Basic Energy Services Inc. (fka BASXQ)

[littlejohn]

Adding another Chief surely stunned onlookers...


So we watch...LJ

[endub]

There is a new filing about new loan agreement for $10M. Appears they are gearing up to try to make the $16M debt payment which is why there is a little buying pressure today. Still no official news, and there is actually a WSJ article about them filing bk, so tread with caution but I see the new filing as a positive and they might have a path that avoids bk. fingers crossed.

[littlejohn]

could take more for severance and bk fees

than the payment would have

been to make...


has to a headache to be in

high finance world...


so we watch...LJ

[endub]

With the announcement of increased severance for CFO today, along with property sale, I’m starting to wonder if you are spot on with the chiefs trying to walk away from camp with the spoils. I cant figure out what is about to happen on this one. Sold some to reduce exposure but still holding some of this dead weight.

[endub]

Why liquidate assets(frac tanks, trucks, swd wells announced last week for $6M), sale-leaseback of property and Cali today for $10M? Are they making payment or going bk? Too much drama

[littlejohn]

CJWS was basically a worthless, dead duck walking

company when Ascribe pedaled

it to BASX...


Covid 19 was already a full

blown pandemic for over a

month when BASX closed deal

in early, March, 2020...

And BASX Executives squandered over

$59 million of BASX cash then...

Over $95 million was paid for the

seemingly worthless enterprise with

impeded means to generate revenue in

the biz climate of oil sector then...


page 7 in 03/31/2020 10q filing...


https://www.otcmarkets.com/filing/html?id=14245130&guid=uCPnUF7exZvF_yh

03/09/2020 8-k filing on

the deal...

https://www.otcmarkets.com/filing/html?id=13998808&guid=ajPnUn_z481G_yh


How Reckless were BASX Executives

to do the deal then?...


Here is timeline for 2020

Covid 19 events...


https://www.ajmc.com/view/a-timeline-of-covid19-developments-in-2020


It highlights a strong problem

with how BASX Executives operated

during the pandemic...


Shareholders owning then who

might become negatively impacted

by a BK filing by BASX seem to

have just cause to protest...


So it would seem understandable

if any prospective BK financing

has an ample fund also to be

used in case cases evolve due to

March,2020 transaction...


Things could get very complicated

if BASX doesn't right the ship

without further shareholder harm...


And you better doggone know that

BASX could use $59 million about

now if it crossed your mind...


So we watch...LJ

[littlejohn]

If all the workers get terminated, the

Chiefs still want some

departing payments...


That seems how Mr. Market

viewed the pr...


So we watch...LJ

[endub]

Could be some much needed good news. Hoping they made this decision to sell noncore assets and restructured with bondholders and are making payment and us common shareholders live to fight another day!...fingers crossed, knocking on wood.

https://www.businesswire.com/news/home/20210427006177/en/Basic-Energy-Services-Agrees-to-Sell-Non-Core-Assets

[littlejohn]

Ascribe took over control with the 03/09/2020

transaction...


https://www.otcmarkets.com/filing/html?id=13998808&guid=TNHpUq-5bL6bGyh


Recent make whole closing gave

them a larger interest...


Does BASX have another payment

installment coming from a past

sold acquisition that they may

be waiting on?...


So we watch...LJ

[endub]

I like your simplicity and my gut says you are correct. They seem to be signaling that they are about to hand the whole company over to Ascribe. Sad story with activity outlook picking up and their W TX water disposal business had real value. If they, management, were aligned with shareholder value instead of being in survivor mode they would have sold some components of the water disposal business to make payment and live to fight another day. I'm still holding a few to see if they can pull off a hail mary but I've written it off as I think the writing is on the wall.

[littlejohn]

WELL, at least things may be better for

some other drilling companies...


https://oilprice.com/Energy/Energy-General/US-Rig-Count-Increases-As-Oil-Prices-Hold-Above-60.html


So we watch...LJ

[willlbone]

Debt came due and they cannot pay. Sell.

[littlejohn]

BASX .26, $16 Billion proposed to plug

abandoned oil and gas wells...


https://www.wfmz.com/news/state/in-pennsylvania-visit-biden-proposes-16-billion-for-plugging-abandoned-oil-and-gas-wells/article_863df231-ecea-53b2-b9cc-d0aa685e1b44.html


https://www.basices.com/services/c-j-special-services


Go green with BASX...


So we watch...LJ

[littlejohn]

BASX .26, it seems the break even prices

for new wells in the following

article aren't from strong,

low cost producing companies...


https://oilprice.com/Energy/Energy-General/OPECs-Biggest-Fear-Is-Becoming-A-Reality.html


But a flikker in new activity

is the main focus...


So we watch...LJ

[littlejohn]

BASX , Spot Natural Gas surged to 8 to 17

on many trade hubs in

U.S. on Thursday...

Well above N.Y. futures pricing

posted due to icy weather...


Read to Bottom in this link...


https://www.naturalgasintel.com/record-setting-cold-lifts-algonquin-natural-gas-to-16-ogt-says-hold-my-beer/


https://www.barchart.com/futures/quotes/NGH21/futures-prices


So we watch...LJ

[CashCowMoo]

When I saw it at .10 I knew it was a steal

[KevP3301]

Congrats! This just hit my radar today. You are looking good!

[CashCowMoo]

up up and away!

[CashCowMoo]

I got in at 11 cents

[CashCowMoo]

Anyone else watching this? Seems like .10 is a great buy in price before oil prices go back up.

[CashCowMoo]

Looks like this one is going to be stuck until oil prices come up and companies get active. Wont be the same as it used to be though.

