COSTA MESA, Calif., April 25, 2006 (PRIMEZONE) -- Basic Energy Services Inc. (NYSE:BAS) has acquired all of the outstanding capital stock of LeBus Oil Field Service Co. of Overton, Texas.
RSM EquiCo Capital Markets initiated the transaction, led the negotiations and acted as exclusive financial advisor to LeBus Oil Field Service Co.
"This acquisition provides Basic Energy access to LeBus' strong customer base and varied oilfield services," said John Dorey, senior managing director of RSM EquiCo Capital Markets.
"LeBus' truck and tank fleet and network of disposal facilities complement our existing fluid services operations in east Texas and north Louisiana, giving us improved access to the most active areas in these markets. We believe we now operate the largest fluid services fleet in the Ark-La-Tex region and look forward to offering our combined customer base more seamless coverage throughout this market," said Basic Energy Services' President and CEO Ken Huseman.
About RSM EquiCo
RSM EquiCo (www.rsmequico.com) is a global provider of investment banking services to private companies with annual revenues of up to $500 million. The firm brings together companies, capital and creativity on a national and international scale to help clients achieve their personal and strategic objectives.
RSM EquiCo is part of RSM McGladrey Inc., one of the nation's largest providers of business and tax consulting, wealth management, retirement resources and payroll services to midsized companies.
RSM EquiCo Capital Markets LLC is licensed by the SEC (Securities & Exchange Commission) and all state securities authorities, and is a member of the NASD (National Association of Securities Dealers) and SIPC (Securities Investor Protection Corporation).
RSM EquiCo's international headquarters are located in Costa Mesa, California. It also has offices in Chicago, Boston, New York, London and Coral Springs, Fla.
About LeBus Oil Field Service Co.
LeBus Oil Field Service Co. provides transportation, storage and disposal of oilfield fluids in east Texas and north Louisiana. The company, which employs approximately 140 people, has six disposal facilities and a fleet of 67 fluid hauling trucks and 225 frac tanks. Since its founding in 1949, the company has built a solid reputation for quality service with good people and equipment.
Basic Energy Services Inc.
Basic Energy Services Inc. provides well-site services to oil and gas drilling and producing companies in Texas, Louisiana, Oklahoma, New Mexico, and the Rocky Mountain states. It operates in four segments: Well Servicing; Fluid Services; Drilling and Completion Services; and Well-Site Construction Services. The company's services support the entire life cycle of a well -- from drilling and production to abandonment. Its fluids service business supplies a variety of transportation, storage and disposal services used in all phases of drilling and production from 40 service points; the drilling and completion services segment includes pressure pumping, cased-hole wire line and under-balanced drilling services, and the well-site construction business line builds and maintains critical infrastructure for the oilfield. Basic Energy Services was founded in 1992 and is based in Midland, Texas. The company has more than 3,000 employees and is among the largest companies in its field.