Founded in 1978 in Calgary, Alberta, Canada, Pason first specialized in designing remote drilling chokes for the Canadian land-based drilling market, and employed just five people. Since then, our strategic focus on unique, proprietary solutions and industry-best standard of care has helped us become a global industry leader, and now we’re expanding offshore.
Pason was established in 1978 in Calgary, Alberta, Canada. Company founders, Wayne Parks and Ron Mason, created the name “Pason” based on a hybrid of their last names. Specializing in remote drilling chokes, the company sold this product solely to a Canadian market.
In 1980, Pason was sold to Badger Drilling Ltd., a small private Canadian drilling contractor. That same year, Jim Hill was hired as Secretary Treasurer for Badger Drilling Ltd. and Pason. Soon after, Badger Drilling Ltd. purchased another services company that was producing a crude version of a Pit Volume Totalizer system.
Six years later, Mr. Hill assumed the role of general manager of Pason, as well as the continuing role of Secretary Treasurer for Badger Drilling Ltd. In the mid to late eighties, the Canadian oilfield began to plummet, so Badger Drilling Ltd. decided to sell off some of its assets, including Pason. In 1987, Mr. Hill purchased Pason.
The early nineties continued to be a tumultuous time for the drilling industry, and Pason’s total revenue hovered around $1 million. It was around this time that inventor, Brian Taylor, designed and introduced the Pit Volume Totalizer (PVT) to the market and gave Pason a lift in revenue.
Strong industry activity from 1993 to 1998 allowed Pason to break the $1 million sales barrier that provided the momentum and funds to start work on the Pason Electronic Drilling Recorder (EDR), an industry first. In 1994, the first EDR rental went out to the rig.
The year 1996 marked many successes and changes for Pason. Sales soared to $14 million and the EDR was a commercial success in Canada. Soon after, Pason went public with an initial offering of $0.70 per share. (Pason stock split twice, making the original stock price effectively $0.17 per share.)
That same year, a medium-sized US mud logging company called Rocky Mountain Geo Engineering (RMGE) began marketing their services in Canada. Pason acknowledged RMGE’s dominant market share in the US and the opportunity for Pason to expand into the US market.
RMGE noticed the Pason EDR and thought there would be a market in the US. RMGE began renting EDRs and PVTs in the summer of 1997 under Pason’s guidance. And in the autumn, it was concluded that it would be more effective if Pason bought RMGE, as Pason had been considering a US entry strategy for some time. To this day, geological services originating from RMGE continue to be a source of growth and strength for Pason.
For two years, US EDR operations were based out of RMGE’s Grand Junction, Colorado office. In 1999, the office moved to the Denver metropolitan area. That same year, with rapidly increasing market share in the Rockies, Pason expanded into the Gulf Coast region.
In 2001, Pason opened the Houston office, which was designated as the base of operations for the increased sales effort in that area. The sales effort paid off, as Pason quickly gained 50% of the market share in the US.
Between 2001 and 2007, Pason continued to release products and services that solved problems on the rigsite, and expanded into the South American (2003) and Australian (2006) markets.
In 2009, Pason purchased Petron Industries Inc., a Houston, Texas-based company that rented and sold drilling rig instrumentation systems for land and offshore applications. The Petron acquisition complemented Pason’s business goals by enhancing its technology, providing access to the offshore market, and by strengthening Pason’s presence in the global market.
Two years later, Pason acquired 3PS, Inc., an Austin, Texas-based company that designs and manufactures a drilling sub sensor for the industry that provides real-time, accurate torque. 3PS also designs and builds sensors for other industries including offshore anchor monitoring, winch line monitoring, and overhead crane load sensing. This acquisition enabled Pason to add to its current suite of drilling data acquisition product offerings, gain exposure to other segments of the upstream oil and gas market, and leverage 3PS’s significant design, engineering, production, and quality management expertise.
Just one month later in 2011, as envisioned by the Company’s management succession plan, the appointment of Marcel Kessler as President and Chief Executive Officer was announced. Marcel succeeds Jim Hill, who remains Chairman of the Board of Directors.
In late 2016, Pason purchased Verdazo Analytics Inc., a Calgary-based, privately owned software company offering discovery analytics. The Company’s product enables energy producers to make informed decisions on how to enhance production, improve operations, and increase overall profitability. The addition of Verdazo's strong analytics platform for oil and gas production and operations complements Pason's market leading drilling information ecosystem.
At this same time in 2016, Pason announced the divestiture of all 3PS assets.
Pason's line of Products & Services continues to grow and evolve with its customers' changing needs. Pason also continues to experience growth in Canadian, US, and International markets.