STW Resources Holding Corp. (OTC: STWS) received a $2 million line of credit through financings from Black Pearl Energy, which is controlled by STW Resources executives, the company said March 6.
STW Resources Holding drew down $1 million initially from this amount, the company said.
Through Black Pearl, STW Resources’ CEO Stanley Weiner, chief operating officer Lee Maddox and director Grant Seabolt guaranteed the line of credit to STW Resources Holding Corp., the company added.
"STW's growth has far exceeded our expectations. We are pleased to have these new funding facilities, which are critical to support our rapidly expanding business lines. In just the past three months, STW has continued to increase the number of new contracts and/or winning bids with existing customers and has doubled the total master service agreements,” Weiner said.
He added, “Access to this working capital has allowed the company to continue the growth strategy of hiring additional qualified experienced crews and to provide quality service for our customers. Current demand is coming in ahead of our internal forecasts for our energy, construction, pipeline and remediation divisions. This new financing provides us the flexibility to capitalize on additional opportunities."
Additionally, Houston-based Crown Financial LLC agreed to provide a $4 million accounts receivable factoring facility, the company said, noting that this brings the total new financing amount to $6 million.
Midland, Texas-based STW Resources Holding Corp. provides consulting and operations services to the domestic oil and natural gas industry including in the Eagle Ford, Delaware and Permian Basins in Texas and New Mexico.
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