[bababooyah]

weeeeeeeeeeee

[$ B.M.F.$]

Any thoughts on the news today?

[Honolulu Trader]

$150 An Hour ?

https://ih.advfn.com/stock-market/USOTC/basic-energy-services-qx-BASX/stock-news/81799904/current-report-filing-8-k

[lordgod]

Are things looking up ?

[bababooyah]

Finally reached 100K shares. Let's roll.

[Honolulu Trader]

Energy Stocks Moving Higher

WW3 talks has oil prices going higher.

[longrichard]

Interesting

[T4KingOff]

Agreed HT, company has no bankruptcy concerns, all they did was miss earnings target. The fall was ridiculous, but it usually is when they get the delisting warning. Institutions start selling, shorts attack, and it just snowballs. People are waking up to the value here, and we will see this back above $1.00 in 2020.

[Honolulu Trader]

OTCQB Is A Big Disappointment For BASX

I'm sure that one of the goals of the new CEO is to get the company back on the NYSE there it belongs in 2020. If the CEO is successful then this would be one of the best buys in the patch right now. With a Book Value of $5 is a big plus.

[T4KingOff]

Holding this one for awhile people! Real value here. This is one of my largest positions because I consider it safe and expect at least $1.00+ in 2020.

[Honolulu Trader]

Cash Burn

#1 Issue

The bleeding needs to stop.

[T4KingOff]

likewise

[Honolulu Trader]

I'm very excited about 2020

You don't find this kind of opportunity very often. Perfect storm of selling was amazing. I may add more soon.

[T4KingOff]

Wish i grabbed sub .20s with ya, but ill take mid .20s anyday.

Yes, no bankruptcy concerns or anything here, and the company stole a major executive from the biggest OG servicing company in the world. Turnaround coming.

[Honolulu Trader]

Been Here For A While But Dead Board

bought a tiny amount in .40's right before the plunge then loaded up under .20. Started trading it back in 2004. Know this company pretty well. The new CEO looks good. With any luck BASX will go back to BAS in 2020.

[T4KingOff]

Nice to see some others here! Thought I was the only one nabbing these cheapies. I took a lot in the 0.20s and will be holding this one well past $1.00

[514]

no fkng brainer here

[StrategyTrader]

Looking for big run 4th q should be good something else developing we have to watch it unfold. I loaded at .18 rediculas market cap hopefully we are above 1 buck soon

[Honolulu Trader]

This is NYSE Stock Pretending To Be OTCQX

"If" correct then this has explosive potential in 2020. As of Friday my largest holding. Company is making the right moves just need growth in the space. I like our odds at this price and market cap.

[T4KingOff]

Wow that list is impressive! Also, nice to see someone else talking in here other than me. I agree with you, 2020 should be pretty special. Average of 13 analysts are predicting in the $2.50 range, and those are after the latest quarterly.

We just hired a big time Executive with Baker Hughes as our new CEO and we cancelled a very costly division. Big turnaround coming.

[Honolulu Trader]

BASX Locations

https://basicenergyservices.com/locations.html

[pepeoil]

The story on this dying turd is that their equipment is tired and worn out. They cannot compete with companies that have modern equipment. The majority of the companies out there drilling have more money than brains right now. They are drilling for show to bring in dollars, so they hire the companies with the prettiest equipment, and that isn’t these guys. The days of the independent oil man are going away quickly, and that is who they catered to. The eagle ford shale play is the largest uneconomic play in the world. Ask BHP. When this chit turns upside down, we are doomed. Trump won’t be able to help. Basic is dying with the rest of the independent oul men, we can compete with corrupt money.

[pepeoil]

They employ many in the lgbt community. With their support, this may hit .30

[Honolulu Trader]

Its My Dark Horse 2020 Play of the Year

was accumulating shares <.20 and bought more on Friday .25. Will continue to buy the dips.

[T4KingOff]

Up 40% already from my 0.20 buys and I keep adding. This is one you can put real money into. Come 1-2 months from now I will be up 200%-300% with an easy liquidity exit if I want to take it.

[T4KingOff]

BASX - $700 mil revs a year / $100 mil in net assets. Trading with a $5 mil market cap. 3 Months ago we were over $2, 52 wk high is over $6.00.

On net assets alone we should be at $4.00 a share. Not a hint of bankruptcy concerns here, just an OG ticker that was pummeled down here from NYSE delisting.

They have now hired a very impressive new CEO, formerly Baker Hughes Canada President. https://www.businesswire.com/news/home/20191219005837/en/Basic-Energy-Services-Announces-Appointment-Keith-L.

Just last week they cut one segment of their business that was unprofitable and used way too much capital. They are becoming leaner and more profitable.

These guys are for real and are turning the corner. NEVER should have dropped this low. After their most recent quarterly , this is what analysts predicted (November 2019):

"Analysts trimmed their valuations, with the average price target falling 13% to US$2.55, with the ongoing losses seemingly weighing on sentiment, despite no real changes to the earnings forecasts. There’s another way to think about price targets though, and that’s to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. The most optimistic Basic Energy Services analyst has a price target of US$5.00 per share, while the most pessimistic values it at US$1.00. We would probably assign less value to the analyst forecasts in this situation, because such a wide range of estimates could imply that the future of this business is difficult to value accurately. As a result it might not be possible to derive much meaning from the consensus price target, which is after all just an average of this wide range of estimates."

We are currently trading at 0.25!!

[T4KingOff]

NEWS - Hires Baker Hughes president as new CEO.

https://finance.yahoo.com/news/basic-energy-services-announces-appointment-225900960.html

[T4KingOff]

gap to fill at .41

[T4KingOff]

$100 mil more assets than liabilities.

No justification for a drop this big