BAS Basic Energy Services Inc New

FORT WORTH, Texas, Sept. 17, 2014 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") announced today that it has completed the acquisition of substantially all of the assets of Pioneer Fishing and Rental ("PFR"), a division of Pioneer Energy Services (NYSE: PES) ("Pioneer"), for total cash consideration of approximately $16 million. PFR operates its rental and fishing tool business from locations in Woodward, OK, Pampa, TX and Springtown, TX. 

Basic expects this acquisition to be immediately accretive to earnings and to contribute revenue of approximately $14 million in 2015. As of the date of the acquisition, PFR had 36 employees. With this purchase, Basic has combined its existing operation in Woodward, OK and expanded its rental and fishing tool business into Pampa, TX and Springtown, TX.

Roe Patterson, Basic's President and Chief Executive Officer, stated, "We look forward to working with the new management team from PFR to develop and enhance our rental and fishing tool capabilities in the Texas Panhandle, Oklahoma and northern Barnett Shale operating areas. This acquisition represents our continued efforts to expand our service lines in our completion and remedial segment."

Stacy Locke, Pioneer's President and Chief Executive Officer, stated, "We are pleased to sell our fishing and rental business to Basic. Our employees will be in good hands, and the combined business will have greater depth and effectiveness together than as separate entities. We thank Randy Watson and his team for the many great years of working together and wish them the best of luck."

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 5,700 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 Company's 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) Basic's ability to execute, manage and integrate acquisitions successfully and (iii) changes in our expenses, including labor or 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 Basic's Form 10-K for the year ended December 31, 2013 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.

SOURCE Basic Energy Services, Inc.