Basic Energy Services, Inc. (NYSE:BAS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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Basic Energy Services, Inc. (NYSE:BAS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

By written consent dated March 14, 2017, the Board of Directors (the “Board”) of Basic Energy Services, Inc. (the “Company”) ratified and confirmed Anthony J. DiNello to serve as a Class I director on the Board. Silver Point Capital, L.P. (“Silver Point”) designated Mr. DiNello to serve as a director on the Board by delivering to the Company, on March 13, 2017, a Notice of Director Appointment, dated March 14, 2017, to its rights under Section 5.5 of the First Amended Joint Prepackaged Chapter 11 Plan of Basic Energy Services, Inc. and its Affiliated Debtors (the “Prepackaged Plan”) and in accordance with the Company’s bylaws.
Mr. DiNello joined Silver Point Capital, L.P. in January 2006, where he currently serves as a Senior Investment Analyst. Prior to joining Silver Point, Mr. DiNello worked in the Global Industrials & Services Group of Credit Suisse First Boston from July 2003 to December 2005. Mr. DiNello currently serves as a director of Healthsmart Holdings, Inc., Granite Broadcasting LLC., and 2-10 HBW, Inc., is a member of the Supervisory Board of Novasep Holdings, S.A.S., and previously served on the board of Standard Register, Inc. Mr. DiNello received a Bachelor’s Degree in Business Administration from the University of Michigan Business School, with emphases in finance and accounting.
Prior to the Company’s emergence from chapter 11 bankruptcy on December 23, 2016, Silver Point was a holder of the Company’s 7.75% Senior Notes due 2019 and 7.75% Senior Notes due 2022 (together, the “Unsecured Notes”). to the Prepackaged Plan, the Company’s Unsecured Notes converted into common stock of the Company, resulting in Silver Point becoming a significant beneficial owner of the Company’s common stock.
Mr. DiNello has not been, and is not currently expected to be, appointed to any committees of the Board. Mr. DiNello is not a party to any plan, contract or arrangement with the Company in his role as a director and will receive the standard compensation received by the Company’s current non-employee directors.

About Basic Energy Services, Inc. (NYSE:BAS)

Basic Energy Services, Inc. provides a range of well site services in the United States to oil and natural gas drilling and producing companies, including completion and remedial services, fluid services, well servicing and contract drilling. The Company operates through the segment, which include Completion and Remedial Services, Fluid Services, Well Servicing and Contract Drilling. The Company’s operations are managed regionally and are concentrated in the United States onshore oil and natural gas producing regions located in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota, Colorado, Utah, Montana, West Virginia, California, Ohio and Pennsylvania. Its operations are focused on liquids-rich basins, as well as natural gas-focused shale plays characterized by prolific reserves. It has a presence in the Permian Basin and the Bakken, Eagle Ford, Haynesville and Marcellus shales.

Basic Energy Services, Inc. (NYSE:BAS) Recent Trading Information

Basic Energy Services, Inc. (NYSE:BAS) closed its last trading session up +2.79 at 33.10 with 646,196 shares trading hands.