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Ranger Energy Services  (RNGR) – Get Ranger Energy Services, Inc. Class A Report on Friday closed on its acquisition of certain assets of bankrupt oil and natural gas well services provider Basic Energy Services.

The Houston oil and natural gas well servicing company purchased Basic Energy’s business lines outside of California through a bankruptcy auction for $36.7 million that included assets within its well servicing service line, coiled tubing service line and real property in New Mexico, Oklahoma and Texas.

Ranger provides high specification well servicing rigs and ancillary equipment to the oil and gas industry.

“We are pleased with the purchase price of the Basic assets, and we look forward to welcoming a number of Basic personnel into the Ranger family,” Stuart Bodden, Ranger president and chief executive officer, said in a statement. “In addition to assets, this transaction gives Ranger access to many talented field personnel and managers that worked at Basic.

“I would also like to thank the Ranger team for their tireless work over the last two weeks to lay the groundwork for what I know will be a successful integration as we continue to build value for our stockholders,” Bodden said.

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Concurrent with the close of the acquisition, Ranger also closed its previously announced private placement of $42 million of shares of its newly issued Series A Convertible Preferred Stock to certain accredited investors.

The company also redeemed outstanding units of Ranger and of corresponding shares of Class B Common Stock of the company held by affiliates of CSL Capital Management and Bayou Well Holdings Co. for an equivalent number of shares of Class A Common Stock.

Fort Worth, Texas-based Basic Energy and 12 affiliates on Aug. 17 filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas in Houston seeking a sale of their assets.

Shares of Ranger on Friday closed down 4.7% to $8.77.