Exhibit 10.2

RATIFICATION AND AMENDMENT OF SECURITY AGREEMENT

This Ratification and Amendment of Security Agreement dated as of
November 26, 2014 (this “Agreement”), is delivered in connection with the
Security Agreement dated as of February 15, 2011 (as supplemented by that
certain Supplement No. 1 dated as of August 5, 2011, and as further
supplemented, amended or otherwise modified from time to time, the “Security
Agreement”), among Basic Energy Services, Inc., a Delaware corporation (the
“Borrower”), certain subsidiaries of the Borrower (such subsidiaries together
with the Borrower, the “Debtors”) and Bank of America, N.A. (“Bank of America”),
as administrative agent (in such capacity, the “Administrative Agent”) for the
benefit of the holders of the Secured Obligations (as defined therein).

A Reference is made to the Credit Agreement dated as of February 15, 2011 (as
amended or otherwise modified from time to time, the “Existing Credit
Agreement”), among the Borrower, certain financial institutions which are or may
become parties thereto and Bank of America, as Administrative Agent, a Swing
Line Lender and a L/C Issuer.

C. The Borrower, the Lenders and Bank of America, as Administrative Agent, a
Swing Line Lender and a L/C Issuer, have agreed to amend and restate the
Existing Credit Agreement by entering into the Amended and Restated Credit
Agreement dated as of even date herewith (as amended, restated, or otherwise
modified from time to time, the “Restated Credit Agreement”), and it is a
condition to such amendment and restatement that the Debtors ratify the Security
Agreement and update the Schedules thereto.

D. Capitalized terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the Security Agreement and the Restated
Credit Agreement.

Accordingly, the Administrative Agent and the Debtors agree as follows:

SECTION 1. The Schedules to the Security Agreement are hereby amended by
replacing them in their entirety with the Schedules attached hereto.

SECTION 2. Each Debtor hereby (a) ratifies and affirms its obligations under the
Security Agreement, (b) agrees that all of the liens and security interests
created by and existing under the Security Agreement shall continue to be valid
and subsisting liens and security interests securing the obligations under the
Restated Credit Agreement and the other Loan Documents, (c) agrees that the
Security Agreement and the liens and security interests created thereunder shall
remain in full force and effect and the execution and delivery of the Restated
Credit Agreement and the other Loan Documents shall not in any way release,
diminish, impair, reduce or otherwise affect such liens and security interests,
and (d) agrees that all rights, titles, interests, liens and security interests
existing under the Security Agreement are renewed, extended, and confirmed
hereby to secure all of the obligations under the Restated Credit Agreement and
the other Loan Documents.

SECTION 3. Each Debtor hereby acknowledges and consents to the Restated Credit
Agreement, and agrees that all references in the Security Agreement to the
“Credit Agreement” shall be references to the Restated Credit Agreement.

--------------------------------------------------------------------------------

SECTION 4. Each Debtor represents and warrants to the Adminstrative Agent that
(a) this Agreement has been duly authorized, executed and delivered by it and
constitutes its legal, valid and binding obligation, enforceable against it in
accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar Laws
relating to or affecting creditors’ rights generally, and general principles of
equity and (b) the representations and warranties made by it as a Debtor under
the Security Agreement are true and correct on and as of the date hereof, except
to the extent that such representations and warranties specifically refer to an
earlier date, in which case they shall be true and correct as of such earlier
date. Each reference in a representation in the Security Agreement to “as of the
date hereof” or “as of the Closing Date” shall be a reference to “as of the
Closing Date” (as defined the Restated Credit Agreement).

SECTION 5. This Agreement may be executed by one or more of the parties to this
Agreement on any number of separate counterparts (including by electronic
transmission), and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

SECTION 6. Except as expressly supplemented hereby, the Security Agreement shall
remain in full force and effect.

(a) SECTION 7. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW
PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION.

[Signature Page Follows.]

 

-2-

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the Debtors and the Adminstrative Agent have duly executed
this Ratification and Amendment of Security Agreement as of the day and year
first above written.

