Basic Energy Services Closes Sledge Drilling Holding Corporation Acquisition
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Basic Energy Services, Inc.
P.O. Box 5275
Hobbs, NM, 88241
Press release date: April 4, 2007
MIDLAND, Texas, April 4: Basic Energy Services, Inc. (NYSE:BAS) (Basic) announced today it has completed the previously announced acquisition of all of the outstanding capital stock of Sledge Drilling Holding, Corp. ("Sledge") for a total acquisition price, net of estimated working capital, of approximately $56 million. The total acquisition price is comprised of approximately 430,000 shares of Basic common stock, $27 million in cash to Sledge's shareholders, and $19 million for repayment of Sledge outstanding debt.
Basic provides well site services essential to maintaining production from the oil and gas wells within its operating area. The company employs more than 4,100 employees in more than 100 service points throughout the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain States.
Additional information on Basic Energy Services is available on the Company's website at http://www.basicenergyservices.com/
Source: Basic Energy Services, Inc.
CONTACT: Alan Krenek, Chief Financial Officer Basic Energy Services, Inc., +1-432-620-5510; Jack Lascar, Sheila Stuewe, both of DRG&E, +1-713-529-6600, for Basic Energy Services, Inc. Web site: http://www.basicenergyservices.com/