FORT WORTH, Texas, April 17, 2018 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic" or the "Company") announced
today that it has amended its existing asset-based lending credit
facility ("ABL") to increase the bank group's commitments from
$120 million to $150 million. Furthermore, an additional lender
was added to the bank group while all other terms and conditions of
the ABL remained unchanged.
Roe Patterson, Basic's CEO and President, stated, "We are very
pleased that we were able to increase the ABL commitments by
$30 million. With this up-sized ABL,
we have positioned ourselves to access additional liquidity to fund
our anticipated growth."
Basic Energy Services provides well site services essential to
maintaining production from the oil and gas wells within its
operating area. The Company employs over 4,100 employees in
more than 100 service points throughout the major oil and gas
producing regions in Texas,
Louisiana, Oklahoma, New
Mexico, Arkansas,
Kansas, California and the Rocky Mountain and
Appalachian regions. Additional information on Basic Energy
Services is available on the Company's 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. 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, (iii) changes in our expenses, including labor or
fuel costs and financing costs, (iv) continued volatility of oil or
natural gas prices, and any related changes in expenditures by our
customers, and (v) competition within our industry.
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, 2017 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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Trey Stolz, VP
Investor Relations
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Basic Energy
Services, Inc.
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817-334-4100
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Jack Lascar / Kaitlin
Ross
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Dennard-Lascar
Associates
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713-529-6600
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SOURCE Basic Energy Services, Inc.