Basic Energy Services, Inc. (NYSE:BAS) announced its financial and operating results for the third quarter and nine months ended September 30, 2011. Third quarter net income as reported was $26.6 million, or $0.64 per diluted share, compared to net income of $16.6 million last quarter and a net loss of $9.3 million in the third quarter of 2010. The current quarter results included a $631,000 tax adjustment related to the first quarter's early extinguishment of its $225 million 11.625% Senior Secured Notes due 2014 ("2014 Notes"). Basic's effective tax rate for the next quarter will also be impacted because of the early extinguishment of the 2014 Notes. Excluding the impact related to this adjustment, third quarter operating net income was $27.2 million, or $0.66 per diluted share. This is compared to the second quarter's operating net income of $18.5 million, or $0.45 per diluted share, which included a tax adjustment of $1.9 million related to the bond redemption.

Basic Energy Services, Inc. provides a range of well site services to oil and natural gas drilling and producing companies in the United States.

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