Exhibit 99.1

		NEWS RELEASE

FOR IMMEDIATE RELEASE		Contacts:		Alan Krenek, Chief Financial Officer
				Basic Energy Services, Inc.
				432-620-5510
				Jack Lascar/Sheila Stuewe
				DRG&E / 713-529-6600

BASIC ENERGY SERVICES REPORTS
THIRD QUARTER 2009 RESULTS

MIDLAND, Texas — October 28, 2009 — Basic Energy Services, Inc. (NYSE: BAS) (“Basic”) today announced its financial and operating results for the third quarter and nine months ended September 30, 2009.

Basic generated revenue of $125.0 million during the third quarter of 2009, up 5% from $118.8 million in the second quarter of 2009, and down from the $277.6 million reported in the third quarter of 2008. For the third quarter of 2009, Basic generated a net loss of $23.1 million, or $0.58 per diluted share, which excluded a $2.2 million, or $0.06 per share, after-tax charge associated with the early extinguishment of its revolving credit facility. In the comparable quarter last year, Basic generated net income of $26.7 million, or $0.64 per diluted share, that excluded $800,000, or $0.02 per share, in after-tax merger-related charges. Net loss as reported for the third quarter of 2009 was $25.3 million, or $0.64 per diluted share, compared to net income of $25.9 million, or $0.62 per diluted share, in the same period in 2008.

Adjusted EBITDA (defined as net income before interest, taxes, depreciation and amortization, and also excludes the pre-tax goodwill impairment and loss on extinguishment of debt in the 2009 period as well as the pre-tax merger related charges in the 2008 period) for the 2009 third quarter was $6.2 million, or 5% of revenue, compared to $78.1 million, or 28%, in the comparable quarter of 2008. EBITDA (defined as net income before interest, taxes, depreciation and amortization) for the third quarter of 2009 was $2.7 million compared to $76.8 million in the same period in 2008. EBITDA and Adjusted EBITDA, which are not measures determined in accordance with generally accepted accounting principles (“GAAP”), are defined and reconciled in note 2 under the accompanying financial tables.

Ken Huseman, Basic’s President and Chief Executive Officer, stated, “We were pleased with the sequential uptick in revenues in each of our business segments in the third quarter, particularly in our completion and remedial services segment which experienced an 11% increase. Our top-line growth was driven by the relatively higher levels of activity in our oil-driven markets, which more than offset the continuing weaker demand in our gas-oriented markets.

“During the 2009 third quarter, our Adjusted EBITDA doubled from the prior quarter reflecting the full impact of the cost reductions we have been making since the fourth quarter of 2008. We continue to look for opportunities to further reduce costs while maintaining our ability to provide the optimum level of service to our customers.

“We expect oil-related activity to gradually increase over the near term as our customers gain confidence in the general level of oil prices and as they establish their 2010 budgets and plans based on that confidence. The outlook for natural gas prices is more uncertain and will continue to be a drag on the oilfield service industry as customers remain cautious in their spending until natural gas prices exhibit strength and stability.

“Our efforts in developing a much lower cost structure should result in incremental margins in excess of 50% in the near term as we more fully utilize personnel, equipment and infrastructure, even with the fairly modest improvements in activity and reduced pricing for our services compared to the recent peak levels. We believe we are well situated to build market share and shareholder value as we come out of the lowest part of this cycle.”

For the nine-month period ended September 30, 2009, Basic generated a net loss of $60.3 million, or $1.52 per diluted share, excluding the impact of a $166.9 million after-tax ($204.0 million pre-tax) non-cash goodwill impairment charge and a $2.2 million after-tax ($3.5 million pre-tax) loss on the early extinguishment of debt. Net loss as reported for the 2009 nine-month period was $229.4 million, or $5.78 per diluted share. During the comparable period in 2008, Basic generated net income of $69.2 million, or $1.66 per diluted share, before merger related costs. Including the $4.9 million of after-tax merger related charges, net income reported for the first nine months of 2008 was $64.3 million, or $1.54 per diluted share. Revenues declined 47% to $398.5 million in the first nine months of 2009, compared to $759.0 million in the same period of 2008.

