SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

May 12, 2021

2. SEC Identification Number

36359

3. BIR Tax Identification No.

000-438-702-000

4. Exact name of issuer as specified in its charter

BASIC ENERGY CORPORATION

5. Province, country or other jurisdiction of incorporation

MAKATI CITY

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

UB 110 Paseo de Roxas Bldg., Paseo de Roxas Avenue, Legaspi Village, Makati City Postal Code 1229

8. Issuer's telephone number, including area code

(+632)-7917-8118 designated no: 3224-4383

9. Former name or former address, if changed since last report

Not applicable

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common shares	4,660,267,714

11. Indicate the item numbers reported herein

Item No. 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Basic Energy CorporationBSC

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Results of Special Board Meeting held on May 12, 2021
Background/Description of the Disclosure
The Board of Directors of Basic Energy Corporation (BEC) , in its Special Board meeting on May 12, 2021, at which a quorum were present, and upon motion duly seconded unaminously approved the following: 1. Signing of the Subscription Agreement by Map 2000 Development Corporation (“M2DC”) Further to the disclosure made by the Company on December 18, 2020, the Company today executed the subscription agreement with M2DC for the latter’s subscription to 9,827,990,853 primary shares of the Company at a total subscription price of Two Billion Eight Hundred Million Nine Hundred Seventy Seven Thousand Three Hundred Ninety Three and 11/100 Pesos (P2,800,977,393.11). 2. The following directors submitted their resignation effective today, May 12,2021: Eduardo V. Manalac Isidoro O. Tan’ Ma. Florina M. Chan Thereafter, upon recommendation of the Nominating Committee, the following were elected and appointed as replacement directors to serve the remaining term: Directors Ms. Kim S. Jacinto- Henares Ma. Rosette Geraldine L. Oquias Atty. Manuel Z. Gonzalez The elected directors were also elected to the following Board Committees: Audit Committee Harvey Lawrence N. Dychiao -Chairman Kim S. Jacinto- Henares Jaime J. Martirez Beatrice Jane L. Ang Supasit Pokinjaruras Andres B. Reyes, Jr. Risk Committee Jaime J. Martirez- Chairman Harvey Lawrence N. Dychiao Kim S. Jacinto- Henares Ramon L. Mapa Ma. Rosette Geraldine L. Oquias Supasit Pokinjaruras Nominating Committee Oscar C. De Venecia- Chairman Oscar L. De Venecia, Jr. . Ramon L. Mapa Harvey Lawrence N. Dychiao IManuel Z. Gonzalez Compensation and Renumeration Committee Ramon L. Mapa-Chairman Ma. Rosette Geraldine L. Oquias Harvey Lawrence N. Dychiao Jaime J. Martirez Beatrice Jane L. Ang Corporate Governance Committee Andres B. Reyes, Jr. -Chairman Harvey Lawrence N. Dychiao Kim S. Jacinto- Henares Ma. Rosette Geraldine L. Oquias Beatrice Jane L. Ang Manuel Z. Gonzalez
Other Relevant Information
See attached SEC Form 17-C