Calfrac Well Services Ltd.has agreed to acquire all of the operating assets ofMission 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
Articles from Exco
EXCO Pins Hopes to JVs, Eagle Ford and Haynesville Expansions
Officials with EXCO Resources Inc. said its acquisitions in the Eagle Ford and Haynesville shales during the second quarter were the foundation for future expansion, while its financial position would be bolstered through its joint ventures (JV) with Kohlberg Kravis Roberts & Co. LP (KKR), Harbinger Group Inc. and BG Group plc.
Shale Gas Development to Pay Down the Line, says Chief CEO
Development of the nation’s shale natural gas plays may be a thankless job for producers today, but its value will pay off in the years to come, according to the CEO of Chief Oil & Gas LLC, who hopes to expand his company’s presence in the Marcellus and Utica shales.
Chesapeake Results Disappoint; Largest Shareholder to Take ‘Active’ Role
Chesapeake Energy Corp. CEO Aubrey McClendon appeared to take it on the chin Wednesday, refusing to bow down to reports about the “unprecedented scrutiny” of the company and of himself in recent days, and promised shareholders that the management team is focused on becoming a U.S. oil-weighted giant. However, it’s going to take some time, he said, especially because the turnaround has little operational support from its natural gas-weighted portfolio.
MSC Elects Chesapeake Executive as New Chairman
The Marcellus Shale Coalition (MSC) has elected a top Chesapeake Energy Corp. executive to lead the industry coalition into 2012.
Rural Sullivan County, PA, Braces for Marcellus Drilling
The Marcellus Shale industry and associated gas pipeline construction are a threat to the water supply, nearby roads and “aesthetic aspects” of a historic mountain resort community in rural Sullivan County, PA, according to conservation group Preservation Pennsylvania — problems that one local official says the entire rural county must prepare to face.
Encore to Pay $375M for EXCO’s East Texas, Midcontinent Assets
Encore Acquisition Co. is expanding its holdings in East Texas and the Midcontinent in a $375 million cash deal with EXCO Resources Inc., the companies said Monday.
Western Gas Selling Black Lake Facilities
Denver-based Western Gas Resources Inc. made a purchase and saleagreement with EXCO Resources Inc. to sell its 69% interest in theBlack Lake Unit, including the Black Lake processing and treatingfacilities in Louisiana. The sales price of $7.8 million is subjectto adjustment. Western expects to realize a pre-tax loss of about$6.5 million this quarter. This deal is expected to close by Jan.7.
