New Source Energy Partners LP announced on Thursday its acquisition of MCE LP. The said deal was valued at USD44 million. The total amount was a combination of USD3.8 million in cash and USD1.8 million common units. This was according to a report published by Reuters today.

MCE is an oilfield services company that specializes in drilling and well completion safety. The company is owned by a group that includes New Source Energy's chief executive officer, Kristian Kos, the report said.

New Source Energy is an exploration and production firm headquartered in Oklahoma City, Oklahoma. CEO Kos told analysts that the acquisition of MCE is a strategic move for business integration and growth, said the report.

The acquisition deal was closed on Wednesday. It reportedly gained unanimous approval from New Source's board of directors. Under the terms of the deal, MCE's former owners will be able to receive additional payout if the firm achieves certain financial targets, Reuters reported.