DANVILLE, Ohio, Aug. 22, 2019 (GLOBE NEWSWIRE) -- Stonehenge Capital today announced a $1 million investment in Nova Terra Well Solutions LLC, an oil and gas service provider. Headquartered in Danville, Ohio, Nova Terra specializes in plugging abandoned oil and natural gas wells across the state.

Nova Terra was formed in 2019 as a joint venture among local Ohio business partners Ernie Malas, Bobby Carpenter, Clark Powell, Nate Presley and Ric Moore to address the environmental, public health and safety risks associated with abandoned oil and natural gas wells. The company’s founding was made possible by Ohio’s Orphan Well Program, which has successfully plugged more than 1,000 wells in the state since 1977. 

“Stonehenge helped us meet the ongoing need for oil and gas services in Ohio,” Malas said. “This investment will allow us to strengthen our ability to continue to play a role in protecting public health and conserving our state’s natural resources.”

Stonehenge Capital’s investment was made possible through the Ohio Rural Business Growth Program, which was established in 2017 to attract private capital investment to support small business growth and job creation in rural areas. The investment in Nova Terra marks Stonehenge Capital’s fifth investment through the program.

Stonehenge’s investment is expected to create 10 new jobs in the rural town of 1,000 while enabling Nova Terra to purchase additional equipment to meet ongoing demand and allowing the company to continue growing the business in areas such as consulting and equipment rentals services.

“The Ohio Rural Jobs Program has allowed Stonehenge to invest in underserved, rural areas, where a single investment can lift an entire community,” said L’Quentus Thomas, Director at Stonehenge Capital. “Nova Terra is positioned for tremendous growth, and we expect that not only will Stonehenge’s investment help create new jobs, but it also could be the economic catalyst needed to bring new life to the town of Danville.” 

About Stonehenge Capital:

Since 1999, Stonehenge Capital (www.stonehengecapital.com) has operated at the nexus of finance and community development, providing transformational capital in underserved markets that has grown our nation’s small businesses, created jobs for hard-working families and revitalized urban and rural communities. Stonehenge Capital is not a typical finance firm – it is a thought leader in investment capital, producing strong returns for investors and impactful social returns for communities. Stonehenge Capital fosters collaboration across a team of seasoned and talented professionals in Baton Rouge, Columbus, New York, Dallas and other locations, who leverage two decades of expertise and relationships to provide innovative financing solutions where they are most needed on a national scale.

About Nova Terra:

Nova Terra Well Services, LLC, is a company that was formed in 2019 to help the state address the thousands of abandoned or "orphan" oil wells across Ohio. Translated from Latin, Nova Terra means "New Land," symbolic of the company's commitment to land reclamation by plugging and sealing wells that pose a risk of contaminating the environment or endangering the well-being of Ohioans.

lindsey@thinkhubbell.com

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