Calfrac Acquires Eagle Ford Assets With Mission Well Services Deal - $147 Million

Mission Well Services Frac Spread

Calfrac Well Services has agreed to acquire Eagle Ford service company Mission Well Services for $147 million.

Mission Well Services is a privately held hydraulic fracturing and coiled tubing service provider in Texas. With the acquisition, Calfrac gains locations in Fairfield, Houston, and San Antonio.

“Mission provides a platform for Calfrac to enter the Eagle Ford shale region and to assess opportunities in other basins in Texas, while adding high quality fracturing and coiled tubing equipment to other Calfrac operating areas.”

— Doug Ramsay, CEO of Calfrac

The deal includes:

• 157,500 of conventional pumping horsepower
• High rate blenders
• Sand handling equipment
• Three deep capacity coiled tubing units with related fluid and nitrogen pumping units
• Modern office and yard in San Antonio, TX

Charlie Leykum, Chairman of Mission, stated "We think the transaction is an exciting development for our team at Mission and it is the culmination of three years of hard work, from inception as a greenfield development to a thriving, multi-district pressure pumping company. We look forward to introducing Calfrac to our customers and vendors in the Eagle Ford and surrounding markets."

Calfrac is based in Calgary, Canada, and has operations in Canada, the U.S., South America, and Russia. The acquisition brings the company's total pumping capacity up to 1,181,500 horsepower.

Read the full press release at calfrac.com

Platinum Energy Solutions to Add San Antonio Eagle Ford Field Office - Yard

Platinum Energy Solutions is adding a 50-acre office and yard just south of San Antonio in the Braunig Industrial Park. The facility will add 200+ Eagle Ford Jobs, with an average salary of $60,000 per year. Platinum is an oilfield services provider with specialties in hydraulic fracturing, coiled tubing, and other pressure pumping services.

Read an entire article on the new facility at bizjournals.com.

Key Energy Acquires Edge Oilfield and Summit Oilfield Services

Key Energy is increasing its shale oil exposure through the acquisition of Edge Oilfield Services and Summit Oilfield Services. The Key Energy deal follows Edge's entry into the Eagle Ford Shale where the company has expanded its offering. The two acquisitions put Key Energy in a position to further capitalize on the shale oil boom across the country.

"Oilfield services provider Key Energy Services Inc said it would buy Edge Oilfield Services and Summit Oilfield Services for about $300 million to add to its products used for drilling in unconventional shales.""The deal comes as oil and gas companies look to tap North American shale fields -- underground rock formation rich in oil and gas -- that require techniques like hydraulic fracturing to crack the resources."

"Edge's entry into the lucrative Eagle Ford shale is underway. This will boost Key Energy's revenue as many companies have been striking deals to expand in the oil-rich region."

Read the full news release at Reuters.com