“We believe the asset purchase agreements will enable us to maximize the value of our businesses and create the best path forward for our customers, partners, employees and the communities we serve,” said Keith Schilling, President and Chief Executive Officer of Basic. The Company remains focused on serving customers and fully expects to continue operating without interruption, including paying its employees, during the court-supervised process. Accordingly, the proposed transactions are subject to higher and better offers, among other conditions. Bankruptcy Code, with Axis, Berry and Select serving as the “stalking horse” bidders in the court-supervised sale process. The transactions are being undertaken pursuant to Section 363 of the U.S. Bankruptcy Court for the Southern District of Texas. To facilitate the sales, Basic has commenced voluntary Chapter 11 proceedings in the U.S. Select will acquire substantially all of the Company’s Water Logistics segment assets outside of California, including all of the assets of Agua Libre Midstream, LLC. (NYSE: WTTR) (“Select”) pursuant to which, if consummated:Īxis will acquire substantially all of the Company’s Well Servicing and Completion & Remedial segment assets outside of California.īerry will acquire substantially all of the Company’s assets in California. (OTCQX: BASX) (“Basic” or the “Company”) today announced that it has entered into asset purchase agreements with each of Axis Energy Services Holdings, LLC (“Axis”), Berry Corporation (NASDAQ: BRY) (“Berry”), and Select Energy Services, Inc. FORT WORTH, Texas-( BUSINESS WIRE)-Basic Energy Services, Inc.

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