Basic Energy Services Inc., Midland, Texas (NYSE: BAS) has acquired substantially all of the operating assets of Midland, Texas-based Triple N Services Inc. for approximately $16 million in cash.
Triple N provides pressure-pumping and well-abandonment services in the Permian Basin.
Basic president and chief executive Ken Huseman says, “Triple N's highly regarded five-rig well-abandonment operations when combined with Basic's seven-rig operation will make us by far the largest well-abandonment company in the Permian Basin, where more than 2,500 wells were permitted for abandonment in 2007.”
He adds that Triple N's reputation for cementing services throughout West Texas and eastern New Mexico provides Basic with a firm reputation for expansion of pressure-pumping activities in those markets.
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