FORT WORTH, Texas, Oct. 18, 2016 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic" or the "Company") today
announced that the Company has successfully obtained an extension
of its temporary waiver from Basic's secured asset-based revolver
(the "ABL Facility") lenders. As previously announced on
October 17, 2016, the Company was
seeking an additional extension of its temporary waiver of certain
existing and future defaults under the ABL Facility in order to
finalize the terms of a deleveraging transaction with its
creditors. Basic has now received an additional seven day
extension of the temporary waiver, through October 24, 2016, subject to certain terms and
conditions.
The Company continues to have, and expects to have, adequate
liquidity to continue its efficient and uninterrupted operations in
the ordinary course and to meet all of its obligations to
suppliers, customers and employees.
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 over 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.
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, including
statements regarding the status of the negotiations and our
liquidity. 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, (v) competition
within our industry, (vi) Basic's ability to comply with its
financial and other covenants and metrics in its debt agreements,
as well as any cross-default provisions, and (vii) the course of
our negotiations with our creditors. 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, 2015 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.
CONTACT:
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Alan
Krenek,
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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.