Basic Energy Services Announces Record-Setting Lateral Completion in the Permian Basin at 3.4 Miles
July 18 2019 - 5:49PM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190718005824/en/
Trey Stolz, VP Investor Relations Basic Energy Services,
Inc. 817-334-4100
Basic Energy Services (NYSE:BAS)
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