Basic Energy Services obtained an extension of its temporary waivers from its secured asset-based revolver lenders.

Basic sought an additional extension of its temporary waivers of certain existing and future defaults under its ABL facilities to finalize the terms of a deleveraging transaction with its creditors.

Basic has now received an additional seven-day extension of the temporary waivers, through October 24, 2016, subject to certain terms and conditions.

The waivers apply to Basic’s credit agreement dated November 26, 2014 with Bank of America as administrative agent, swing line lender and l/c issuer and to its credit agreement dated February 17, 2016 with U.S. Bank as administrative agent.

The company continues to have, and expects to have, adequate liquidity to continue its efficient and uninterrupted operations in the ordinary course and to meet all of its obligations to suppliers, customers and employees.

Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating area.