Enservco

In 2006, with an eye on the world's growing energy demands, a group including Mike Herman and Rick Kasch launched a new playbook. They didn't start from scratch; instead, they began a strategy of acquiring established, private companies in the oil and gas services sector. Their first move was acquiring Heat Waves Hot Oil Service, which gave them an instant foothold in well-enhancement services in the Rocky Mountains. A year later, they added Dillco Fluid Service, a nearly 40-year-old water-hauling business, to their portfolio. The company’s next significant move came in 2010 when they became a public entity. They executed a reverse merger with Aspen Exploration, a public company that had sold its production assets. This maneuver provided Enservco with a public listing and capital, officially trading under the ticker ENSV. Over the next decade, Enservco focused on providing specialized services like frac heating, hot oiling, and acidizing across major U.S. oil and gas basins. The business, however, was often seasonal and faced challenges. Recently, in August 2024, Enservco made a transformative acquisition, purchasing Buckshot Trucking. This move signaled a strategic pivot into the less seasonal, higher-margin energy logistics business. The deal was part of a broader strategy to stabilize finances, which included a strategic partnership with Star Equity Holdings and a sale of assets from its Heat Waves subsidiary.