joining the NuDevco Partners' family of companies. This acquisition gives Oasis Energy the opportunity to continue our growth strategy and generate value for our customers."
NuDevco Partners Holdings, LLC ("NuDevco") is the sponsor of Spark Energy, Inc. ("Spark") (Nasdaq:SPKE) and is wholly owned by W. Keith Maxwell III, Founder and Chairman of Spark. NuDevco is working with Spark to develop a framework that would enable Spark to utilize NuDevco's balance sheet to pursue additional growth through M&A.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that NuDevco or Spark expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Spark's reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, neither NuDevco nor Spark intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: NuDevco Partners Todd Gibson, Chief Financial Officer (713) 977-5633
Source:NuDevco Partners Holdings, LLC