Ranger Energy Services Inc. is eying further acquisitions, the Houston-based oilfield service provider said alongside announcing the acquisition of Patriot Completion Solutions LLC on May 17.

In a company release, Ranger said it had acquired Patriot, a portfolio company of White Deer Energy LP focused on wireline evaluation and intervention services. Terms of the all-stock transaction were not disclosed.

The acquisition confirms comments Ranger management made about potentially closing a wireline acquisition within days during the company’s first-quarter earnings call on May 6. Management also noted an opportunity on the call of closing a second acquisition within the next couple of months.

“While the addition of Patriot is a great milestone toward Ranger achieving its goals, the company continues to pursue additional accretive strategic transactions,” Ranger said in the May 17 release.

Ranger Energy Services is an independent provider of well service rigs and associated services in the U.S., with a focus on unconventional horizontal well completion and production operations. The company also provides services necessary to bring and maintain a well on production.

The acquisition of Patriot’s service offerings was highly attractive for Ranger, according to CEO Darron Anderson, due to the U.S. shale industry’s ongoing emphasis on capital discipline, which he said has driven material growth of well maintenance and intervention style work.

“Patriot’s primary service offering of wireline evaluation and intervention plays an integral role in these types of operations, significantly expanding Ranger’s current capabilities,” he said in a statement.

Headquartered in Denver, Patriot has a strong market presence in the Permian, Bakken, Denver-Julesburg and Powder River basins. The company’s wireline completion units will be integrated into Ranger’s Mallard wireline business.

“Patriot brings an extremely talented and technical team to the Ranger family along with an asset base of 22 wireline units which significantly increases our fleet size and geographical reach,” Anderson concluded in his statement.

Patriot, which was founded in 2015 and led by CEO Dragan Cicvaric, also has a debt-free balance sheet as the result of a restructuring process that was completed in October 2020. Earlier this year, White Deer Energy reaffirmed its commitment to Patriot following the restructuring.

“As we move into our next phase of growth,” Patriot CEO Cicvaric commented, “we are excited to be joining the Ranger family of companies.”

“Ranger has demonstrated their knowledge and commitment to the wireline business through their Mallard brand,” he continued. “Their reputation and experience bring an extreme level of excitement and confidence to our team.”

Onshore