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Basic Energy Services Closes Initial Public Offering, Including Over-Allotment Shares

MIDLAND, Texas, Dec. 14 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) today announced the completion of its initial public offering of 14,375,000 shares of its common stock, 5,000,000 shares of which were sold by the Company and 9,375,000 shares were sold by selling stockholders. The shares sold by the selling stockholders included all of the 1,875,000 shares to cover the underwriters' over-allotment option, which was exercised in full.

The underwriters of the offering included Goldman, Sachs & Co. and Credit Suisse First Boston LLC, who acted as joint book-running lead managers, and Lehman Brothers Inc., UBS Securities LLC, Deutsche Bank Securities Inc., Raymond James & Associates, Inc. and RBC Capital Markets Corporation, who acted as co-managers. The offering was made only by means of a prospectus, copies of which may be obtained by contacting Goldman, Sachs & Co., Prospectus Department, 85 Broad Street, New York, NY 10016 (Fax number: 212-902-9316 or email: prospectus-ny@ny.email.gs.com ).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Basic Energy Services, with a fleet of more than 300 well servicing rigs, provides a range of well site services to oil and gas drilling and producing companies throughout the major oil and gas regions in Texas, Louisiana, Oklahoma, New Mexico and the Rocky Mountain States.

Contacts: Alan Krenek, Chief Financial Officer
Basic Energy Services, Inc.
432-620-5516

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., 1-432-620-5516; or Jack Lascar or Sheila Stuewe, both of DRG&E,
1-713-529-6600, for Basic Energy Services, Inc.
(BAS)

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