Basic Energy Services Closes JetStar Consolidated Holdings Acquisition


MIDLAND, Texas, March 7 -- Basic Energy Services, Inc. (NYSE:BAS) (Basic) announced today it has completed the previously announced acquisition of all of the outstanding capital stock of JetStar Consolidated Holdings, Inc. ("JetStar") for a total acquisition price, net of estimated working capital, of approximately $118 million. The total acquisition price is comprised of approximately 1.9 million shares of Basic common stock, $45 million in cash to JetStars's shareholders, and $38 million for repayment of JetStar 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 and the Rocky Mountain States.

Additional information on Basic Energy Services is available on the Company's website at http://www.basicenergyservices.com/

Contacts:
Alan Krenek, Chief Financial Officer
Basic Energy Services, Inc.
432-620-5510

Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600

Source: Basic Energy Services, Inc.

CONTACT: Alan Krenek, Chief Financial Officer of Basic Energy Services, Inc., +1-432-620-5510; or Jack Lascar, or Sheila Stuewe, both of DRG&E, +1-713-529-6600, for Basic Energy Services, Inc.

Web site: http://www.basicenergyservices.com/

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