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Basic Energy buys Xterra Fishing, operating assets of Lackey

Wed Jan 30, 2008 6:26pm EST

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Jan 30 (Reuters) - Basic Energy Services Inc (BAS.N) said it acquired Xterra Fishing and Rental Tools Co and substantially all of the operating assets of Lackey Construction LLC for a total consideration of $23.3 million in cash.

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The deals are expected to add to earnings in 2008, the provider of well site services to the oil and gas industry said.

The acquisition of Xterra will expand Basic's rental and fishing operations in the Permian Basin market, while the five well service rigs from the Lackey deal will be added to its existing fleet of workover rigs, Basic Energy said. (Reporting by Aniruddha Basu in Bangalore)

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