FORT WORTH, Texas, Nov. 21, 2016 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic" or the "Company") announced
today that the New York Stock Exchange ("NYSE") has accepted the
Company's plan for continued listing on the NYSE. As a result,
Basic's common stock will continue to be listed on the NYSE,
subject to quarterly reviews by the NYSE to monitor the Company's
progress against the plan to restore compliance with continued
listing standards.
The NYSE had notified Basic on August 19,
2016 of non-compliance (the "NYSE Notice") with the market
capitalization and share price continued listing standards under
Sections 802.01B and 802.01C of the NYSE Listed Company Manual.
Basic has a period of six months from the date of the NYSE
Notice to regain compliance with the minimum share price criteria
by bringing its share price and thirty trading-day average share
price above $1.00. Basic has also a
period of 18 months from the date of the NYSE Notice to regain
compliance with the market capitalization requirements of the NYSE
listing standards. Should the Company's average global market
capitalization over a consecutive 30 trading-day period fall below
$15 million, the NYSE will promptly
initiate suspension and delisting procedures.
About Basic Energy Services
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 3,500 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.
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
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Dennard-Lascar
Associates
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713-529-6600
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SOURCE Basic Energy Services, Inc.