Basic Energy Services Announces Record-Setting Lateral Completion in the Permian Basin at 3.4 Miles

Date : 07/18/2019 @ 9:49PM
Source : Business Wire
Stock : Basic Energy Services Inc New (BAS)
Quote : 0.538  -0.0274 (-4.85%) @ 7:04PM

Basic Energy Services Announces Record-Setting Lateral Completion in the Permian Basin at 3.4 Miles

Basic Energy Services (NYSE:BAS)
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Basic Energy Services, Inc. (“Basic”) has announced that one of its high-spec, 24-hour rig and equipment packages recently completed a record-setting Wolfcamp A well for Surge Energy US Holdings Company (“Surge”), one of its top customers in the Permian Basin.

Rig #1826, based in Big Spring, Texas, along with a bundled Basic high-spec ancillary equipment package successfully drilled out frac plugs over a total horizontal displacement of 17,935 feet (3.4 miles). To date, this well marks the longest known lateral completed in the Permian Basin. Rig #1826, a high-spec, 600-horsepower Taylor well servicing unit, coupled with Basic’s twin 2,250 horsepower pumps and high-performance ancillary equipment, completed the drill-out of the Medusa Unit C 28-09 3AH safely and efficiently in six days.

“We are honored to partner with an innovative E&P company like Surge to deliver these record-setting results. Reaching this milestone with our customer displays our leadership in well servicing for complex, long lateral completions in the Permian Basin,” said Brandon McGuire, Vice President of the Permian Business Unit at Basic. “This success is a credit to our hard-working employees and Surge’s confidence in those crews. We will continue to focus on driving value through the integration of these high-spec pieces of equipment into a seamless package of services. We are proud to be a part of the outstanding team that made this possible and we will continue to strive to deliver high quality services to help our customers reach their goals.”

About Basic Energy Services

Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating areas. Basic’s operations are managed regionally and are concentrated in major United States onshore oil-producing regions located in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota, California and Colorado. Our operations are focused in liquids-rich basins that have historically exhibited strong drilling and production economics in recent years. Specifically, we have a significant presence in the Permian Basin, Powder River Basin, SCOOP/STACK, Denver-Julesburg Basin, and the Bakken and Eagle Ford shales. We provide our services to a diverse group of over 2,000 oil and gas companies. Additional information on Basic Energy Services is available on the corporate website at 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. Forward-looking statements are not statements of historical fact and reflect Basic’s current views about future events. The words "believe," "estimate," "expect," "anticipate," "project," "intend," "seek," "could," "should," "may," "potential" and similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Although Basic believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions and estimates, certain risks and uncertainties could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release. These risks and uncertainties include, without limitation, our ability to successfully execute, manage and integrate acquisitions, reductions in our customers’ capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital and volatility in commodity prices for crude oil and natural gas. Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of the Company’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee that anticipated future results will be achieved. Any forward-looking statement speaks only as of the date on which such statement is made and 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, except as required by applicable law.

Trey Stolz, VP Investor Relations  Basic Energy Services, Inc.  817-334-4100

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