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Basic Energy Services Prices Secondary Public Offering of Shares of Common Stock

MIDLAND, Texas, July 27, 2011 /PRNewswire via COMTEX/ --

Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today announced the pricing of a secondary public offering of 5,000,000 shares of common stock owned by DLJ Merchant Banking Partners III, L.P. and affiliated funds (the "Selling Stockholders") at $32.50 per share. The underwriters have been granted a 30-day option to purchase up to 750,000 additional shares from the Selling Stockholders.

Basic will not receive any proceeds from the offering and the number of outstanding shares of Basic's common stock will remain unchanged. The offering was made pursuant to an automatically effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on July 25, 2011. The offering is expected to close on August 2, 2011, subject to customary closing conditions.

Goldman, Sachs & Co., Jefferies & Company, Inc. and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offering. A copy of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained from:

  • Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282; (866) 471-2526; prospectus-ny@ny.email.gs.com;
  • Jefferies & Company, Inc., Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022; (888) 449-2342; prospectus_department@jefferies.com; or
  • Credit Suisse Securities (USA) LLC Prospectus Department, One Madison Avenue, Level 1B, New York, NY 10010; (800) 221-1037.

This press release does not constitute an offer to sell or a solicitation of any offer to buy any securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offer is being made only through the prospectus supplement and accompanying base prospectus.

This press release contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events based on assumptions and estimations that management believes are reasonable given currently available information. Forward-looking statements in this press release relate to, among other things, the closing of the offering. Information on risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements is available in Basic's filings with the Securities and Exchange Commission.

Contacts:

Alan Krenek, Chief Financial Officer


Basic Energy Services, Inc.


432-620-5516





Jack Lascar/Sheila Stuewe


DRG&L / 713-529-6600

SOURCE Basic Energy Services, Inc.

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