July 12 (Reuters) - Oil billionaires Dan and Farris Wilks
have taken around a 10% stake in hydraulic fracking firm U.S.
Well Services, according to a regulatory filing,
bringing their total investment to $47.5 million in the past
The Wilks family office purchased $25 million of notes
convertible into common shares in late June, worth some 25.7
million shares, according to a filing with the U.S. Securities
and Exchange Commission.
Around that same time, the Wilks brothers' pressure pumping
firm, ProFrac, separately invested around $22.5 million in U.S.
Well Services as part of a licensing agreement that allows them
to build and operate electric frac fleets.
ProFrac converted those notes into three licenses, valued at
$7.5 million each, following the transaction close. It has the
option to purchase seven additional licenses at $7.5 million
each, and 10 more at $9 million each.
"We believe these investments not only demonstrate the value
of our intellectual property, but also offer further evidence
that our industry is rapidly transitioning towards
next-generation fracturing technology, led by electric fleets,"
said a spokesperson for U.S. Well Services in a statement.
Dan Wilks has been scooping up shares in oilfield services
firms hard hit by the downturn in drilling and fracking with
stakes in ProPetro Holding Corp and NexTier Oilfield
The Wilks brothers also have been engaged in a lengthy court
battles seeking to take over Canadian pressure pumper Calfrac
Well Services Ltd.
(Reporting by Liz Hampton in Denver
Editing by Chris Reese)