Ranger Energy Announces Completion of Sale-Leaseback Transaction

Source: www.gulfoilandgas.com 4/14/2021, Location: North America

Ranger Energy Services, Inc. has completed a sale-leaseback real estate transaction related to one of its operations facilities, delivering $13 million in gross proceeds.

“We are pleased to complete this sale-leaseback transaction,” said Darron Anderson, Ranger Energy Services’ Chief Executive Officer. “By unlocking under-appreciated value on our balance sheet, we materially increase liquidity, while accelerating progress in hitting our near-term goal of moving to zero net-debt. We firmly believe that our balance sheet continues to place us at a strong competitive advantage as the market recovers and we move to pursue organic and acquisitive growth opportunities.”

The property sold is Ranger’s DJ Basin facility and includes both office and operational support facilities. Ranger will continue to occupy the facility pursuant to a market-based long-term lease.


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