Enservco acquires Rapdi Hot, appoints Weyel to board of directors

Enservco announced it has acquired all of the assets of oilfield services provider Rapid Hot in an all-stock transaction valued at $1,057,500. “This acquisition substantially strengthens Enservco’s position in the Marcellus shale and also strengthens our management team with the addition of Mike Lade, Rapid Hot’s president and CFO, who joins Enservco as chief of staff,” said Rich Murphy. “We are also pleased to announce the closing of a $1,625,000 convertible debt financing that included participation from lead investors of Rapid Hot, an Enservco board member and Cross River Partners. The financing strengthens our working capital position as we approach our 2023-24 heating season, which is expected to benefit from anticipated cooler winter temperatures.” Enservco also announced the addition of Steve Weyel to the Company’s Board of Directors. Weyel joins the Board with more than 40 years of experience as a senior executive, board director and chairman of private and public energy companies. He was the founder, CEO and Chairman of EnVen Energy Corporation.