Basic Energy Services and Grey Wolf Terminate Merger Agreement
15 Julho 2008 - 12:45PM
PR Newswire (US)
MIDLAND, Texas, July 15 /PRNewswire-FirstCall/ -- Basic Energy
Services, Inc. ("Basic") (NYSE:BAS) and Grey Wolf, Inc. ("Grey
Wolf") (AMEX:GW) announced today that they have terminated the
Agreement and Plan of Merger (the "Merger Agreement") previously
entered into among Basic, Grey Wolf and Horsepower Holdings, Inc.
on April 20, 2008 pursuant to Section 7.1(b)(iii) of the Merger
Agreement. The decision to terminate the Merger Agreement was made
after Grey Wolf's stockholders did not approve the Merger Agreement
at a special meeting of stockholders held on Tuesday, July 15,
2008. Basic's stockholders voted in favor of the adoption of the
Merger Agreement at a special meeting of stockholders held on July
15, 2008. Ken Huseman, President and CEO, commented, "The Board,
employees and shareholders of Basic were excited about the merger
with Grey Wolf and certainly disappointed that Grey Wolf's
shareholders did not approve the merger. We continue to believe the
combination created by the merger of Basic and Grey Wolf would have
created significant value for both company's shareholders. With the
termination of the merger agreement, Basic can now return to our
focus of building value for our shareholders as we address numerous
opportunities to build our business through acquisitions, expansion
of our footprint and internal growth within our established
markets." Basic provides well site services essential to
maintaining production from the oil and gas wells within its
operating area. The company employs approximately 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 http://www.basicenergyservices.com/. 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 changes in demand
for services and any related material impact on our pricing and
utilizations rates and 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. Contacts: Alan
Krenek, Chief Financial Officer Basic Energy Services, Inc.
432-620-5510 Jack Lascar/Sheila Stuewe DRG&E / 713-529-6600
DATASOURCE: Basic Energy Services, Inc. CONTACT: Alan Krenek, Chief
Financial Officer of Basic Energy Services, Inc., +1-432-620-5510;
or Jack Lascar or Sheila Stuewe, both of DRG&E,
+1-713-529-6600, both for Basic Energy Services, Inc. Web site:
http://www.basicenergyservices.com/
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