Basic Energy Services to Acquire Globe Well Service

Basic Energy Services, Inc. has recently signed a letter of intent to acquire all the common stock of Globe Well Service, Inc. of Big Lake, Texas, for approximately $10 million in cash plus net working capital at the time of closing. The acquisition, which is anticipated to close during the latter portion of the second quarter, is subject to customary due diligence and approval processes.

Globe provides an assortment of well site services in the Southern Permian Basin. Its operating asset base includes nine well servicing rigs, 19 fluid services trucks, as well as other service equipment.

Basic Energy Services, with a fleet of more than 330 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.