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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to             
Commission File Number 001-32693
____________________________________________________________________________________________________
BASIC ENERGY SERVICES, INC.
(Exact name of registrant as specified in its charter)
____________________________________________________________________________________________________

Delaware54-2091194
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
801 Cherry Street, Suite 2100, Fort Worth, Texas
76102
(Address of principal executive offices)(Zip code)
(817) 334-4100
(Registrant’s telephone number, including area code)
______________________________________________________________________________________________________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $0.01 per shareBASX*The OTCQX Best Market*
* Until December 2, 2019, Basic Energy Services, Inc.’s common stock traded on the New York Stock Exchange under the symbol “BAS”. On December 3, 2019, Basic Energy Service, Inc.’s common stock began trading on the OTCQX® Best Market tier of the OTC Markets Group Inc. Deregistration under Section 12(b) of the Act became effective on March 16, 2020.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes No ☒ 
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒No☐
There were 24,938,700 shares of the registrant’s common stock outstanding as of August 7, 2020.




BASIC ENERGY SERVICES, INC.
Index to Form 10-Q 
 
Item 5. Other Information 
Item 6. Exhibits 

i


CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements are subject to risks and uncertainties. These statements may relate to, but are not limited to, information or assumptions about us, our capital and other expenditures, dividends, financing plans, capital structure, cash flows, pending legal or regulatory proceedings and claims, future economic performance, operating income, costs savings and management's plans, strategies, goals and objectives for future operations and goals. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things, the risk factors discussed in this quarterly report, and in our most recent Annual Report on Form 10-K and other factors, most of which are beyond our control.

The words “believe,” “estimate,” “expect,” “anticipate,” “project,” “intend,” “plan,” “seek,” “could,” “should,” “may,” “potential” and similar expressions are intended to identify forward-looking statements. All statements other than statements of current or historical fact contained in this quarterly report are forward-looking statements. Although we believe that the forward-looking statements contained in this quarterly report are based upon reasonable assumptions, the forward-looking events and circumstances discussed in this quarterly report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.
Important factors that may affect our expectations, estimates or projections include:
the recent sustained decline in, or substantial volatility of, oil and natural gas prices, and any related changes in expenditures by our customers;
our ability to successfully execute, manage and integrate acquisitions, including the recent acquisition of C&J Well Services, Inc.;
our ability to satisfy our liquidity needs, including our ability to generate sufficient liquidity or cash flow or to obtain sufficient financing to fund our operations or otherwise meet our obligations as they come due in the future;
local and global impacts of the COVID-19 pandemic;
negative impacts of the delisting of our common stock from the New York Stock Exchange;
competition within our industry;
the effects of future acquisitions or dispositions on our business;
uncertainties about our ability to successfully execute our business and financial plans and strategies;
our access to current or future financing arrangements, including ability to raise funds in the capital market or from other financing sources;
changes in customer requirements in markets or industries we serve;
availability and cost of equipment;
our ability to maintain acceptable pricing for our services;
our ability to reduce administrative and capital expenses;
general economic and market conditions;
operating hazards and other risks incidental to our services;
energy efficiency and technology trends;
our ability to replace or add workers at economic rates;
our borrowing capacity, covenant compliance under instruments governing any of our existing or future indebtedness and cash flows; and
environmental and other governmental regulations.
Our forward-looking statements speak only as of the date of this quarterly report. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements included herein are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.
ii


PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Basic Energy Services, Inc.
Consolidated Balance Sheets 
(in thousands, except share and per share data)
June 30, 2020December 31, 2019
ASSETS
(Unaudited)
Current assets:
Cash and cash equivalents$10,957  $36,217  
Trade accounts receivable, net of allowances of $6,633 and $2,208, for June 30, 2020, and December 31, 2019, respectively
70,933  99,626  
Inventories, net10,214  20,262  
Prepaid expenses6,115  6,407  
Assets held for sale13,415  55,149  
Other current assets2,602  2,727  
Total current assets114,236  220,388  
Property and equipment, net249,648  297,113  
Operating lease right of use assets11,567  14,540  
Deferred debt costs, net of amortization1,066  2,198  
Goodwill8,309    
Intangible assets, net of amortization6,424  2,603  
Other assets15,594  13,632  
Total assets$406,844  $550,474  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$52,765  $58,022  
Accrued expenses44,160  41,962  
Current portion of long-term debt17,606  18,738  
Derivative liability12,763    
Accrued short-term insurance reserves 17,238  15,002  
Operating lease right-of-use liabilities, current portion4,336  4,906  
Liabilities associated with assets held for sale 1,009  5,248  
Other current liabilities1,817  4,306  
Total current liabilities151,694  148,184  
Long-term debt, net of discounts and deferred financing costs of $25,513 and $8,795, at June 30, 2020, and December 31, 2019, respectively
300,405  308,365  
Accrued long-term insurance reserves24,445  20,204  
Deferred compensation11,056  10,838  
Operating lease right-of-use liabilities, long-term portion7,573  9,634  
Asset retirement obligations10,614  9,044  
Deferred tax liability628    
Other long-term liabilities2,482  3,082  
Total liabilities508,897  509,351  
Series A Participating Preferred Stock; $0.01 par value; 5,000,000 authorized and 118,805 and zero shares outstanding at June 30, 2020, and December 31, 2019, respectively
22,000    
Stockholders' equity:
Common stock; $0.01 par value; 198,805,000 and 80,000,000 shares authorized at June 30, 2020, and December 31, 2019, respectively; 27,912,059 and 27,912,059 shares issued and 24,938,700 and 24,904,485 shares outstanding at June 30, 2020, and December 31, 2019, respectively
279  279  
Additional paid-in capital493,649  472,594  
Retained deficit(612,648) (423,169) 
Treasury stock, at cost, 2,973,359 and 3,007,574 shares at June 30, 2020, and December 31, 2019, respectively
(5,333) (8,581) 
 Total stockholders' equity(124,053) 41,123  
Total liabilities and stockholders' equity$406,844  $550,474  
See accompanying notes to unaudited consolidated financial statements.
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Basic Energy Services, Inc.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Revenues:
Well Servicing$47,318  $58,518  $105,459  $120,502  
Water Logistics33,254  51,031  77,635  106,632  
Completion & Remedial Services9,065  38,426  34,946  74,031  
Total revenues89,637  147,975  218,040  301,165  
Expenses:—  —  
Well Servicing39,385  46,162  90,202  94,970  
Water Logistics25,582  35,529  58,701  72,828  
Completion & Remedial Services9,646  27,369  30,828  52,385  
General and administrative, including stock-based compensation of $78 and $3,329 in the three months ended June 30, 2020 and 2019, respectively, and $1,414 and $6,604 in the six months ended June 30, 2020 and 2019, respectively
30,445  30,186  65,515  61,941  
Impairments    99,628    
Depreciation and amortization12,853  17,296  27,619  33,478  
(Gain) loss on disposal of assets(474) 580  (511) 1,277  
Total expenses117,437  157,122  371,982  316,879  
Operating loss(27,800) (9,147) (153,942) (15,714) 
Other income (expense):
Interest expense(12,775) (10,358) (23,393) (20,972) 
Interest income  114  62  360  
Gain (loss) on derivative502    (3,050)   
Other income40  48  70  345  
Loss from continuing operations before income taxes(40,033) (19,343) (180,253) (35,981) 
Income tax (expense) benefit308  28  4,099  1,879  
Loss from continuing operations(39,725) (19,315) (176,154) (34,102) 
Loss from discontinued operations(4,873) (8,462) (13,325) (21,151) 
Net loss$(44,598) $(27,777) $(189,479) $(55,253) 
Net loss from continuing operations per share, basic and diluted$(1.59) $(0.71) $(7.06) $(1.26) 
Net loss from discontinued operations per share, basic and diluted$(0.20) $(0.31) $(0.53) $(0.78) 
Net loss per share of common stock, basic and diluted$(1.79) $(1.02) $(7.59) $(2.04) 

See accompanying notes to unaudited consolidated financial statements.




