Basic Energy Closes JetStar Acquisition

Basic Energy Services, Inc. on Wednesday said it has completed the previously announced acquisition of all of the outstanding capital stock of JetStar Consolidated Holdings, Inc. for a total acquisition price, net of estimated working capital, of approximately $118 million. The total acquisition price comprises approximately 1.9 million shares of Basic common stock, $45 million in cash to JetStar's shareholders, and $38 million for repayment of JetStar's 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.