JMR Services® and A-Plus P&A Announce Strategic Merger to Create the Leading Pure-Play P&A Service Provider in the Nation
JMR Services ("JMR"), the preeminent plug and abandonment (P&A) service provider to the oil and gas industry in the Permian Basin, is pleased to announce the execution of a Letter of Intent (LOI) to merge with A-Plus P&A LLC ("A-Plus"), a well-established pure-play P&A services provider in the Denver-Julesburg, Permian and San Juan Basins.
JMR and A-Plus have each established strong reputations with their industry partners, Government regulators and customers for their ability to provide comprehensive and highly efficient well abandonment services via a safety-centric operations culture. In addition to P&A services, JMR will bring to the new company its expertise in well site decommissioning and reclamation from its recent acquisition of Rattler Industries, Inc. d/b/a Rattler Services, further enhancing the new company's service offerings to their combined institutional customer base.
The new company will be well positioned to grow into the largest pure-play P&A company in the nation, with the ability to offer customers a one-stop-shop for P&A, well site remediation/reclamation and eventually methane emissions quantification, reduction, and monetization via "carbon credits."
James (Jimmy) Roark, Chief Executive Officer and Founder of JMR and founding principal and Board Member of A-Plus, will remain in his role as CEO of the merged organization under the JMR Services brand. Mr. Roark founded JMR with his brother, Lee Roark, in 2015 and brings 41 years of industry experience to the combined company.
Trey Stolz, CFO of A-Plus, will assume the role of Chief Financial Officer. Mr. Stolz, with 22 years of experience as an investment banker and equity research analyst focused on oilfield services, brings seven years of direct industry experience in various executive roles.
Lee Roark, Chief Operating Officer of JMR, will remain COO of the combined company. Mr. Roark brings 28 years of industry experience with a primary focus on plugging and abandonment operations.
Randy Pacheco, Chief Executive Officer at A-Plus since 2016, will assume the role of Vice President of Governmental Affairs after the merger. Mr. Pacheco has spent 25 years in and around the oilfield service industry, including a combined 10 years in multiple CEO roles.
"This merger signifies a pivotal moment in the P&A sector, as the combination of JMR and A-Plus promises oil and gas operators enhanced service capabilities, operational efficiencies, and a strengthened balance sheet with minimal leverage," said Mr. Roark. "JMR Services and A-Plus P&A look forward to embarking on this exciting new chapter together as we have undertaken several modernization initiatives to bring our systems and processes to industry-leading, state-of-the-art levels, allowing us to further leverage the strong platform we have developed for future growth and national expansion."
The merger is anticipated to close early in the second quarter of 2024, subject to customary closing conditions.
About JMR Services:
Founded in May 2015 and based in Midland, Texas, JMR Services started as a pure-play well plugging and abandonment provider, launching its first plugging spread in January 2017. Today, with a total of 14 spreads, JMR Services is a leading name in the industry, known for its high-quality safety culture, service, employees, and equipment, particularly in the Permian Basin of West Texas and Eastern New Mexico. The acquisition of Rattler Services in November 2023 expanded JMR's capabilities to include decommissioning and wellsite reclamation services.
About A-Plus P&A LLC:
A-Plus, founded in 1992 and based in Farmington, New Mexico, has established itself as a premiere plug and abandonment service provider to government entities, tribal entities, and tradition E&P operators across the San Juan, Denver-Julesburg, and Permian Basins. Known for its professional, safe, and cost-effective services, A-Plus offers comprehensive equipment packages for efficient and economical well plugging. The company prides itself on its experienced personnel and commitment to safety and regulatory compliance.
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