2



Basic Energy Services, Inc.
Consolidated Statements of Stockholders’ Equity
(in thousands, except share data)
Common StockAdditionalTreasuryTotal
IssuedCommon Paid-InTreasuryTreasuryRetainedStockholders'
SharesStockCapitalSharesStockDeficitEquity
Balance - December 31, 201927,912,059  $279  $472,594  3,007,574  $(8,581) $(423,169) $41,123  
Issuances of restricted stock—  —  —  —  —  —    
Amortization of equity-classified share-based compensation—  —  1,336  —  —  —  1,336  
Treasury stock, net—  —  (3,263) (72,879) 3,256  —  (7) 
Capital contribution—  —  22,904  —  —  —  22,904  
Net loss—  —  —  —  —  (144,881) (144,881) 
Balance - March 31, 2020 (unaudited)27,912,059  $279  $493,571  2,934,695  $(5,325) $(568,050) $(79,525) 
Issuances of restricted stock—  —  —  —  —  —    
Amortization of equity-classified share-based compensation—  —  78  —  —  —  78  
Treasury stock, net—  —  —  38,664  (9) —  (9) 
Net loss—  —  —  —  —  (44,598) (44,598) 
Balance - June 30, 2020 (unaudited)27,912,059  $279  $493,649  2,973,359  $(5,333) $(612,648) $(124,053) 
Common StockAdditionalTreasuryTotal
IssuedCommonPaid-InTreasuryTreasuryRetainedStockholders'
SharesStockCapitalSharesStockDeficitEquity
Balance - December 31, 201826,990,034  $270  $464,264  242,322  $(3,835) $(241,271) $219,428  
Issuances of restricted stock277,865  3  (3) —  —  —    
Amortization of equity-classified share-based compensation—  —  3,275  —  —  —  3,275  
Treasury stock, net—  —  (163) 68,227  (180) —  (343) 
Net loss—  —  —  —  —  (27,476) (27,476) 
Balance - March 31, 2019 (unaudited)27,267,899  $273  $467,373  310,549  $(4,015) $(268,747) $194,884  
Issuances of restricted stock644,160  6  (6) —  —  —    
Amortization of equity-classified share-based compensation—  —  3,329  —  —  —  3,329  
Treasury stock, net—  —  —  596,194  (1,340) —  (1,340) 
Exercise of stock options—  —  —  —  —  —    
Net loss—  —  —  —  —  (27,777) (27,777) 
Balance - June 30, 2019 (unaudited)27,912,059  $279  $470,696  906,743  $(5,355) $(296,524) $169,096  
See accompanying notes to unaudited consolidated financial statements.
3


Basic Energy Services, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Six Months Ended June 30,
20202019
Cash flows from operating activities:
Net loss$(189,479) $(55,253) 
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation and amortization27,619  56,489  
Asset impairment97,115    
Inventory and other write-downs4,846    
Loss on derivative3,050    
Accretion on asset retirement obligation998  172  
Change in allowance for doubtful accounts4,425  322  
Amortization of deferred financing costs2,251  1,155  
Amortization of debt discount 2,181  525  
Non-cash compensation1,233  6,851  
Loss on disposal of assets2,297  1,797  
Deferred income taxes(3,984)   
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable62,963  9,228  
Inventories2,903  4,554  
Prepaid expenses and other current assets2,192  4,778  
Other assets651  46  
Accounts payable(14,130) (21,548) 
Income tax receivable  891  
Other liabilities(4,901) (3,068) 
Accrued expenses(7,842) 4,311  
Net cash (used in) provided by operating activities(5,612) 11,250  
Cash flows from investing activities:
Purchase of property and equipment(5,947) (33,359) 
Proceeds from sale of assets44,952  5,009  
Payments for other long-term assets(768)   
Payments for businesses, net of cash acquired(59,350)   
Net cash used in investing activities(21,113) (28,350) 
Cash flows from financing activities:
Proceeds from debt38,000    
Repayments of debt(34,770) (17,334) 
Change in treasury stock including restricted stock issuances(16) (1,683) 
Deferred loan costs and other financing activities(1,749) (469) 
Net cash (used in) provided by financing activities1,465  (19,486) 
Net decrease in cash, cash equivalents and restricted cash(25,260) (36,586) 
Cash and cash equivalents - beginning of period36,217  90,300  
Cash and cash equivalents - end of period$10,957  $53,714  
Noncash investing and financing activity:
Capital leases and notes issued for equipment$498  $7,588  
Change in accrued property and equipment(131) 1,348  
Issuance of Series A Participating Preferred Stock22,000    
Issuance of derivative liability9,713    
Change in asset retirement obligations$8  $108  
See accompanying notes to unaudited consolidated financial statements.
4


