Basic Energy Services Inc. (fka BASXQ)

[eastunder]

Basic Energy Services Announces Reauthorized Share Repurchase Program

http://www.streetinsider.com/Press+Releases/Basic+Energy+Services+Announces+Reauthorized+Share+Repurchase+Program/7471137.html

Basic Energy Services, Inc. (NYSE: BAS) ("Basic") announced today that its Board of Directors has reauthorized the repurchase of up to approximately $35.2 million of its common shares from time to time in open market or private transactions, at the company's discretion, as a continuation of its prior $50.0 million program announced in 2008 (of which $14.8 million has been previously repurchased). The timing and actual number of shares repurchased will depend on a variety of factors including the stock price, corporate and regulatory requirements and other market and economic conditions. The stock repurchase program may be suspended or discontinued at any time.

Commenting on the announcement, Kenneth V. Huseman, Basic's Chief Executive Officer, said, "The Board's reauthorization and our reimplementation of the stock repurchase program, which was previously suspended, reflects our confidence in the long-term value of Basic's market position and financial performance. The repurchased shares will become treasury shares, which may be reissued later in connection with acquisitions or with our long-term incentive plans. We believe our current share price presents an attractive investment opportunity for the company and potential good use of our existing liquidity."

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 5,700 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 and Appalachian regions. Additional information on Basic Energy Services is available on the Company's website at http://www.basicenergyservices.com.