Shares of water management and chemical solutions provider to the oil and gas industry, Select Energy Services, Inc. (WTTR) are rising more than 7% Monday morning on the news of closing of acquisition of Agua Libre Midstream, LLC and certain water-related assets and operations from Basic Energy Services, L.P, effective October 1.
"With this transaction, we will be adding more than 550,000 barrels per day of permitted daily disposal capacity in Texas, New Mexico, Oklahoma and North Dakota, with approximately 50% of this capacity in the Permian Basin. When combined with our existing assets, this brings our company-wide permitted daily disposal capacity to approximately 2 million barrels per day," John Schmitz, Chairman, President and CEO, stated.
Agua Libre provides water midstream, logistics and production services to the oil and gas industry, including operations in Texas, New Mexico, Oklahoma and North Dakota.
As consideration for the acquisition, Select has issued 902,593 common shares and paid $14.5 million to Basic.
WTTR is at $5.85 currently. It has traded in the range of $2.80- $7.58 in the past 52 weeks.
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