Keane, RockPile complete frack company merger

By Luke Geiver | July 05, 2017

Keane Group Inc. and RockPile Energy Services have completed a merger that was announced earlier this year. Keane acquired RockPile for roughly $276 million. The addition helped increase Keane’s exposure in the Bakken. Now, the Houston-based energy service firm has increased hydraulic fracturing capacity. In the Permian and the Bakken, Keane has 215,000 hp operating.

As part of the transaction, the sellers may receive up to $20 million (or $2.30 per share of common stocks issued to the seller) if trading prices of Keane’s common stock is less than $19.00 a share during a trading period ending in April 2018.

In addition to the new market access and pressure pumping capacity, Keane also received 8 wireline trucks, 12 workover rigs and 10 cement units.

Curt Dacar, former CEO of RockPile, has been named Keane’s new Chief Commercial Officer.

James Stewart, CEO of Keane, said the addition of RockPile increases the company’s pressure pumping capacity by 25 percent. The move also helps to position the company for future growth, he added.

Because of the acquisition, Keane is now present in the Permian, Marcellus, SCOOP/STACK and the Bakken.