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.
Contacts:
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Alan Krenek, Chief
Financial Officer
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Basic Energy
Services, Inc.
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817-334-4100
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Jack Lascar/Stephanie
Smith
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Dennard Lascar
Associates
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713-529-6600
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SOURCE Basic Energy Services, Inc.