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Basic Energy Services Reports Selected Operating Data for May 2008

MIDLAND, Texas, June 9 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of May 2008. During the month, Basic added two newbuild rigs and acquired eight rigs that increased its well servicing rig count to 408. Rig hours for the month of May 2008 were 73,400 producing a rig utilization rate of 76%, a decrease from 78% last month and an increase from 73% in May 2007.

Drilling rig days for the month of May 2008 were 246 producing a rig utilization of 88%, an increase from 85% last month and 65% in May 2007.

Basic increased its fluid service truck fleet by 25, bringing its total fleet to 675 trucks as of May 31, 2008.

Ken Huseman, Basic's President and Chief Executive Officer, stated, "Activity levels in all our business segments continue to improve as we benefit from longer daylight hours and extremely strong oil and natural gas prices. The Memorial Holiday caused hours and utilization to decline from April but improving supply and demand fundamentals allowed us to post higher utilization compared to May 2007."

                                OPERATING DATA

                                                           Month ended
                                                    May 31,          April 30,
                                                2008        2007        2008

    Number of weekdays in period                 22          23          22

    Number of well servicing rigs:(1)
      Weighted average for period               399         370         397
      End of period                             408         371         398
      Rig hours (000s)                         73.4        68.7        74.7
      Rig utilization rate(2)                    76%         73%         78%

    Number of drilling rigs:(1)
      Weighted average for period                 9           9           9
      End of period                               9           9           9
      Drilling rig days                         246         182         229
      Drilling utilization                      88%         65%         85%

    Number of fluid service trucks:
      Weighted average for period               673         656         649
      End of period                             675         657         650

    (1)  Includes all rigs owned during periods presented and excludes rigs
         held for sale.
    (2)  Rig utilization rate based on the weighted average number of rigs
         owned during the periods being reported, a 55-hour work week per rig
         and the number of weekdays in the periods being presented.

Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating area. The company employs more than 4,700 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.

Additional information on Basic Energy Services is available on the Company's website at

Forward Looking Statements and Additional Information

This release includes forward-looking statements and projections made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Basic has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including (i) Basic's ability to successfully execute, manage and integrate acquisitions, including the merger with Grey Wolf, Inc. ("Grey Wolf"), (ii) changes in demand for services and any related material impact on our pricing and utilizations rates and (iii) changes in our expenses, including labor or fuel costs. Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of Basic's Form 10-K and Form 10-Q's filed with the SEC. While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee that the transactions will be consummated or that anticipated future results will be achieved. Basic assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by Basic, whether as a result of new information, future events, or otherwise.

Additional Information and Where to Find It

In connection with the proposed mergers, a registration statement of Horsepower Holdings, Inc. ("Holdings"), which includes proxy statements of Basic and Grey Wolf and other materials, has been filed with the Securities and Exchange Commission (File No. 333-150895). INVESTORS AND SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS AND THESE OTHER MATERIALS REGARDING THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BASIC, GREY WOLF, HOLDINGS AND THE PROPOSED TRANSACTION. Investors and security holders may obtain a free copy of the registration statement and the definitive proxy statement/prospectus when they are available and other documents containing information about Basic and Grey Wolf, without charge, at the SEC's web site at, Basic's web site at, and Grey Wolf's web site at Copies of the registration statement and the definitive proxy statement/prospectus and the SEC filings that will be incorporated by reference therein may also be obtained for free by directing a request to either Investor Relations, Basic Energy Services, Inc., (432) 620-5510 or to Investor Relations, Grey Wolf, Inc., (713) 435-6100.

Participants in the Solicitation

Basic and Grey Wolf and their respective directors, officers and certain other members of management may be deemed to be participants in the solicitation of proxies from their respective stockholders in respect of the mergers. Information about these persons can be found in Grey Wolf's proxy statement relating to its 2008 annual meetings of stockholders as filed with the SEC on April 8, 2008. Information concerning beneficial ownership of Basic stock by its directors and certain of its executive officers is included in its Form 10-K/A filed on April 29, 2008 and subsequent statements of changes in beneficial ownership on file with the SEC. Additional information about the interests of such persons in the solicitation of proxies in respect of the mergers will be included in the registration statement and the joint proxy statement/prospectus to be filed with the SEC in connection with the proposed transaction.

Contacts: Alan Krenek, Chief Financial Officer
Basic Energy Services, Inc.

Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600

SOURCE Basic Energy Services, Inc.

Web site:

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