Basic Energy Services, Inc : Basic Energy Services Announces Relocation Of Corporate Headquarters
06/04/2012| 04:35pm US/Eastern
MIDLAND, Texas, June 4, 2012 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today announced that its Board of Directors has approved a decision to relocate Basic's corporate headquarters to Fort Worth, Texas from Midland, Texas.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "Basic was founded in the Permian Basin in 1992 and has enjoyed 20 years of growth and success due in large part to our corporate presence in Midland. While we will retain a significant operating presence with more than 30 service points and 2,300 employees in the Permian Basin, the move of our corporate headquarters to Fort Worth will facilitate the future growth and expansion of our company.
"Fort Worth provides a broader pool of experienced potential employees in the areas of human resources, accounting, finance and information technology that are essential to the continued growth of a publicly-traded company. We have been fortunate to find exceptional people for those positions to date in Midland. However, due to the recent rapid expansion of the energy sector in Permian Basin, it has become challenging to find administrative and professional employees in the Midland area and difficult to attract people to the area who have the skills and experience required to meet the needs of our company.
"We selected Fort Worth as the optimal corporate headquarters location for our operating footprint. The corporate office will have reasonable access to the majority of our field operations including those in the Permian Basin, Mid-Continent and Ark-La-Tex regions and improved airport access to our remaining operations and the financial markets.
"A transition plan has been developed to allow an orderly move of the corporate functions to Fort Worth, which we expect to be completed by end of this year. Personnel in the Midland corporate office will be informed this week of the transition schedule and details of the severance and retention program that will be offered to those employees impacted by this relocation."
Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating area. The company employs more than 5,700 employees in more than 100 service points throughout the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain and Appalachian regions. Additional information on Basic Energy Services is available on the Company's website at http://www.basicenergyservices.com.
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 (i) changes in demand for our services and any related material impact on our pricing and utilizations rates, (ii) Basic's ability to execute, manage and integrate acquisitions successfully and (iii) changes in our expenses, including labor or fuel costs and financing costs. Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of Basic's Form 10-K for the year ended December 31, 2011 and subsequent Form 10-Qs filed with the SEC. While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee 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
Basic Energy Services, Inc.
Jack Lascar/Sheila Stuewe
DRG&L / 713-529-6600
SOURCE Basic Energy Services, Inc.