 

BASIC ENERGY SERVICES, INC. ACID SERVICES, LLC ADMIRAL WELL SERVICE, INC.
    BASIC ENERGY SERVICES GP, LLC BASIC ESA, INC. BASIC MARINE SERVICES, INC.
CHAPARRAL SERVICE, INC. FIRST ENERGY SERVICES COMPANY GLOBE WELL SERVICE, INC.
JETSTAR ENERGY SERVICES, INC. JETSTAR HOLDINGS, INC. JS ACQUISITION LLC LEBUS
OIL FIELD SERVICE CO. MAVERICK COIL TUBING SERVICES, LLC MAVERICK SOLUTIONS, LLC
MAVERICK STIMULATION COMPANY, LLC MAVERICK THRU-TUBING, LLC MCM HOLDINGS, LLC
MSM LEASING, LLC PERMIAN PLAZA, LLC PLATINUM PRESSURE SERVICES, INC. SCH
DISPOSAL, L.L.C. SLEDGE DRILLING CORP. THE MAVERICK COMPANIES, LLC XTERRA
FISHING & RENTAL TOOLS CO. By:  

/s/ T.M. “Roe” Patterson

  T.M. “Roe” Patterson   President and Chief Executive Officer BASIC ENERGY
SERVICES, L.P. By: Basic Energy Services GP, LLC, its sole general partner By:
Basic Energy Services, Inc., its sole member By:  

/s/ T.M. “Roe” Patterson

  T.M. “Roe” Patterson   President and Chief Executive Officer

 

Signature Page to Ratification and Amendment of Security Agreement

--------------------------------------------------------------------------------

TAYLOR INDUSTRIES, LLC By:  

/s/ T.M. “Roe” Patterson

  T.M. “Roe” Patterson   Chief Executive Officer BASIC ENERGY SERVICES LP, LLC
By:  

/s/ Jerry Tufly

  Jerry Tufly   Sole Manager

 

Signature Page to Ratification and Amendment of Security Agreement

--------------------------------------------------------------------------------

BANK OF AMERICA, N.A.,

as Adminstrative Agent

By:  

/s/ Darleen R. Parmelee

Name: Darleen R. Parmelee

Title: Vice President

 

Signature Page to Ratification and Amendment of Security Agreement

--------------------------------------------------------------------------------

SCHEDULE 3.3

ORGANIZATION & LOCATION INFORMATION

 

Debtor

 

Jurisdiction & Type of Organization

  Organizational
ID#  

Chief Executive Office,

Sole Place of Business, or

Principal Residence

Basic Energy Services, Inc.

  Delaware corporation   3611854   801 Cherry Street, Suite 2100, Fort Worth, TX
76102

Acid Services, LLC

  Kansas limited liability company   2347722   801 Cherry Street, Suite 2100,
Fort Worth, TX 76102

Admiral Well Service, Inc.

  Texas corporation   0801050244   801 Cherry Street, Suite 2100, Fort Worth, TX
76102

Basic Energy Services GP, LLC

  Delaware limited liability company   3611876   801 Cherry Street, Suite 2100,
Fort Worth, TX 76102

Basic Energy Services LP, LLC

  Delaware limited liability company   3611879   801 Cherry Street, Suite 2100,
Fort Worth, TX 76102

Basic Energy Services, L.P.

  Delaware limited partnership   2307778   801 Cherry Street, Suite 2100, Fort
Worth, TX 76102

Basic ESA, Inc.

  Texas corporation   57139400   801 Cherry Street, Suite 2100, Fort Worth, TX
76102

Basic Marine Services, Inc.

  Delaware corporation   3917169   801 Cherry Street, Suite 2100, Fort Worth, TX
76102

Chaparral Service, Inc.

  New Mexico corporation   642181   801 Cherry Street, Suite 2100, Fort Worth,
TX 76102

First Energy Services Company

  Delaware corporation   3215172   801 Cherry Street, Suite 2100, Fort Worth, TX
76102

Globe Well Service, Inc.

  Texas corporation   46471700   801 Cherry Street, Suite 2100, Fort Worth, TX
76102

JetStar Energy Services, Inc.

  Texas corporation   800481218   801 Cherry Street, Suite 2100, Fort Worth, TX
76102

JetStar Holdings, Inc.

