Shareholders of Paleo Data, Inc. (PDI) during their recent 54th annual meeting accepted an offer to become acquired by PetroStrat Ltd., a leading integrated subsurface geoscience services provider to the oil and gas industry worldwide.
PDI will operate in the near term as “Paleo Data, a PetroStrat Company” and will retain its office and laboratory in New Orleans, La., complementing PetroStrat’s existing facilities in Houston. It will continue its full-service biostratigraphy consulting services primarily serving the offshore Gulf of Mexico and onshore Gulf Coast.
“This transaction bolsters our focus to provide biostratigraphic services and products that meet our clients’ needs,” PDI President Ryan Weber said. “Becoming part of a broader team allows PDI to better allocate our talents, focus on product development, and streamline our services to adapt to our industry’s ever-changing demands.”
PDI’s expertise and data on foraminifera and calcareous nannofossils accumulated over its more than 54-year history complement PetroStrat’s strengths while allowing it access to the exclusive and largest single-source biostratigraphic data set covering the Gulf Coast. Available data ranges from the Jurassic through Quaternary ages.
The acquisition bolsters PetroStrat’s existing U.S. offering, PetroStrat Inc., which has existing offices and labs based in The Woodlands, Texas. The move further supports the ongoing energy transition by expanding PetroStrat’s full-service paleontology and geology services across the globe, broadening its U.S. client base, nearly doubling its U.S. staff, and adding substantial data assets.
With strong synergies and little overlap, this acquisition is a perfect fit for us. It creates an opportunity to ensure PDI’s knowledge is disseminated beyond one small – but expert – team,” Paul Cornick, Managing Director of PetroStrat, said. “PDI’s strong blue-chip client base also enhances our ability to deliver on our strategic plan for growth in the U.S.”
PetroStrat Business Development Director John Gregory pointed out the acquisition’s timing and location advantages.
“The timing is ideal as the Gulf of Mexico market is rebounding from an all-time low,” he said. “With Louisiana likely becoming the heartland of future Carbon Capture Usage and Storage (CCUS) development, we see more opportunities for applying stratigraphic expertise during the energy transition.”
For more information about Paleo Data, a PetroStrat Company, visit www.paleodata.com and www.petrostrat.com.
Paleo Data Inc. is an employee-owned, full-service biostratigraphy consultancy working primarily in the U.S. Gulf of Mexico and Gulf Coast, with additional international experience. Paleo Data Inc. maintains and updates substantial databases which utilize a consistent and proven biostratigraphic framework for optimal uniformity and accuracy in stratigraphic correlation.
PetroStrat is a leading and global provider of integrated geoscience services, delivering best-in-class subsurface solutions to the energy industry, enabling customers to make informed strategic, operational and commercial decisions. They bring together the data, analytical services, and world-leading expertise under one roof, delivering agile, flexible, innovative, cost-effective, and HSE-conscious solutions, to de-risk exploration and development targets and reduce asset uncertainty.
The team, in partnership with their clients, has worked on some of the biggest oil and gas discoveries in the world and has a proven track record in delivering significant returns on investment for a range of clients from service companies and small independents, to super majors and state oil companies.
PetroStrat’s headquarters and main laboratories are in Conwy, North Wales, with offices in St. Albans (UK) and Northwich (UK), Houston (USA), Calgary (Canada), and facilities through joint ventures and collaborative agreements in Trinidad, Kuala Lumpur, and Mexico. Clients include many of the world’s international and national oil companies.
