Axis Energy Services Acquires Basic Energy Services Well Servicing and Completion and Remedial Assets

August 25, 2021

Willkie represented Lime Rock and its portfolio company Axis in the transaction.

On August 17, it was announced that Axis Energy Services and Basic Energy Services (OTCQX: BASX) entered into an asset purchase agreement in which Axis will acquire substantially all of the Basic Energy’s Well Servicing and Completion & Remedial segment assets outside of California.

To facilitate the sale, Basic has commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. The transaction is being undertaken pursuant to Section 363 of the U.S. Bankruptcy Code, with Axis serving as a “stalking horse” bidder in the court-supervised sale process.

Axis is a data-driven energy services company committed to continuous improvement across the life of the well by utilizing innovative technologies, employee training, and best-in-class customer service. Formed in 2018, Axis is a private company backed by Lime Rock Partners and B-29 Investments. Axis is headquartered in Longview, Texas with operations in the Bakken, Eagle Ford, Haynesville, Marcellus, Permian, and Utica basins.

Basic Energy Services provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. Its operations are managed regionally and are concentrated in major United States onshore oil-producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, North Dakota, Colorado and Montana, providing services to a diverse group of over 2,000 oil and gas companies.

The Willkie team was led by partners Michael De Voe Piazza and Jennifer Hardy and included partners Robert Jacobson and Ryan Cicero, and associates Will Thanheiser, Lynn Abell and Luke Tanner.