Calfrac Well Services Ltd. has completed the previously announced acquisition of all of the operating assets of Mission Well Services, LLC (Mission), a privately-held hydraulic fracturing and coiled tubing services provider focused in the Eagle Ford shale region of Texas (the "Mission Asset Acquisition"). Under the terms of the asset purchase agreement in connection with the Mission Asset Acquisition, the total purchase price was approximately US$147 million, which included certain working capital associated with the ongoing operations of the business. The purchase price is subject to certain post-closing adjustments related to inventory verifications and equipment inspections.
With the closing of the Mission Asset Acquisition, Calfrac now has approximately 1,182,500 of conventional pumping horsepower, placing it among the world's largest and most capable fracturing companies. Calfrac intends to transfer a portion of the Mission assets to other active operating areas in the United States, and believes that its geographic diversification will allow it the flexibility to redeploy other assets as opportunities arise.