BASIC ENERGY SERVICES, INC.
Notes to Consolidated Financial Statements
June 30, 2020 (unaudited) 
1. Basis of Presentation and Nature of Operations
Basis of Presentation
The accompanying unaudited consolidated financial statements of Basic Energy Services, Inc. and subsidiaries (“Basic” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. Certain information relating to the Company's organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q in accordance with GAAP and financial statement requirements promulgated by the U.S. Securities and Exchange Commission (“SEC”). The notes to the consolidated financial statements (unaudited) should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation have been made in the accompanying unaudited financial statements.
Nature of Operations  
The Company provides a wide range of wellsite services to oil and natural gas drilling and producing companies, including Well Servicing, Water Logistics and Completion & Remedial Services. These services are primarily provided by the Company's fleet of equipment. The Company’s operations are concentrated in major United States onshore oil and natural gas producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota and Colorado. The Company's scope of operations was expanded effective beginning March 9, 2020, with the acquisition of C&J Well Services, Inc. See Note 2. Acquisition, for further discussion.
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company's subsidiaries, for which the Company holds a majority voting interest. All intercompany transactions and balances have been eliminated.
Other Reclassifications
Certain reclassifications have been made to prior period amounts to conform to the current period presentation. A majority of the reclassifications were related to discontinued operations. These reclassifications do not impact net income (loss) and do not reflect a material change to the information previously presented in our consolidated financial statements. See Note 3. Discontinued Operations for further discussion on amounts included in loss from discontinued operations.
Estimates, Risks and Uncertainties
Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management uses historical and other pertinent information to determine these estimates. Actual results could differ from those estimates. Areas where critical accounting estimates are made by management include impairments of long-lived assets, certain financial instruments, acquisition purchase price allocation, litigation, and self-insured risk reserves. For further discussion of impairments of long-lived assets, see Note 13. Impairments.
Inventories
For rental and fishing tools, inventories consisting mainly of grapples and controls are stated at lower of cost or net realizable value. Other inventories, consisting mainly of manufacturing raw materials, rig components, repair parts, drilling and completion materials and gravel, are held for use in the operations of the Company and are stated at lower of cost or net realizable value, with cost being determined on the first-in, first-out method.
In addition to comparing the carrying amount of inventory to its market value, the Company also makes a comparison between volume of inventory and demand for the ultimate production into which inventory will be
5


