FORT WORTH, Texas, May 31, 2019 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic" or the "Company") announced
today that its Board of Directors has authorized the repurchase of
up to $5.0 million of its outstanding
shares of common stock from time to time in open market or private
transactions, at the Company's discretion. This authorization
expires on June 4, 2020. The timing
and actual number of shares repurchased will depend on a variety of
factors including the stock price, corporate and regulatory
requirements and other market and economic conditions. The stock
repurchase program may be suspended or discontinued as determined
by the Board of Directors.
Commenting on the announcement, T. M. "Roe" Patterson, Basic's
President and Chief Executive Officer, said, "The Board's
authorization and our implementation of a stock repurchase program
reflects our confidence in the long-term value of Basic's market
position and financial performance, which have been severely
discounted due to current conditions in financial markets. We
expect the stock repurchase program to be effected without drawing
on our existing ABL credit facility, and we expect our year-end
cash balance to be approximately $55
- $60 million and total liquidity of
approximately $130 - $135 million in the event we fully utilize the
current repurchase authorization by December
31, 2019."
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. The Company'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 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.
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 and the
presentation. 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 the transactions will be consummated
or 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.
Contacts:
|
Trey
Stolz,
|
|
VP Investor
Relations
|
|
Basic Energy
Services, Inc.
|
|
817-334-4100
|
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SOURCE Basic Energy Services, Inc.