PetroStrat expands in US with acquisition of Paleo-Data Inc.

Source: press release, 19 May 2022

Managing Director of PetroStrat, Paul Cornick
Managing Director of PetroStrat, Paul Cornick (photo: PetroStrat Ltd)

PetroStrat Ltd, a world-leading integrated subsurface geoscience services provider to the oil and gas industry, has acquired Paleo-Data Inc (PDI) in New Orleans, Louisiana, an employee-owned, full-service biostratigraphy consulting firm primarily serving the offshore Gulf of Mexico and onshore Gulf Coast. This action aligns with the PetroStrat strategy of further supporting the energy transition by expanding its full-service paleontology and geology services across the globe.

For PetroStrat, the acquisition bolsters its existing US offering, based in The Woodlands, Texas, by broadening its US client base, nearly doubling its US staff, and adding substantial data assets.

PDI’s expertise and data on foraminifera and calcareous nannofossils, from Jurassic through Quaternary ages accumulated over its 50-year history, complements Petrostrat’s strengths while giving the business access to the largest and only single-source biostratigraphic data set covering the Gulf Coast.

Paul Cornick, Managing Director of PetroStrat, says, “With strong synergies and little overlap, this acquisition is a perfect fit for us, and creates an opportunity to ensure PDI’s knowledge is disseminated beyond one small – but expert – team.”

He adds, “PDI’s strong blue-chip client base also enhances our ability to deliver on our strategy plan for growth in the US.”

PetroStrat BD Director John Gregory points out the advantages of both timing and location for the acquisition: “The timing is ideal as the Gulf of Mexico market is rebounding from an all-time low, and with Louisiana in the likely heartland of future carbon capture usage and storage development – CCUS – we see more opportunities for applying stratigraphic expertise during the energy transition.”

Ryan Weber, Paleo-Data President says, “Becoming part of a broader team allows Paleo-Data to better allocate our talents, focus on product development, and streamline our services to adapt to our industry’s everchanging demand.”

The newly acquired business will operate in the near term as “Paleo-Data, a PetroStrat Company”, and will retain its office and laboratory in New Orleans, complementing the existing facilities in the Houston area.