Item 2.02 Results of Operations and Financial Condition.
On July 6, 2009, Basic Energy Services, Inc. ("Basic") issued a press release reporting selected operating data for the month of June 2009. A copy of the press release is being furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing of Basic's under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. Item 8.01 Other Events.
Credit Facility Update
At June 30, 2009, Basic had $180.0 million outstanding under its credit facility with $28.8 million available for borrowing. Based on projected market conditions, Basic currently expects that it will not be in compliance with certain covenants under its credit facility in certain future periods. Basic expects to evaluate various alternatives in the next few months with respect to its credit facility. Pending amendment or modification of its credit facility, Basic does not currently expect to make any future borrowings under this credit facility. Basic's cash position at June 30, 2009 was approximately $134 million. Basic believes that operating cash flows together with its cash and cash equivalents, including cash from anticipated financings, will be sufficient to fund its liquidity requirements for the foreseeable future. Item 9.01 Financial Statements and Exhibits.
Exhibit 99.1 Press release dated July 6, 2009

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