Houston-based Ranger Energy announced the expansion of its wireline services business with the acquisition of Patriot Well Solutions and PerfX Wireline Solutions.
The addition of Patriot and PerfX significantly increases the scale and scope of the company's existing Mallard wireline business. Ranger will now extend its range of services beyond its current completion-oriented work to include a full suite of production services, as well as adding geographic diversity.
The acquisition also increases Ranger’s existing Mallard fleet to 68 wireline trucks, 10 cranes, and 12 pump-down pumps. Eight additional locations will be added to Ranger’s geographic presence giving the opportunity to expand beyond the Permian to the DJ, Bakken and Powder River basins.
“Similar to our previously announced acquisition of Patriot, the addition of PerfX to our Ranger portfolio of companies checks a number of strategic boxes," said Bill Austin, Ranger's chairman of the board and interim CEO.
We now have the scale, scope and diversification necessary to ensure the long-term success of our wireline service offerings under the Ranger umbrella, said Austin. Moving forward, Ranger will continue its focus on balance sheet strength and free cash flow generation, he added.
"We are pleased to have completed these two transactions and expect more opportunities to grow our businesses through acquisitions,” said Austin.