converted and increases reserves for excess and obsolete inventory. For further discussion on impairments of inventory see Note 13. Impairments.
Assets Held for Sale
Assets are classified as held for sale when, among other factors, they are identified and marketed for sale in their present condition, management is committed to their disposal, and the sale of the asset is probable within one year. For the quarter ended June 30, 2020, the company classified to assets held for sale $4.2 million of certain rig construction assets, associated with our Taylor manufacturing facility, the majority of which are expected to be sold in the third quarter of 2020. Also included in assets classified as held for sale were certain property, plant and equipment assets of our pressure pumping operations and contract drilling operations that were classified as discontinued operations beginning in late 2019. For further discussion on the pressure pumping and contract drilling assets, see Note 3. Discontinued Operations.
COVID-19 and Commodity Price Collapse Impact on Company Liquidity; Going Concern
Beginning in March 2020, as a result of multiple significant factors impacting supply and demand in the global oil and natural gas markets, including a global outbreak of coronavirus (“COVID-19”), and actions by members of the Organization of the Petroleum Exporting Countries (“OPEC”) and other foreign countries, including Russia, the posted price for West Texas Intermediate oil declined sharply. Oil demand has significantly deteriorated through the first six months of 2020, in part, as a result of outbreak of COVID-19 and corresponding preventative measures taken to mitigate the spread of the virus. This decline in demand coincided with the announcement of price reductions and possible production increases by members OPEC and other oil exporting nations. Although OPEC and other oil exporting nations ultimately agreed to cut production, and commodity prices have improved during early third quarter of 2020, the downward pressure on commodity prices has remained and could continue in the foreseeable future.
Oil and natural gas commodity prices are expected to continue to be volatile. Despite improvements in early third quarter of 2020, the collapse in the demand for oil caused by this unprecedented global health and economic crisis, coupled with oil oversupply, has had a material adverse impact on the demand for our services and the prices we can charge for our services.
The decline in our customers’ demand for our services has also had a material adverse impact on our financial condition, results of operations and cash flows during the first half of 2020. Demand for our products and services will continue to decline if our customers further revise their capital budgets downward and adjust their operations in response to lower oil prices. We cannot predict the duration or effects of these current conditions, but if the price of oil further declines or remains at current levels for a lengthy period, our business, financial condition, results of operations, cash flows, and prospects will continue to be materially and adversely affected. The impact of these conditions on our estimates of future operating cash flows resulted in additional impairments of long-lived and intangible assets as of March 31, 2020. For further discussion of impairments of long-lived assets, see Note 13. Impairments.
Based on our current operating and commodity price forecasts and capital structure, we believe that if certain financial ratios or cash dominion covenants were to come into effect under our debt instruments, we will have difficulty complying with certain of such obligations. Certain covenants, such as consolidated fixed charge coverage ratio and cash dominion provisions in the revolving credit facility (the "ABL Facility") spring into effect under certain triggers defined in the ABL Credit Agreement, as amended, for so long as such applicable trigger period is in effect. Additionally, certain triggers in the ABL Facility increase certain financial and borrowing base reporting requirements for so long as such applicable trigger period is in effect. Failure to comply, for example, with a “springing” consolidated fixed charge coverage ratio requirement under the ABL Facility would result in an event of default under the ABL Facility, which would result in a cross-default under the Senior Notes. If an event of default were to occur, our lenders could, in addition to other remedies such as charging default interest, accelerate the maturity of the outstanding indebtedness, making it immediately due and payable, and we may not have sufficient liquidity to repay those amounts.
We had the $9.4 million minimum availability under the ABL Facility as of June 30, 2020. To maintain compliance with certain of the minimum availability covenant requirements as of June 30, 2020, in early July 2020 we repaid the $2.6 million amount of borrowings that was previously outstanding, and advanced $2.3 million of our available cash balance to the Administrative Agent. During the remainder of July 2020, and as of August 7, 2020, we are currently subject to increased financial and borrowing base information reporting and have made additional advances totaling $10.7 million of our available cash balance to the Administrative Agent as needed to maintain compliance with the minimum availability covenant requirements.
6


