UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
February 4, 2011(January 20, 2011)
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BEST ENERGY SERVICES, INC.
(Exact name of registrant as specified in its charter)
Nevada 000-53260 02-0789714
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
5433 Westheimer Road, Suite 825, Houston, TX 77056
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code(713) 933-2600
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n/a
(Former name, former address and former fiscal year, if changed since last
report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01. OTHER EVENTS.
On January 31, 2011, Best Energy Services, Inc. (the "Company") entered into
Amendment No. 17 to its Revolving Credit, Term Loan and Security Agreement with
PNC Bank, National Association ("PNC"). The amendment increases the "Special
Advance Amount" available to the Company from 1,750,000 to 1,856,250 between
December 21, 2010 and February 28, 2011, for the express and limited purpose of
moving rigs to the Eagle Ford in South Texas. In connection with amendment, the
Company issued PNC a warrant to purchase 250,000 shares of common stock for a
period of 5 years at an exercise price of $0.10.
The Company has also filed herewith Amendment No. 16 to the agreement with PNC.
The amendment increases the "Special Advance Amount" available to the Company
from 1,750,000 to 1,875,000 between December 21, 2010 and January 31, 2011, for
the express and limited purpose of moving rigs to the Eagle Ford in South Texas.
In connection with amendment, the Company issued PNC a warrant to purchase
250,000 shares of common stock for a period of 5 years at an exercise price of
$0.10.
ITEM 9.01. EXHIBITS
10.1 Amendment No. 16 to the Revolving Credit, Term Loan and Security
Agreement among Best Energy Services, Inc., Bob Beeman Drilling Company, Best
Well Service, Inc. and financial institutions represented by PNC Bank, National
Association dated January 20, 2011.
10.2 Amendment No. 17 to the Revolving Credit, Term Loan and Security
Agreement among Best Energy Services, Inc., Bob Beeman Drilling Company, Best
Well Service, Inc. and financial institutions represented by PNC Bank, National
Association dated January 31, 2011.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BEST ENERGY SERVICES, INC.
(Registrant)
Dated: February 4, 2011 By: \s\Mark Harrington
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Mark Harrington
Chief Executive Office