Basic Energy Services acquires asset

Published Oct 1, 2007
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Basic Energy closes Sledge acquisition

Basic Energy Services, Inc. has recently closed on the purchase of substantially all of the operating assets of Steve Carter, Inc. ("SCI") and Hughes Services, Inc. ("HCI") for a total consideration of $20 million in cash. The assets purchased include 22 fluid services trucks, 168 frac tanks, four disposal wells, and other ancillary equipment and inventory. SCI and HCI provide transportation, storage and disposal of oilfield fluids in the southeastern New Mexico and the western Permian Basin regions.

Ken Huseman, Basic's President and CEO, stated, "These acquisitions continue our efforts of expanding our footprint in the most prolific U.S. oil and gas basins, and in particular, they fill a gap in our fluid services coverage of the eastern New Mexico market. The purchase price paid is under four times trailing twelve months EBITDA and the transaction should be immediately accretive to our financial performance.

"Collectively, these transactions represent the eighth acquisition that we have completed this year and we continue to selectively evaluate additional acquisition opportunities in all of our major lines of businesses."


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