Activity picking up in the Oilfield

[dan_s]

Basic Energy Services (ticker: BAS) announced today the purchase of 74,000 hydraulic horsepower for $28.5 million, or $400 per hhp. This purchase will bring Basic’s total frac hhp to 431,650 and total hhp to 517,445. The acquisition will be paid for by using a combination of cash and capital leases. Basic anticipates all purchased equipment will be ready for deployment in May.

This purchase is a response to the significant increase in activity in the Permian and other basins, the company said.

All of Basic’s stacked fleet will be active by the end of March

Read: http://www.oilandgas360.com/permian-ma- ... orsepower/