06:20 AM EDT, 03/14/2024 (MT Newswires) -- Source Energy Services ( SCEYF ) said overnight Wednesday that it has acquired RWR Trucking Inc.'s sand trucking assets for a combination of cash, vendor take back note, and assumed lease obligations.

Source Energy said it acquired a fleet of 27 tractors and 52 trailers that will account for approximately 10% of its Last Mile Trucking requirements. Key members of the RWR team, including drivers, dispatchers, and support personnel are now part of the Source team.

"The acquisition of the RWR assets strengthens our Last Mile Logistics service offering and, when coupled with the consistency of our Peace River hauls, will result in a highly utilized fleet," Source Energy CEO Scott Melbourn said.

"This transaction aligns seamlessly with our commitment to grow free cash flow so as to further deleverage the company, enhance our logistics service offerings, and provide the highest level of service to our customers."

The company fell 2.9% from near 52-week highs yesterday.