Basic Energy Services Acquires LeBus Oil Field Service Co.
Basic Energy Services, Inc. has acquired all of the outstanding capital stock of LeBus Oil Field Service Co. for a total acquisition price of approximately $26 million. LeBus, which generated approximately $21 million in revenue in 2005, has a fleet of 67 fluid hauling trucks and 225 frac tanks, and six disposal facilities. LeBus provides transportation, storage and disposal of oilfield fluids in the East Texas and North Louisiana regions from its New London and Tenaha, Texas operating locations.
Ken Huseman, Basic's President and CEO stated, "Since its founding in 1949, LeBus has built a solid reputation for quality service with good people and equipment. LeBus' truck and tank fleet and network of disposal facilities complement our existing fluid services operations in East Texas and North Louisiana, giving us improved access to the most active areas in these markets. We believe we now operate the largest fluid services fleet in the Ark-La-Tex region and look forward to offering our combined customer base more seamless coverage throughout this market."
Basic Energy Services, with a fleet of more than 300 well servicing rigs,
provides a range of well site services to oil and gas drilling and producing
companies throughout the major oil and gas regions in Texas, Louisiana,
Oklahoma, New Mexico and the Rocky Mountain States.
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