C&J Energy Services, Inc. Completes Acquisition of Casedhole Holdings, Inc.
HOUSTON--C&J Energy Services, Inc. (NYSE:CJES) ("C&J" or the "Company") today announced that it has completed the previously announced acquisition of all of the outstanding equity interests of Casedhole Holdings, Inc. and its operating subsidiaries, including Casedhole Solutions, Inc. ("Casedhole"). The total consideration paid by C&J consisted of approximately $272.5 million in cash, plus preliminary closing adjustments of approximately $6.7 million related to excess working capital and certain capital expenditures. C&J funded the acquisition through $220.0 million drawn from its $400.0 million senior secured revolving credit facility, with the remainder paid from cash on hand.
Josh Comstock, Chairman, President and Chief Executive Officer, stated, "This is a transformative acquisition as it strengthens our position as a top-tier oil field services provider and advances our long term goal of becoming a large scale, geographically diversified provider of the most technologically advanced completion services. We are excited to plan our future course as a larger and stronger company."
About C&J Energy Services, Inc.
We are an independent provider of premium hydraulic fracturing, coiled tubing and pressure pumping services with a focus on complex, technically demanding well completions. In addition, through our subsidiary Total E&S, Inc., we manufacture and repair equipment to fulfill our internal needs, as well as for third party companies in the energy services industry. We operate in what we believe to be some of the most geologically challenging basins in South Texas, East Texas/North Louisiana, Western Oklahoma and West Texas/East New Mexico. We are in the process of acquiring additional hydraulic fracturing fleets and evaluating opportunities with existing and new customers to expand our operations into new areas throughout the United States with similarly demanding completion and stimulation requirements.
About Casedhole Holdings, Inc.
Founded in 2005 and headquartered in Houston, Texas, Casedhole is a leading multi-regional, independent provider of cased-hole wireline and other complementary services and a market leader across the most attractive regions of oil and gas exploration and production activity. Casedhole performs critical tasks throughout a well's lifecycle, including logging, perforating and pipe recovery. In addition, Casedhole performs complementary pressure testing, and pumpdown services. It has expertise in both horizontal and high-pressure, high-temperature completion applications. Casedhole operates its fleet of 58 wireline units, 11 pumpdown units and pressure control equipment through 12 district offices in 10 of the most active basins and shale plays in the United States.
Lisa Elliott, DRG&L
C&J Energy Services, Inc.
Danielle Hunter, Senior Counsel