Calfrac Well Services Ltd. has agreed to acquire all of the operating assets of Mission Well Services LLC, a privately-held hydraulic fracturing and coiled tubing services provider focused on the Eagle Ford Shale, for $147 million. Calfrac will acquire 157,500 hp of conventional pumping equipment, along with high-rate blenders, related sand-handling and auxiliary equipment, three deep-capacity coiled tubing units with related fluid and nitrogen pumping units and a modern district facility in San Antonio. Calfrac will gain a foothold in the Texas market with the addition of locations in Houston, San Antonio and Fairfield. The company is assuming certain commitments with key suppliers of Mission and will be offering employment to a significant portion of Mission's employees. Calfrac intends to transfer a portion of the assets to other active operating areas in the United States. With the acquired assets, Calfrac will have more than 1.18 million hp of conventional pumping capacity.
Exco Resources Inc. said BG Group plc has elected not to acquire 50% of the company's recently acquired producing and undeveloped oil and gas assets in the Haynesville Shale. Exco closed the acquisition of the Haynesville assets on July 12 for $288 million after adjustments. The assets were subject to BG Group's right to acquire a 50% interest (see Shale Daily, July 5). Exco has raised its full-year 2013 adjusted earnings before interest, taxes, depreciation and amortization guidance from $435 million to $450 million. "With BG Group's decision not to participate, Exco will be able to fully benefit from the Haynesville assets' strong base production and additional drilling inventory with upside development opportunities," said Exco CEO Douglas Miller.
Leading Eagle Ford Shale producer Marathon Oil Corp. is adding 4,800 net acres in the core of its position in the South Texas play for $97 million, including carried interest of $23 million, the company said Tuesday. Marathon also said it is proceeding with plans to repurchase $1 billion of its common stock.