Loveland-based petroleum engineering and well-site supervision firm Peterson Energy Management has been acquired by Lakewood's Integrated Petroleum Technologies Inc., the companies announced Monday.

The combined companies will form a petroleum engineering services company that will offer a range of engineering and field supervision to enhance a customer's well productivity, IPT said.

Peterson Energy provides petroleum engineering, drilling and completion solutions to companies of all sizes. Founded in 1989, the company employs 50 engineers and supervisors with oil-field experience in North America, the Middle East and Europe.

Since its establishment in 1991, IPT has worked on thousands of traditional and horizontal wells in the United States and Canada.

IPT recently partnered with Excellere Partners, a Denver-based private equity firm, in a recapitalization designed to provide IPT with additional capital and resources.

"Our company's petroleum engineering, wellsite drilling and completion capabilities dovetail perfectly with IPT's solutions," said Andy Peterson, Peterson Energy founder and president. "Together, we will be a company with end-to-end services that stand alone in the industry,"

Peterson Energy will become a division of IPT. Andy Peterson and his management team will assume senior leadership positions in the combined company.

"The advantage to our existing clients is the opportunity to access more sophisticated hydraulic fracturing design and monitoring services, should they need them," Peterson said. "Otherwise, they might not notice that anything has changed."