HOUSTON--(BUSINESS WIRE)--Ranger Energy Services, Inc. (NYSE:RNGR) (“Ranger”) announced today the closing of its previously announced acquisition from ESCO Leasing, LLC, an affiliate of Energy Service Company of Bowie, Inc. (‘‘EsCo’’), of 49 high-spec well service rigs and certain ancillary equipment. EsCo has been successfully serving the oil and gas industry for the last 42 years and brings additional expertise to the Ranger family. EsCo operates predominantly in Texas and Oklahoma.
“We are excited to welcome EsCo employees and customers to the Ranger family,” said Darron Anderson, Ranger CEO. “EsCo has a long and proud 40-year history of excellence in serving the oil and gas industry. We believe that this acquisition will allow us to serve the growing customer demands for “high-spec” well service rigs throughout the Permian Basin, the Haynesville Shale, the Gulf Coast, and the SCOOP and STACK plays.”
Tim Hall, founder of EsCo said, “We founded EsCo in 1975 with just 2 rigs. Today we have 49 rigs and approximately 300 employees. Our company's employees have always been EsCo's greatest asset and I expect Ranger will achieve great success with the EsCo team.”
About Ranger Energy Services, Inc.
Ranger Energy Services, Inc. is a provider of high-specification well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations. For more information, please visit www.rangerenergy.com.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements, represent Ranger’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ranger’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ranger does not undertake any obligation to update or revise any forward looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ranger to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Ranger’s filings with the Securities and Exchange Commission (“SEC”). The risk factors and other factors noted in Ranger’s SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.
