ND-based business in multimillion-dollar merger
Badlands Energy, based in Watford City, N.D., announced this week a multimillion-dollar merger with Pennsylvania-based Heckmann Corporation, an environmental service company. Badlands Energy operates PowerFuels in seven locations throughout North Dakota. With 1,500 employees, the company hauls, treats, stores and disposes of fluids used in the oil industry, as well as other services. The agreement will close by the end of the year, with Heckmann paying $125 million in cash and 95 million shares of the company’s common stock. The new headquarters will be based in Scottsdale, Ariz., with Mark Johnsrud as the CEO. Johnsrud, a Watford City native, formed PowerFuels in 2005. Heckmann CEO and Chairman of the Board, Dick Heckmann, will become the executive chairman.