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Ranger will issue the $75.2 million in net proceeds to its subsidiary, RNGR Energy Services in exchange for limited liability units in the Company. The Subsidiary will use funds to repay debt, pay for cash bonuses to employees and fund acquisitions.
 
About Ranger Energy
 
Ranger Energy Services, Inc. is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations.
 
From RNGR
 
"We are one of the largest providers of high-specification ("high-spec") well service rigs and associated services in the United States, with a focus on technically demanding unconventional horizontal well completion and production operations. We believe that our fleet of 119 well service rigs (including 49 well service rigs to be acquired from ESCO) is among the newest and most advanced in the industry and, based on our historical rig utilization and feedback from our customers, we believe that we are an operator of choice for U.S. onshore exploration and production ("E&P") companies that require completion and production services at increasing lateral lengths."
 
In 2016 Ranger Energy Services expanded its national footprint after combining with two companies offering similar services. Ranger Energy acquired Bayou Workover Services. Equity firm CSL Capital Management LLC, which sponsors Ranger, recently acquired Magna Energy Services, according to a company statement. Prices were not disclosed.

The combined company now has 70 rigs to perform workovers. Generally, workover is the process of repairing or extending the production life of drilled wells. Ranger founder and CEO Scott Milliren serves as chairman. Brett Agee, who was CEO of Bayou, will now be chief executive officer of the combined company.

Sources: Criterion Research, Ranger Energy

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