Basic recognized an effective tax benefit rate of 24% in the first nine months of 2009 compared to a tax rate of 38% in the comparable period of 2008. The low year-to-date effective tax benefit rate for 2009 is primarily due to the $204.0 million goodwill impairment charge. The tax deductibility of the impairment charge was determined by the taxable basis of the goodwill considered to be impaired. A portion of the Company’s goodwill was not tax-deductible, which decreased the benefit of the effective tax rate. Excluding the impact of the goodwill impairment charge, the effective tax rate for the nine months ending September 30, 2009 would have been a benefit of 37%.

Business Segment Results

Well Servicing

Sequentially, well servicing revenues rose approximately 6% to $38.4 million during the third quarter of 2009 compared to $36.4 million in the prior quarter. During last year’s third quarter revenues were $97.4 million. At September 30, 2009, the well servicing rig count was 414, unchanged from the prior quarter end. The weighted average number of well servicing rigs was 414 during the third quarter of 2009 compared to 412 during the same period in 2008.

Well servicing rig utilization ticked-up sequentially to 42% in the third quarter of 2009 from 37% in the prior quarter. Last year in the comparable quarter, the rig utilization rate was 79%.

Revenue per well servicing rig hour declined 5% sequentially to $313 during the third quarter of 2009 compared to $329 in the prior quarter, and down from the $418 achieved in the same period in 2008.

Well servicing segment profit in the third quarter of 2009 was $9.4 million compared to $8.6 million in the prior quarter and $36.3 million in the same period in 2008. By instituting cost saving measures, the well services operating team produced segment profit margins of 24% in the third quarter of 2009, in line with the margins produced in both the first and second quarter of 2009, but down from the 37% which was achieved in the third quarter of 2008. The year-over-year decrease was due mainly to lower demand, which resulted in decreased utilization and pricing for well servicing rig services.

Fluid Services

Fluid services revenue in the third quarter of 2009 was $49.8 million compared to $49.1 million in the prior quarter and $82.7 million in the same period in 2008. Basic ended the third quarter with 805 fluid service trucks, the same number of trucks it had at the end of the prior quarter. Weighted average number of fluid services trucks declined to 805 trucks during the third quarter of 2009, down three trucks from the average truck count of 808 during the second quarter of 2009. During the third quarter of 2008 the average number of fluid services trucks was 683. The year-over-year increase in fluid services trucks is primarily related to the trucks acquired in the Azurite acquisition in September 2008.

Average revenue per fluid services truck was $62,000 in the third quarter of 2009, in line with $61,000 in the prior quarter and down 49% compared to $121,000 in the same period in 2008. Segment profit in the third quarter of 2009 was $11.3 million, or 23% of revenue, compared to $13.7 million, or 28% of revenue, in the prior quarter and $29.6 million, or 36% of revenue, in the same period in 2008. Profit margins were down sequentially due to increased fuel and repair and maintenance costs. On a year-over-year basis, the decline is a result of decreased drilling activity, resulting in lower utilization and pricing.

Completion & Remedial Services

Sequentially, completion and remedial services revenues increased 11% to $32.6 million in the third quarter of 2009 from $29.4 million in the prior quarter. Last year, this segment generated $85.5 million in revenue. Segment profit in the third quarter of 2009 rose sequentially to $9.5 million, or 29% of revenue, compared to $7.9 million, or 27% of revenue, in the prior quarter. During the third quarter of 2008, segment profit was $38.7 million, or 45% of revenue. The sequential rise in revenue was mainly due to the improved revenues from the pressure pumping and wireline service line. Segment profit margins were also up sequentially due to the favorable impact of cost cutting measures and the increased revenues. The year-over-year drop in revenue and segment profit was attributable to declining activity levels and lower pricing, both in the pressure pumping and wireline, and fishing and rental tool service lines. As of September 30, 2009, Basic had approximately 139,000 hydraulic horsepower of pressure pumping capacity compared to approximately 134,000 hydraulic horsepower as of September 30, 2008.

Contract Drilling

Contract drilling revenues rose sequentially to $4.2 million during the third quarter of 2009 compared to $4.0 million in the prior quarter. During the comparable quarter of 2008, this segment produced revenue of $12.0 million. Segment profit in the third quarter of 2009 was $845,000 compared to $650,000 in the prior quarter and $4.3 million during the third quarter of 2008. The sequential rise in segment profit was primarily a result of a 25% increase in drilling rig operating days. Basic operated nine drilling rigs during the third quarter of 2009, the same as in the prior quarter and in the same period in 2008.

