Basic Energy Services, Inc. announced that it has completed the acquisition of substantially all of the assets of Saltwater Disposal of North Dakota, LLC ("SWDND") for a total cash consideration of $43 million. SWDND was founded in 2010 to develop, build and operate salt water disposal facilities in Mountrail County, North Dakota. The purchase of the assets of SWDND includes five salt water disposal facilities and eight residential housing units.
Basic expects this acquisition to be accretive to earnings and contribute revenue of approximately $14 million in 2013. As of the date of the acquisition, SWDND employed 16 people. With this purchase, Basic now owns 72 salt water disposal facilities in Texas, Oklahoma, North Dakota, New Mexico and Louisiana.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "We are pleased to announce the purchase of this well-placed network of disposal wells, which we believe to be among the newest and most efficient in the Williston Basin. These facilities augment our existing fluid services operations in the area and anchor the expansion of our integrated fluid services capabilities in a large and growing portion of the Bakken Shale market. We look forward to the SWDND management team's guidance as we continue to build our salt water disposal capabilities in the Bakken Shale."
Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating area. The company employs more than 5,600 employees in more than 100 service points throughout the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas, and the Rocky Mountain and Appalachian regions.