Ranger Energy Services Completes $36.65 Million Acquisition of Basic Energy Services’ Assets
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Ranger Energy Services has closed the acquisition of certain assets of Basic Energy Services, Inc. and its subsidiaries. The assets were sold by Basic as part of its bankruptcy process. The agreement to purchase the assets was approved by the United States Bankruptcy Court. The purchase price of approximately $36.65 million was paid with proceeds from the private placement.
“We are pleased with the purchase price of the Basic assets, and we look forward to welcoming a number of Basic personnel into the Ranger family. In addition to assets, this transaction gives Ranger access to many talented field personnel and managers that worked at Basic,” said Stuart Bodden, president and chief executive officer of Ranger.
“I would also like to thank the Ranger team for their tireless work over the last two weeks to lay the groundwork for what I know will be a successful integration as we continue to build value for our stockholders,” added Bodden.
Concurrent with the close of the acquisition, the company also closed its private placement of $42 million of shares of its newly issued Series A Convertible Preferred Stock to certain accredited investors.
About Ranger Energy Services
Ranger is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations. Ranger also provides services necessary to bring and maintain a well on production. The processingsSolutions segment engages in the rental, installation, commissioning, start-up, operation and maintenance of MRUs, Natural Gas Liquid stabilizer and storage units and related equipment.
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