Attached files
file | filename |
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8-K - FORM 8-K - BASIC ENERGY SERVICES, INC. | h82813e8vk.htm |
EX-10.1 - EX-10.1 - BASIC ENERGY SERVICES, INC. | h82813exv10w1.htm |
Exhibit 99.1
NEWS RELEASE |
Contacts: | Alan Krenek, Chief Financial Officer | |||
Basic Energy Services, Inc. | ||||
432-620-5510 | ||||
FOR IMMEDIATE RELEASE
|
Jack Lascar/Sheila Stuewe | |||
DRG&L / 713-529-6600 |
BASIC ENERGY SERVICES SIGNS LETTER OF INTENT TO
ACQUIRE MAVERICK COMPANIES
ACQUIRE MAVERICK COMPANIES
MIDLAND, Texas June 2, 2011 Basic Energy Services, Inc. (NYSE: BAS) (Basic) today
announced the signing of a letter of intent to purchase the outstanding equity interests of the
Maverick group of companies (Maverick) for $180 million subject to certain working capital
adjustments. Maverick provides a full range of fracturing and stimulation services with a fleet of
approximately 60,000 hydraulic horsepower and comprehensive coil tubing services, including seven
coil tubing units, nitrogen and other related equipment. Mavericks operating area includes the
Rocky Mountain oil and gas market with major service facilities located in Fort Morgan and Grand
Junction, Colorado and depots in Aztec, New Mexico, Trinidad, Colorado, Vernal, Utah and
Bartlesville, Oklahoma.
The transaction is subject to completion of due diligence by Basic, regulatory approvals (including
filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976), and the execution of a
definitive purchase and sale agreement, and is expected to close in early July. Mavericks
operations will be incorporated into Basics completion and remedial services business segment.
Basic Energy Services provides well site services essential to maintaining production from the oil
and gas wells within its operating area. The company employs more than 4,800 employees in more
than 100 service points throughout the major oil and gas producing regions in Texas, Louisiana,
Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain and Appalachian regions.
Additional information on Basic Energy Services is available on the Companys website at
http://www.basicenergyservices.com.
Safe Harbor Statement
This release includes forward-looking statements and projections, made in reliance on the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. Basic has made every
reasonable effort to ensure that the information and assumptions on which these statements and
projections are based are current, reasonable, and complete. However, a variety of factors could
cause actual results to differ materially from the projections, anticipated results or other
expectations expressed in this release, including (i) changes in demand for our services and any
related material impact on our pricing and utilizations rates, (ii) Basics ability to execute,
manage and integrate acquisitions successfully, including the proposed acquisition, and (iii)
changes in our expenses, including labor, fuel costs and financing costs. Additional important
risk factors that could cause actual results to differ materially from expectations are disclosed
in Item 1A of Basics Form 10-K for the year ended December 31, 2010 and subsequent Form 10-Qs
filed with the SEC. While Basic makes these statements and projections in good faith, neither
Basic nor its management can guarantee that anticipated future results will be achieved. Basic
assumes no obligation to publicly update or revise any forward-looking statements made herein or
any other forward-looking statements made by Basic, whether as a result of new information, future
events, or otherwise.
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