Management has taken several steps to generate additional liquidity, including through reducing operating and administrative costs through employee headcount reductions, closing operating locations, employee furloughs and other cost reduction measures, and the suspension of growth capital expenditures in our continuing business operations with the goal of preserving margins and improving working capital. Management may implement further similar cost and capital expenditure reductions, as necessary.
Due to the uncertainty of future oil and natural gas prices and the effects the outbreak of COVID-19 will have on our future results of operations, operating cash flows and financial condition, there is substantial doubt as to the ability of the Company to continue as a going concern. Additional steps management would implement to alleviate this substantial doubt would include additional sales of non-strategic assets, obtaining waivers of debt covenant requirements from our lenders, restructuring or refinancing our debt agreements, or obtaining equity financing. There can be no assurances that, if required, the Company would be able to successfully sell assets, obtain waivers, restructure its indebtedness, or complete any strategic transactions in the current environment.
Management has prepared these consolidated financial statements in accordance with U.S. generally accepted accounting principles applicable to a going concern, which contemplates that assets will be realized and liabilities will be discharged in the normal course of business as they become due. These consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported revenues and expenses and balance sheet classifications that would be necessary if the Company was unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Such adjustments could be material and adverse to the financial results of the Company.
2. Acquisition
On March 9, 2020, the Company entered into a Purchase Agreement (the “Purchase Agreement”) with Ascribe Investments III LLC, a Delaware limited liability company (“Ascribe”), NexTier Holding Co., a Delaware corporation (“Seller”) and C&J Well Services, Inc., a Delaware corporation, and wholly owned subsidiary of Seller (“CJWS”), whereby the Company acquired all of the issued and outstanding shares of capital stock of CJWS, such that CJWS became a wholly-owned subsidiary of the Company. CJWS is the third largest rig servicing provider in the U.S., with a leading footprint in California and a strong customer base. Following the acquisition of CJWS, the Company has expanded its footprint in the Permian, California and other key oil basins.
Pursuant to the Purchase Agreement, among other things, (i) Seller transferred and delivered to the Company and the Company purchased and acquired from Seller, all of the issued and outstanding shares of capital stock of CJWS held by Seller (the "Stock Purchase"); (ii) as a portion of the consideration for the Stock Purchase, Ascribe, on behalf of the Company, conveyed to Seller certain 10.75% senior secured notes due October 2023 (the "Senior Notes") issued by the Company to Ascribe in an aggregate par value amount equal to $34.4 million (the "Ascribe Senior Notes"); and (iii) Ascribe entered into an Exchange Agreement, dated March 9, 2020, with the Company (the "Exchange Agreement") pursuant to which, among other things, Ascribe exchanged the Ascribe Senior Notes for (a) 118,805 shares of newly issued preferred stock, designated as "Series A Participating Preferred Stock," par value $0.01 per share, of the Company (the "Series A Preferred Stock") and, (b) an amount in cash for accrued interest on the Ascribe Senior Notes approximately equal to $1.5 million (the "Exchange Transaction" and, together with the Stock Purchase and the other transactions contemplated by the Purchase Agreement, the "CJWS Transaction"). For further discussion of the Series A Preferred Stock, see Note 9. Series A Participating Preferred Stock.
Pursuant to the Purchase Agreement, at closing Seller received consideration in the aggregate amount of $95.7 million comprised of (a) cash consideration equal to $59.4 million (subject to customary reductions for indebtedness and transaction expenses, as well as post-closing working capital adjustments) and (b) the Ascribe Senior Notes transferred to Seller by Ascribe (on behalf of the Company) as described above. In connection with the CJWS Transaction, pursuant to the Purchase Agreement, Ascribe has certain contingent obligations to the Seller to make Seller whole on the par value of the Ascribe Senior Notes as of the earlier of the first anniversary of the closing of the Stock Purchase, a bankruptcy of the Company, or a change of control of the Company (the "Make-Whole Payment"). Considering this contingent Make-Whole Payment by Ascribe to the Seller, the fair value of the Ascribe Senior Notes issued to the Seller on March 9, 2020, was $36.3 million. If Ascribe is required to pay the Make-Whole Payment to Seller pursuant to the Purchase Agreement, the Company will be required to reimburse to Ascribe the amount of such Make-Whole Payment (such amount, the "Make-Whole Reimbursement Amount") either (i) in cash (a) to the extent the Company has available cash (as determined by an independent committee of the Company's board of directors) and (b) subject to satisfaction of certain "Payment Conditions" set forth in the ABL Credit Agreement (as defined below) or (ii) if the Company is unable to pay the full Make-Whole Reimbursement Amount in cash pursuant to clause "(i)" of this paragraph, in additional Senior Notes as permitted under the Indenture. In consideration of providing the Make-Whole Payment to Seller, the Company paid Ascribe $1 million in
7


cash at the closing of the CJWS Transaction. The Company's obligation to Ascribe associated with the Make-Whole Reimbursement Amount is reflected as a derivative instrument in accordance with Accounting Standards Codification ("ASC") No. 815 "Derivatives and Hedging" ("ASC 815") with an initial fair value of approximately $9.7 million based on a risk-adjusted market differential between the fair value of the Ascribe Senior Notes and their $34.4 million par value as of the March 9, 2020, closing date. Changes in fair value of the Make-Whole Reimbursement Amount each period are "marked to market" and charged or credited to Gain (Loss) on Derivative in the accompanying consolidated statements of operations. The fair value of the Make-Whole Reimbursement Amount liability as of June 30, 2020, is approximately $12.8 million and results in $3.1 million of derivative loss during the six months ended June 30, 2020. The Make-Whole Reimbursement Amount liability is classified as a derivative liability, a current liability in the accompanying balance sheet.
Of the cash consideration paid to the Seller, $