  Delaware corporation   3954247   801 Cherry Street, Suite 2100, Fort Worth, TX
76102

JS Acquisition LLC

  Delaware corporation   4278935   801 Cherry Street, Suite 2100, Fort Worth, TX
76102

LeBus Oil Field Service Co.

  Texas corporation   77931600   801 Cherry Street, Suite 2100, Fort Worth, TX
76102

Maverick Coil Tubing Services, LLC

  Colorado limited liability company   20001207071   801 Cherry Street, Suite
2100, Fort Worth, TX 76102

Maverick Solutions, LLC

  Colorado limited liability company   20031245775   801 Cherry Street, Suite
2100, Fort Worth, TX 76102

Maverick Stimulation Company, LLC

  Colorado limited liability company   19961105940   801 Cherry Street, Suite
2100, Fort Worth, TX 76102

Maverick Thru-Tubing Services, LLC

  Colorado limited liability company   20091658924   801 Cherry Street, Suite
2100, Fort Worth, TX 76102

 

Schedule 3.3 to Security Agreement

-1-

--------------------------------------------------------------------------------

Debtor

 

Jurisdiction & Type of Organization

  Organizational
ID#  

Chief Executive Office,

Sole Place of Business, or

Principal Residence

MCM Holdings, LLC

  Colorado limited liability company   20011090566   801 Cherry Street, Suite
2100, Fort Worth, TX 76102

MSM Leasing, LLC

  Colorado limited liability company   20091399908   801 Cherry Street, Suite
2100, Fort Worth, TX 76102

Permian Plaza, LLC

  Texas limited liability company   800859993   801 Cherry Street, Suite 2100,
Fort Worth, TX 76102

Platinum Pressure Services, Inc.

  Texas corporation   0800888088   801 Cherry Street, Suite 2100, Fort Worth, TX
76102

SCH Disposal, L.L.C.

  Texas limited liability company   704317322   801 Cherry Street, Suite 2100,
Fort Worth, TX 76102

Sledge Drilling Corp.

  Texas corporation   800575730   801 Cherry Street, Suite 2100, Fort Worth, TX
76102

Taylor Industries, LLC

  Texas limited liability company   801259923   801 Cherry Street, Suite 2100,
Fort Worth, TX 76102

The Maverick Companies, LLC

  Colorado limited liability company   20061298717   801 Cherry Street, Suite
2100, Fort Worth, TX 76102

XTERRA Fishing & Rental Tools Co.

  Texas corporation   158550700   801 Cherry Street, Suite 2100, Fort Worth, TX
76102

 

Schedule 3.3 to Security Agreement

-2-

--------------------------------------------------------------------------------

SCHEDULE 3.4

CERTAIN COLLATERAL

PATENTS:

Pending

 

  1. Patent Pending: Apparatus and Methods for Producing Chlorine Dioxide

First Named Inventor: Kristian E. Grimland

Company: Maverick Stimulation Company, LLC

Serial Number: 12/719,372

Filed: March 8, 2010

Docket #: 5626/11(a)

 

  2. Patent Pending: Anolyte Solution for Preventing Biofouling in Oil/Gas Field
Equipment

Company: Maverick Solutions, LLC

Serial Number: 60/887,467

Filed: January 31, 2007

Docket #:5626/5

Patent

 

  3. Patent: Multiple Tub Mobile Blender

Inventors: Kristian E. Grimland and Timothy L. Anderson

Company: Maverick Stimulation Company, LLC

Patent No.: US 6,193,402 B1

Date of Patent: February 27, 2001

Assignment: Assigned to Maverick Stimulation Company, LLC On October 2, 1998

 

  4. Patent: Multiple Tub Mobile Blender and Method of Blending

Inventors: Kristian E. Grimland and Timothy L. Anderson

Company: Maverick Stimulation Company, LLC

Patent No.: US 6,286,986 B2

Date of Patent: September 11, 2001

TRADEMARKS:

 

  1. Trademark: “Maverick Stimulation Company, LLC” and design

Registered Date: July 27, 1999

Reg No. 2,264,193

 

