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)

Oct 15, 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) 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	14,488,258,567
Listed with PSE	3,090,875,714

11. Indicate the item numbers reported herein

Item 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 of October 15, 2021
Background/Description of the Disclosure
The Board of Directors of Basic Energy Corporation (BEC), in its Special Board meeting on October 15, 2021, at which a quorum was present, and upon motion duly seconded, unanimously approved the following: 1. Confirmation of the Designation of the Chairman and Members of the Related Party Transaction (RPT) Committee. Composition of the RPT Committee: Director Kim S. Jacinto-Henares- Chairman Director Reynaldo D. Gamboa - Member Director Andres B. Reyes, Jr. - Member Director Jaime J. Martirez - Member 2. Actions taken by the Risk Committee and RPT Committee on the proposed Equity Investment of the Company in Filoil Energy Company Inc: After review and discussion by the Risk Committee, approval, and endorsement to the RPT Committee for further deliberation and review, both Committees have unanimously approved the same and recommended the matter for Board approval. After further presentation to the Board, the members of the Board of Directors resolved to approve the proposed equity investment in Filoil Energy Company Inc. and acquire interest therein of up to 60%. Voting Count - out of the ten (10) directors in attendance, eight (8) directors voted to approve the matter with two (2) directors abstaining upon declaring their direct and indirect interest in Filoil Energy.
Other Relevant Information
Disclosure is on the approval of the Company's Board to proceed with the intended Equity Investment. Further disclosures will follow during execution stage and submission of advisement report on material RPTs per SEC MC 10-2019 and the Company's Rules and Policies on Material Related Party Transactions. (per Company disclosure dated October 10, 2019 CR06216-2019)