Basic Energy Services, Inc. BAS ("Basic") announced today that its Board of Directors has
reauthorized the repurchase of up to approximately $35.2 million of its common
shares from time to time in open market or private transactions, at the
company's discretion, as a continuation of its prior $50.0 million program
announced in 2008 (of which $14.8 million has been previously repurchased).
The timing and actual number of shares repurchased will depend on a variety of
factors including the stock price, corporate and regulatory requirements and
other market and economic conditions. The stock repurchase program may be
suspended or discontinued at any time.
Commenting on the announcement, Kenneth V. Huseman, Basic's Chief Executive
Officer, said, "The Board's reauthorization and our reimplementation of the
stock repurchase program, which was previously suspended, reflects our
confidence in the long-term value of Basic's market position and financial
performance. The repurchased shares will become treasury shares, which may be
reissued later in connection with acquisitions or with our long-term incentive
plans. We believe our current share price presents an attractive investment
opportunity for the company and potential good use of our existing liquidity."
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