  2. Trademark: “MAVTRACK” and design

Registered Date: April 1, 2003

Reg. No. 2,702,941

 

Schedule 3.4 to Security Agreement

-1-

--------------------------------------------------------------------------------

  3. Trademark: “THE MAVERICK COMPANIES” (and Design)

Registered Date: May 20, 2008

Reg. No. 3,429,297

 

  4. Trademark: “MAVERICK COIL TUBING SERVICES, LLC”

(and design)

Registered Date: July 15, 2008

Reg. No. 3,465,148

 

  5. Trademark: “MAV”

Registered Date: July 20, 1999

Reg No. 2,262,206

 

  6. Trademark: “MAVERICK SOLUTIONS, LLC” (in Class 7)

Registered Date: February 26, 2008

Reg. No. 3,387,858

 

  7. Trademark: “MAVERICK SOLUTIONS, LLC” (in Class 40)

Registered Date: February 26, 2008

Reg. No. 3,387,857

 

  8. Trademark: “JETSTAR ENERGY SERVICES”

Registered Date: January 15, 2008

Reg. No. 3,367,639

 

  9. Trademark: “BASIC”

Registered Date: October 1, 2004

Reg. No. 3,422,810

 

Schedule 3.4 to Security Agreement

-2-

--------------------------------------------------------------------------------

SCHEDULE 3.5(A)

PLEDGED EQUITY

 

Pledgor

  

Pledged Entity

   Certificate
#   

Number & Type

of Shares

   Percentage
of Shares

Basic Energy Services, Inc.

   Basic Energy Services GP, LLC    002    1,000 Units of membership interest   
100%

Basic Energy Services, Inc.

   Basic Energy Services, LP, LLC    002    1,000 Units of membership interest
   100%

Basic Energy Services, GP, LLC

   Basic Energy Services, L.P.       1% GP interest    100%

Basic Energy Services, L.P.

   Basic ESA, Inc.    132    510,000 shares of common stock    100%

Basic Energy Services, L.P.

   Basic Marine Services, Inc.    2    10 shares of common stock    100%

Basic Energy Services, L.P.

   Chaparral Service, Inc.    10    13,000 shares of common stock    100%

Basic Energy Services, L.P.

   First Energy Services Company    29    1,000 shares of common stock    100%

Basic Energy Services, L.P.

   Globe Well Service, Inc.    21    4,521 shares of common stock    100%

Basic Energy Services, L.P.

   JS Acquisition LLC    001    100 units of membership interest    100%

Basic Energy Services, L.P.

   LeBus Oil Field Service Co.    42    1,000 shares of common stock    100%

Basic Energy Services, L.P

   Maverick Coil Tubing Services, LLC    *    Membership interests    100%

Basic Energy Services, L.P

   Maverick Solutions, LLC    *    Membership interests    100%

Basic Energy Services, L.P

   Maverick Stimulation Company, LLC    *    Membership interests    100%

Basic Energy Services, L.P

   Maverick Thru-Tubing Services, LLC    *    Membership interests    100%

Basic Energy Services, L.P

   MCM Holdings, LLC    *    Membership interests    100%

Basic Energy Services, L.P

   MSM Leasing, LLC    *    Membership interests    100%

Basic Energy Services, L.P

   The Maverick Companies, LLC    *    Membership interests    100%

Basic Energy Services, L.P.

   Permian Plaza, LLC    1    Membership interest    100%

 

Schedule 3.5(a) to Security Agreement

-1-

--------------------------------------------------------------------------------

Basic Energy Services, L.P.

   Platinum Pressure Services, Inc.    12    9,642,862 shares of common stock   
100%

Basic Energy Services, L.P.

   SCH Disposal, L.L.C.    6    Membership interest    100%

Basic Energy Services, L.P.

   Sledge Drilling Corp.    7    650,000 shares of common stock    100%

Basic Energy Services, L.P.

   Taylor Industries, LLC    1    Membership interest    100%

Basic Energy Services, L.P.

   Xterra Fishing & Rental Tools Co.    6    68,000 shares of common stock   
100%

Basic Energy Services, LP, LLC

   Basic Energy Services, L.P.       99% Limited Partnership Interest    100%

JetStar Holdings, Inc.

