MIDLAND, Texas, April 26 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (Basic) announced today it has recently signed a letter of intent to acquire all the common stock of Globe Well Service, Inc. ("Globe") of Big Lake, Texas, for approximately $10 million in cash plus net working capital at the time of closing. The acquisition, which is anticipated to close during the latter portion of the second quarter, is subject to customary due diligence and approval processes.
Globe provides an assortment of well site services in the Southern Permian Basin. Its operating asset base includes nine well servicing rigs, 19 fluid services trucks, as well as other service equipment.
Basic Energy Services, with a fleet of more than 330 well servicing rigs, provides a range of well site services to oil and gas drilling and producing companies throughout the major oil and gas regions in Texas, Louisiana, Oklahoma, New Mexico and the Rocky Mountain States.
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 Basic's ability to successfully execute, manage and integrate acquisitions. 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. 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: Alan Krenek, Chief Financial Officer
Basic Energy Services, Inc.
432-620-5516
Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600
© 2006 PR Newswire
