MIDLAND, Texas, Oct 17, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today announced the closing of the exchange offer for its 7.125% Senior Notes due 2016.
Basic's offer to exchange up to $225,000,000 aggregate principal amount of Series A 7.125% Senior Notes due 2016 (the "Old Notes") that have not been registered under the Securities Act of 1933, as amended, for an equal principal amount of Series B 7.125% Senior Notes due 2016 (the "New Notes") that have been registered under the Securities Act expired on October 12, 2006, at 5:00 p.m. New York City time. On October 16, 2006, Basic closed the exchange offer. Basic accepted for exchange all Old Notes validly tendered and not validly withdrawn prior to the expiration of the exchange offer. As of the expiration time of the exchange offer, Basic had received tenders of Old Notes aggregating $225.0 million, or 100% of the notes outstanding.
Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating area. The company employs approximately 4,000 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.
Contacts: Alan Krenek, Chief Financial Officer
Basic Energy Services, Inc.
Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600
SOURCE Basic Energy Services, Inc.