Basic Energy Corporation (BSC) was originally incorporated as Basic Enterprises, Inc. on September 19, 1968. From an ordinary corporation, it became an oil and gas exploration and development company and assumed a new name, Basic Petroleum and Minerals, Inc. Over the years, BSC evolved from an operating company to a holding company under the corporate name, Basic Consolidated, Inc. In 2007, in line with the inclusion among its primary purposes the production of ethanol and other biofuels, and the development of other alternative and renewable energy sources, the company changed its corporate name from Basic Petroleum Corporation to Basic Energy Corporation. BSC, through its subsidiaries and affiliates, has expanded its business horizons by embarking in the development and production of biofuel-ethanol, and other alternative and renewable energy. Basic Ecomarket Farms, Inc. (BEF) is a wholly owned subsidiary of the company and serves as the joint venture vehicle for BSC's cassava project. Southwest Resources, Inc., a majority-owned subsidiary of the company, is involved in various oil exploration and development activities. BSC's other wholly owned subsidiaries include Basic Diversified Holdings, Inc., (investment holdings), iBasic, Inc. (information technology management and service integration), and Basic Biofuels Corporation (development of biofuels). Source: SEC Form 17-A (2008)