Basic Energy Services Inc. (NYSE: BAS) director Steven A. Webster this week bought 50,000 shares of BAS common stock for $8.77 per share.
Webster made a total investment of $438,653, according to a SEC filing.
Basic Energy Services shares rose sharply in Thursday’s trading session. The stock ended the day 8.41% higher at $9.93 on above average volume of 2.43 million. The stock is still well below its 52-week high of $37.79.
Year-to-date, BAS shares have fallen nearly 50%.
Based in Midland, Texas, Basic Energy Services is a provider of a range of well site services to oil and natural gas drilling and producing companies. The company’s operations are concentrated in major U.S. onshore oil and natural gas producing regions in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota, Colorado, Utah, Montana, West Virginia and Pennsylvania.
Earlier this month, Basic Energy Services reported selected operating data for the month of May.
During the month of May, BAS’s fluid service truck count rose by five trucks to 920. The company’s fluid truck hours for May were 189,100, compared to 175,700 in May 2011.
Drilling rig days in the month were 357 producing a rig utilization of 96%.
Ken Huseman, President and CEO of Basic Energy Services, said that BAS’s activity levels, especially in its well servicing segment in May were impacted by a combination of factors, including the extended Memorial Day holiday weekend, further deterioration of natural gas markets and competitive pressures in the company’s more active oil-oriented markets. Huseman said that recent declines in oil and natural gas liquids prices will reduce cash flow and likely cause some of BAS’s customers to reevaluate their remaining 2012 drilling programs.
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