Texas Energy Network Closes Equity Investment from General Communication

TEN to use proceeds to fund the expansion of TEN’s LTE Network in Permian and Eagle Ford Shale Plays

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend

Houston, TX; (PRWEB) February 24, 2014

Texas Energy Network, LLC ("TEN" or the “Company”), a provider of next generation carrier-class communication services to the oil and natural gas industry, today announced the closing of a minority equity investment from General Communication, Inc. ("GCI"). TEN intends to use the proceeds of the GCI investment to fund the expansion of TEN’s world-class long-term evolution (“LTE”) wireless communication service offering to its primary customers.

Currently operating in the prolific Permian Basin in West Texas and the Eagle Ford shale in South Texas, TEN is the premier provider of LTE services to the oil and gas industry. TEN provides high speed internet connectivity to rigs, completion units, tank batteries, field offices, oilfield personnel camps and trucks for over 30 major and independent oil and gas companies.

Greg Casey, CEO of TEN, remarked, "We are thrilled to partner with GCI as a new equity investor in TEN. GCI brings a wealth of operational and technical expertise from its broad service offering in Alaska, including providing communication services to the oilfield in the harsh environments of Alaska and the Gulf of Mexico. GCI’s experience in these environments makes it an ideal partner as we expand our geographic footprint while continuing to provide best-in-class service to our customers."

About Texas Energy Network:
Formed in 2010, Texas Energy Network is the first telecommunications company to provide carrier class 4G LTE wireless coverage to remote locations for the oil and natural gas industry. TEN currently provides its network services in in both the Permian Basin in West Texas and the Eagle Ford shale in South Texas, with plans to expand into other oilfields across the United States. The Company’s existing network covers 25,000 square miles, allowing it to provide continuous high speed telecommunication services to mobile rigs and equipment as well as field offices and oilfield personnel camps operating in this area. TEN’s existing customer base includes some of the largest and most active operators in these regions, who demand the highest standards from its service providers. For more information please visit TEN’s website at http://www.texasenergynetwork.com

About GCI:
GCI is the largest telecommunications company in Alaska. GCI’s cable plant, which provides broadband data services, video, and voice, passes 78 percent of Alaska households. GCI operates Alaska’s most extensive terrestrial/subsea fiber optic network which connects not only Anchorage but also Fairbanks and Juneau/Southeast Alaska to the lower 48 states with a diversely routed, protected fiber network. GCI’s TERRA fiber/microwave system links 69 communities from Nome through the Yukon- Kuskokwim Delta and Bristol Bay to Anchorage, bringing terrestrial broadband Internet access to the region for the first time. GCI's satellite network provides communications services to small towns and communities throughout rural Alaska. GCI’s statewide mobile wireless network seamlessly links urban and rural Alaska.

A pioneer in bundled services, GCI is the top provider of data, video and voice services to Alaska consumers with a 70 percent share of the consumer broadband market. GCI is also the leading provider of communications services to enterprise customers, particularly large enterprise customers with complex data networking needs. GCI is also a provider of oil field communications on the North Slope of Alaska and in the Gulf of Mexico.


Contact

Attachments