Basic Energy Services, Inc. (OTCQX: BASX) (” Fundamental” or the “Company”) announced today that it has participated in a purchase and sale agreement for the sale of certain non-core assets for a purchase price of $6.6 million, excluding the theory of certain capital leases with an outstanding balance of around $0.7 million and an earn-out payment of up to $1.0 million payable one year after closing. The closing date is expected to be around thirty days after the purchase and sale agreement is signed. Strong trucks, light task lorries, fracturing tanks, and non-core salt water disposal wells are among the items for sale.
What is Basic Energy Services and its Benefits
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About Basic Energy Services
Basic Energy Service includes wellsite services that are critical to maintaining oil and gas well production in its operating areas. The Company’s services are managed regionally and concentrated in the larger onshore oil-producing regions of Texas, California, New Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, and North Dakota, Colorado, and Montana in the United States.
Our operations are focused in prolific containers, which have historically shown superior drilling and production economics, as well as natural gas-focused shale plays indicated by prolific reserves. The Permian Basin, Bakken, Los Angeles & San Joaquin Basins, Eagle Ford, Haynesville, and Powder River Basins are all areas where the Company has a significant presence. We work with a diverse group of over 2,000 oil and gas services. The Company’s website, www.basices.com., has extra details on Basic Energy Services.
Safe Harbor Statement
This press release includes “forward-looking statements” as defined by federal and securities laws. Forward-looking statements are not historical statements, but rather reflect Basic’s current opinions on future events. Forward-looking statements are identified by the words “believe,” “quote,” “anticipate,” “task,” “plan,” “look for,” “could,” “should,” “may,” “potential,” and similar terms. The lack of these terms, however, does not imply that the statements are not forward-looking. Although Fundamental believes the expectations expressed in its forward-looking declarations are reasonable and are based on reasonable assumptions and quotes, certain threats and unpredictabilities may cause actual results to differ materially from the forecasts, prepared for results, or other expectations voiced in this release.
These uncertainties includes, but are not limited to, risks linked to the future execution of the purchase and sale agreement contained therein and the fulfilment of the conditions thereto. Extra major risk factors that might cause actual results to differ materially from expectations are described in Item 1A of the Company’s most current Annual Report on Form 10-K and other SEC filings.
Regardless of the fact that Fundamental makes these statements and predictions in good faith, neither Standard nor its management can guarantee that the transactions will be consummated or that the expected future outcomes will be realised. Any forward-looking statement speaks only as of the date on which it is made, and Basic tends to make no commitment to publicly update or modify any forward-looking declarations made herein or any other positive comments made by Fundamental, whether as a result of information, future events, or otherwise, unless required by law.