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Basic Energy Services Agrees to Acquire Sledge Drilling Holding Corp.

Publication: PR Newswire
Publication Date: 15-MAR-07
Format: Online
Delivery: Immediate Online Access

Article Excerpt
MIDLAND, Texas, March 15 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. ("Basic") announced today it has signed a definitive agreement to acquire all of the outstanding capital stock of Sledge Drilling Holding Corp. ("Sledge") for total consideration of approximately $51 million, including $10 million in shares of Basic common stock and repayment of Sledge's outstanding debt, plus certain working capital adjustments at closing. The transaction is expected to close in the second quarter subject to completion of due diligence by Basic and other customary closing conditions.

Sledge, based in...



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