   JetStar Energy Services, Inc.    C001    100 shares of common stock    100%

JS Acquisition LLC

   Acid Services, LLC    23    Membership interest    100%

JS Acquisition LLC (successor by merger to JetStar Consolidated Holdings, Inc.)

   JetStar Holdings, Inc.    C002    100 shares of common stock    100%

Platinum Pressure Services, Inc.

   Admiral Well Service, Inc.    2    100 shares of common stock    100%

 

* The membership interest in each of the entities are not currently represented
by certificates issued to the membership interest owner.

 

Schedule 3.5(a) to Security Agreement

-2-

--------------------------------------------------------------------------------

SCHEDULE 3.5(C)

PLEDGED INSTRUMENTS

None.

 

Schedule 3.5(c) to Security Agreement

-1-

--------------------------------------------------------------------------------

SCHEDULE 3.7

INTELLECTUAL PROPERTY

Copyrights: None.

Patents:

Pending

 

  1. Patent Pending: Apparatus and Methods for Producing Chlorine Dioxide

First Named Inventor: Kristian E. Grimland

Company: Maverick Stimulation Company, LLC

Serial Number: 12/719,372

Filed: March 8, 2010

Docket #: 5626/11(a)

 

  2. Patent Pending: Anolyte Solution for Preventing Biofouling in Oil/Gas Field
Equipment

Company: Maverick Solutions, LLC

Serial Number: 60/887,467

Filed: January 31, 2007

Docket #:5626/5

Patent

 

  3. Patent: Multiple Tub Mobile Blender

Inventors: Kristian E. Grimland and Timothy L. Anderson

Company: Maverick Stimulation Company, LLC

Patent No.: US 6,193,402 B1

Date of Patent: February 27, 2001

Assignment: Assigned to Maverick Stimulation Company, LLC On October 2, 1998

 

  4. Patent: Multiple Tub Mobile Blender and Method of Blending

Inventors: Kristian E. Grimland and Timothy L. Anderson

Company: Maverick Stimulation Company, LLC

Patent No.: US 6,286,986 B2

Date of Patent: September 11, 2001

 

Schedule 3.7 to Security Agreement

-1-

--------------------------------------------------------------------------------

Trademarks:

 

  1. Trademark: “Maverick Stimulation Company, LLC” and design

Registered Date: July 27, 1999

Reg No. 2,264,193

Company: Maverick Stimulation Company, LLC

 

  2. Trademark: “MAVTRACK” and design

Registered Date: April 1, 2003

Reg. No. 2,702,941

Company: Maverick Stimulation Company, LLC

 

  3. Trademark: “THE MAVERICK COMPANIES” (and Design)

Registered Date: May 20, 2008

Reg. No. 3,429,297

Company: Maverick Stimulation Company, LLC

 

  4. Trademark: “MAVERICK COIL TUBING SERVICES, LLC”

(and design)

Registered Date: July 15, 2008

Reg. No. 3,465,148

Company: Maverick Stimulation Company, LLC

 

  5. Trademark: “MAV”

Registered Date: July 20, 1999

Reg No. 2,262,206

Company: Maverick Stimulation Company, LLC

 

  6. Trademark: “MAVERICK SOLUTIONS, LLC” (in Class 7)

Registered Date: February 26, 2008

Reg. No. 3,387,858

Company: Maverick Solutions, LLC

 

  7. Trademark: “MAVERICK SOLUTIONS, LLC” (in Class 40)

Registered Date: February 26, 2008

Reg. No. 3,387,857

Company: Maverick Solutions, LLC

 

  8. Trademark: “Basic”

Serial No. 78493425

Date: October 1, 2004

 

  9. Trademark: “Jetstar Energy Services

Reg No. 3,367,639

Date: January 15, 2008

 

Schedule 3.7 to Security Agreement

-2-

--------------------------------------------------------------------------------

SCHEDULE 3.8

LOCATION OF RIGS

OKLAHOMA

UTAH

WYOMING

TEXAS (FOR SWAB)

 

Schedule 3.8 to Security Agreement

-1-