Ranger Energy Services, Inc. (NYSE:RNGR) entered into a winning of auction to acquire certain assets of Basic Energy Services, Inc. (OTCPK:BASX.Q) for $36.6 million on September 16, 2021. Ranger Energy Services, Inc. entered into a definitive agreement on September 10, 2021, with several purchasers to issue an aggregate amount of $42 million of shares of its newly issued Series A Convertible Preferred Stock. Ranger Energy Services, Inc. currently expects to pay the cash purchase price with proceeds from the private placement. The closing of the transaction is subject to various conditions, including approval by the bankruptcy court. A hearing to seek court approval is scheduled for September 23, 2021, and the transaction is expected to be concluded by the end of September 2021. Piper Sandler is serving as exclusive financial advisor to Ranger Energy Services, Inc. with respect to the Basic asset acquisition and sole placement agent with respect to the debt financing and private placement of Preferred Stock. Andrew D. Betaque, Jeff Cole, Charles T. Haag, Stephen T. Kong, Eleni Kouimelis, Daniel J. McGuire, Matthew R. Stockstill and Douglas A. Yeager of Winston & Strawn LLP acted as legal counsel to Ranger Energy Services, Inc. Rodney L. Moore, Ray C. Schrock, P.C. and Sunny Singh of Weil, Gotshal & Manges LLP acted as legal advisor to Basic Energy Services, Inc.

Ranger Energy Services, Inc. (NYSE:RNGR) completed the acquisition of certain assets of Basic Energy Services, Inc. (OTCPK:BASX.Q) on October 1, 2021. The agreement to purchase the assets was approved by the United States Bankruptcy Court on September 23, 2021.