FORT WORTH, Texas, March 31, 2014 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported that it sold
its four inland barge workover rigs, and related equipment, for
approximately $19 million to a
private buyer. As a result of this transaction, the Company
expects that the impact on revenue and earnings for 2014 will be
negligible.
Roe Patterson, Basic's President and Chief Executive Officer,
stated, "We have been active in the inland workover barge market
for the past ten years. While we have maintained consistent
utilization rates and adequate returns in this business line, the
number of active customers has decreased over time and we have seen
limited opportunities for growth. We intend to reinvest the
proceeds from this transaction to expand our higher growth, core
service lines during 2014."
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 5,500 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/Sheila
Stuewe
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Dennard – Lascar
Associates
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713-529-6600
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SOURCE Basic Energy Services, Inc.