Basic Energy Services Closes Sledge Acquisition

Basic Energy Services, Inc. has completed the previously announced acquisition of all of the outstanding capital stock of Sledge Drilling Holding, Corp. 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.

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