Basic Energy Services Announces Extension of Deadlines for Private Exchange Offer, Rights Offering and Consent Solicitation

Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced that it has extended certain deadlines in connection with its previously announced private offer to exchange (the “Exchange Offer”) its 10.75% Senior Secured Notes due 2023 (the “Existing Notes”) for newly issued 11.00% Senior Secured Notes due 2025 (the “New Notes”), the related offering (the “Rights Offering”) of rights to subscribe (each, a “Subscription Right”) to purchase 9.75% Super Priority Lien Senior Secured Notes due 2025 (the “New Super Priority Notes”) to be issued by Basic and consent solicitation (the “Consent Solicitation”), in each case subject to the terms and conditions set forth in the Confidential Offering Memorandum dated November 5, 2020 (the “Offering Memorandum”).

The Company announced it has extended the deadlines for the Exchange Offer, Rights Offering and Consent Solicitation as follows:

• Early Deadline – The deadline for tendering Existing Notes in order to receive the consideration listed in the table below has been extended from 5:00 p.m., New York City time, on November 19, 2020 to 11:59 p.m., New York City time, on December 4, 2020 (such date and time, the “Early Deadline” and the “Expiration Time”).

• Subscription Rights Deadline – The deadline for subscribing to receive New Super Priority Notes pursuant to the Rights Offering has been extended from 5:00 p.m., New York City time, on November 23, 2020 to 5:00 p.m., New York City time, on December 8, 2020.

• Funding Deadline – The deadline for participating holders to deliver the purchase price in order to receive the New Super Priority Notes has been extended from 11:59 p.m., New York City time, on December 4, 2020 to 5:00 p.m., New York City time, on December 8, 2020.

Accordingly and subject to satisfaction of the conditions therefor, the settlement date for the Exchange Offer is expected to be December 9, 2020, and the New Super Priority Notes are expected to be issued on or about December 16, 2020.

						Principal Amount of New Notes(1)
CUSIP Number and ISIN of Existing Notes		Title of Existing