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)

Dec 18, 2020

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

7/F Basic Petroleum Bldg., 104 Carlos Palanca St., Legaspi Village, Makati City Postal Code 1229

8. Issuer's telephone number, including area code

(+632) 8817-8596

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	2,815,392,714

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
Signing of Memorandum of Agreement with MAP 2000 Development Corporation (M2DC)
Background/Description of the Disclosure
Basic Energy Corporation (the Company) signed today a Memorandum of Agreement with MAP 2000 Development Corporation (M2DC) for the acquisition of at least 67% of the outstanding capital stock of the Company, subject to compliance by the Company with the conditions precedent and other representations, warranties and undertakings of the Company as stipulated in the said agreement. The shares to be acquired by M2DC will be 9,827,990,853 primary shares to be subscribed and issued out of the increase in the authorized capital stock of the Company from Php2.5 Billion to Php5 Billion, upon approval thereof by Securities and Exchange Commission. Said capital increase was approved by the Company’s stockholders at the annual stockholders’ meeting held last October 23, 2020. M2DC is a Philippine registered company engaged in real estate acquisition, development, and management, and as well as in investing in real properties and acquiring shares of stocks of viable corporations to exercise rights of a shareholder.
Other Relevant Information
See attached SEC Form 17-C dated December 18, 2020.