Effective as of August 15, 2018, Alan Krenek will retire as the Senior Vice President, Chief Financial Officer, Treasurer and Secretary of Basic Energy Services, Inc. Mr. Krenek will serve as a consultant to Basic until December 31, 2018, pursuant to the terms of a Transition Services Agreement dated April 3, 2018 (the “TSA”) by and between Basic and Mr. Krenek, and will continue to assist Basic's new Chief Financial Officer, Mr. David Schorlemer, in the transition process. On August 14, 2018, Basic announced the appointment of David Schorlemer as Basic's Senior Vice President and Chief Financial Officer, effective August 27, 2018. Mr. Schorlemer, age 51, is an accomplished professional with two decades of experience in senior level positions with public and private companies spanning such areas as finance, technology, business process systems integration, growth acquisitions, strategic and organizational planning and capital markets transactions, among others.

In his role as Senior Vice President and Chief Financial Officer, he will be responsible for overseeing and managing all of Basic's finance, technology and accounting responsibilities. Mr. Schorlemer most recently served as the Chief Financial Officer of Gulf Island Fabrication, Inc.