Capital Expenditures

During the nine months ending September 30, 2009, Basic’s total capital expenditures, including capital leases, were approximately $50 million, comprised of $25 million for sustaining and replacement projects, $16 million for expansion projects and $9 million for other projects. Expansion capital spending included approximately $8 million for the completion and remedial services segment, $7 million for the fluid services segment, and $1 million for the well servicing segment. Other capital expenditures of $9 million were mainly for facilities and IT infrastructure. As previously announced, Basic plans to spend a total of approximately $58 million for capital expenditures during 2009.

Basic Energy Services provides well site services essential to maintaining production of oil and gas wells within its operating area. The Company employs approximately 3,800 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.

For more information, please visit Basic’s website at http://www.basicenergyservices.com.

Conference Call

Basic will host a conference call to discuss its third quarter 2009 results on Thursday, October 29, 2009, at 9:00 a.m. Eastern Time (8:00 a.m. Central). To access the call, please dial (480) 248-5081 and ask for the “Basic Energy Services” call at least 10 minutes prior to the start time. The conference call will also be broadcast live via the Internet and can be accessed through the investor relations section of Basic’s corporate website, http:// www.basicenergyservices.com.

A telephonic replay of the conference call will be available until November 5, 2009 and may be accessed by calling (303) 590-3030 and using the pass code 4170568#. A webcast archive will be available at www.basicenergyservices.com shortly after the call and will be accessible for approximately 30 days. For more information, please contact Donna Washburn at DRG&E at (713) 529-6600 or email at dmw@drg-e.com.

Safe Harbor Statement

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) changes in demand for our services and any related material impact on our pricing and utilizations rates, (ii) Basic’s ability to execute, manage and integrate acquisitions successfully and (iii) changes in our expenses, including labor or fuel costs and financing 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 for the year ended December 31, 2008 and subsequent Form 10-Qs filed with the SEC. While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee 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.

-Tables to Follow-

Basic Energy Services, Inc.
Consolidated Statements of Operations, Comprehensive Income and Other Financial Data
(in thousands, except per share amounts)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2009				2008				2009				2008
		(Unaudited)								(Unaudited)
Income Statement Data:
Revenues:
Well servicing		$	38,434			$	97,382			$	123,647			$	266,919
Fluid services			49,782				82,660				163,847				226,640
Completion and remedial services			32,592				85,541				99,224				233,578
Contract drilling			4,150				11,992				11,776				31,832
Total revenues			124,958				277,575				398,494				758,969
Expenses:
Well servicing			29,051				61,047				93,793				164,806
Fluid services			38,471				53,028				118,439				148,015
Completion and remedial services			23,106				46,798				70,484				125,236
Contract drilling			3,305				7,722				9,912				22,311
General and administrative (1)			25,140				30,552				81,643				83,212
Depreciation and amortization			33,455				29,271				98,605				86,035
(Gain) loss on disposal of assets			514				376				1,853				(208	)
Goodwill Impairment			—				—				204,014				—
Total expenses			153,042				228,794				678,743				629,407
Operating income (loss)			(28,084	)			48,781				(280,249	)			129,562
Other income (expense):
Interest expense			(9,760	)			(6,315	)			(21,470	)			(20,117	)
Interest income			135				654				528				1,824
Loss on early extinguishment of debt			(3,481	)			—				(3,481	)			—
Other income (expense)			819				(1,273	)			1,071				(7,708	)
Income (loss) from continuing operations before income taxes			(40,371	)			41,847				(303,601	)			103,561
Income tax benefit (expense)			15,046				(15,905	)			74,215				(39,253	)
Net income (loss)		$	(25,325	)		$	25,942			$	(229,386	)		$	64,308
Earnings (loss) per share of common stock:
Basic		$	(0.64	)		$	0.63			$	(5.78	)		$	1.58
Diluted		$	(0.64	)		$	0.62			$	(5.78	)		$	1.54
Other Financial Data:
EBITDA (2)		$	2,709			$	76,779			$	(184,054	)		$	207,889
Adjusted EBITDA (2)			6,190				78,074				23,441				215,758
Capital expenditures:
Acquisitions, net of cash acquired			—				59,579				1,190				110,818
Property and equipment			9,612				23,845				34,799				68,868

