Basic Energy Services Signs Letter of Intent to Acquire Maverick Companies

Basic Energy Services, Inc. BAS today announced the signing of a letter of intent to purchase the outstanding equity interests of the Maverick group of companies for $180 million subject to certain working capital adjustments. Maverick provides a full range of fracturing and stimulation services with a fleet of approximately 60,000 hydraulic horsepower and comprehensive coil tubing services, including seven coil tubing units, nitrogen and other related equipment. Maverick's operating area includes the Rocky Mountain oil and gas market with major service facilities located in Fort Morgan and Grand Junction, Colorado and depots in Aztec, New Mexico, Trinidad, Colorado, Vernal, Utah and Bartlesville, Oklahoma. The transaction is subject to completion of due diligence by Basic, regulatory approvals (including filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976), and the execution of a definitive purchase and sale agreement, and is expected to close in early July. Maverick's operations will be incorporated into Basic's completion and remedial services business segment.