Cretic: Forbes Energy Services Grows Coiled Tubing Business With Cretic Acquisition

Forbes Energy Services Ltd. recently added to its coiled tubing business with the acquisition of Cretic Energy Services LLC from an NGP-backed company. Co-founded in 2013 by the company's president and CEO Joe Michetti, Cretic provides large-diameter, extended-reach, coiled tubing services to oil and gas producers predominantly in the Permian Basin. The company, based in Montgomery, Texas, has been an early mover in bringing high capacity coiled tubing units to the market while also addressing specific demands associated with completing long lateral wells, according to the Forbes press release on Nov. 16. As a result of the Cretic acquisition, Forbes said it will have one of the largest fleets of large-diameter, high-capacity coiled tubing units. Additionally, the Alice, Texas-based company will have an established footprint in the Permian Basin and South Texas as well as a presence in niche markets in East Texas, Oklahoma and other surrounding states.