Parallel Sells JetStar

Basic Energy Services Inc. (NYSE: BAS) has agreed to acquire JetStar Consolidated Holdings Inc. from Parallel Investment Partners for approximately $120 million. The consideration includes $43.5 million worth of common stock and the repayment of outstanding JetStar debt, but excludes working capital. JetStar is a Dallas-based provider of oilfield pressure pumping services to independent oil and gas producers in the Mid-Continent region of < ?xml:namespace prefix = st1 />North America.