Enterprise Investors Put $28 Mln In New Polish Shale Gas Company

US-funded Poland and CEE-centric fund Enterprise Investors has decided to take a gamble on Poland’s shale reserves with an investment of USD 28 mln into United Oilfield Services (UOS), a Polish seismic, drilling and well completion service company. The deal was completed through Enterprise Investors’ Polish Enterprise Fund VI. Though the production of natural gas from shale formations is a controversial process – having been banned in France and Bulgaria – it has been successfully done since the late 1990s, first in the U.S. and then in subsequent markets. UOS is a new company that signed its first contract for geophysical services in March 2012; they are expected to start offering the remainder of their services by 2013. The success of the operation seems to hinge on the presence of UOS’s management team consisting of Dennis McKee and his subordinates; McKee was a major player in the US shale gas story and has an impeccable reputation for building companies. Board members will now also include a representative from Enterprise Investors.