		As of
		September 30,				September 30,
		2009				2008
		(unaudited)
Balance Sheet Data:
Cash and cash equivalents		$	137,026			$	80,861
Restricted cash			14,316				—
Net property and equipment			690,720				709,059
Total assets			1,085,335				1,310,842
Total long-term debt			480,317				449,404
Total stockholders’ equity			363,090				598,740

		Ended September 30,								Ended September 30,
		2009				2008				2009				2008
Segment Data:
Well Servicing
Weighted average number of rigs			414				412				414				402
Rig hours (000’s)			122.9				233.0				365.7				657.8
Rig utilization rate			41.5	%			79.1	%			41.2	%			76.3	%
Revenue per rig hour		$	313			$	418			$	338			$	406
Well servicing rig profit per rig hour		$	76			$	156			$	82			$	155
Segment profits as a percent of revenue			24.4	%			37.3	%			24.1	%			38.3	%
Fluid Services
Weighted average number of fluid services trucks			805				683				809				663
Revenue per fluid services truck (000’s)		$	62			$	121			$	203			$	342
Segment profits per fluid services truck (000’s)		$	14			$	43			$	56			$	119
Segment profits as a percent of revenue			22.7	%			35.8	%			27.7	%			34.7	%
Completion and Remedial Services
Segment profits as a percent of revenue			29.1	%			45.3	%			29.0	%			46.4	%
Contract Drilling
Weighted average number of rigs			9				9				9				9
Rig operating days			391				767				953				2,111
Revenue per day		$	10,600			$	15,600			$	12,400			$	15,100
Drilling rig profit per day		$	2,200			$	5,600			$	2,000			$	4,500
Segment profits as a percent of revenue			20.4	%			35.6	%			15.8	%			29.9	%

•		The financial performance of its assets without regard to financing methods, capital structure or historical cost basis;
•		The ability of its assets to generate cash sufficient to pay interest on our indebtedness; and
•		Its operating performance and return on invested capital as compared to those of other companies in the well servicing industry, without regard to financing methods and capital structure.

EBITDA has limitations as an analytical tool and should not be considered an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA excludes some, but not all, items that affect net income and operating income, and these measures may vary among other companies. Limitations to using EBITDA as an analytical tool include:

•

EBITDA does not reflect its current or future requirements for capital expenditures or capital commitments;

•

EBITDA does not reflect changes in, or cash requirements necessary to service interest or principal payments on, its debt;

•

EBITDA does not reflect income taxes;

•

Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and

•

Other companies in its industry may calculate EBITDA differently than Basic does, limiting its usefulness as a comparative measure.

The following table presents a reconciliation of net income to EBITDA, which is the most comparable GAAP performance measure, for each of the periods indicated:

		Three months								Nine months
		Ended September 30,								Ended September 30,
		2009				2008				2009				2008
		(Unaudited)								(Unaudited)
Reconciliation of Net Income (Loss) to EBITDA:
Net income (loss)		$	(25,325	)		$	25,942			$	(229,386	)		$	64,308
Income taxes			(15,046	)			15,905				(74,215	)			39,253
Net interest expense			9,625				5,661				20,942				18,293
Depreciation and amortization			33,455				29,271				98,605				86,035
EBITDA		$	2,709			$	76,779			$	(184,054	)		$	207,889

The following table presents a reconciliation of net income to “Adjusted EBITDA,” which means our EBITDA excluding the goodwill impairment charge and deferred debt costs write-off in 2009:

		Three months								Nine months
		Ended September 30,								Ended September 30,
		2009				2008				2009				2008
		(Unaudited)								(Unaudited)
Reconciliation of Net Income (Loss) to Adjusted EBITDA:
Net income (loss)		$	(25,325	)		$	25,942			$	(229,386	)		$	64,308
Goodwill impairment			—				—				204,014				—
Merger-related costs			—				1,295				—				7,869
Loss on early extinguishment of debt			3,481				—				3,481				—
Income taxes			(15,046	)			15,905				(74,215	)			39,253
Net interest expense			9,625				5,661				20,942				18,293
Depreciation and amortization			33,455				29,271				98,605				86,035
Adjusted EBITDA		$	6,190			$	78,074			$	23,441			$	215,758

We believe Adjusted EBITDA is useful for management and investors in connection with comparisons of EBITDA excluding the items represented by the goodwill impairment charges and deferred debt costs write-offs in 2009.

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