Egan-Jones Recommends Grey Wolf Stockholders Vote for the Merger with Basic Energy Services

Egan-Jones Recommends Grey Wolf Stockholders Vote for the Merger with Basic Energy Services

Grey Wolf, Inc. announced the recommendation from Egan-Jones Proxy Services, a leading independent proxy voting advisory firm, that Grey Wolf stockholders vote in favor of the proposed merger with Basic Energy Services, Inc. at the upcoming Special Meeting of Stockholders scheduled for July 15, 2008.

“Our Board of Directors strongly and unanimously believes that the Basic merger is in the best interests of Grey Wolf stockholders, and we are very pleased that Egan-Jones has agreed with our position,” said Thomas P. Richards, Chairman, President and CEO of Grey Wolf.

“After following a careful and thorough process, our Board and management concluded that the Basic transaction provides the best way to maximize value for our stockholders. The merger offers Grey Wolf stockholders both immediate return of capital and the opportunity to participate in the continued growth of the combined company, the new Grey Wolf. Moreover, the combined company will be in a stronger competitive position, strategically and financially, and will have a strong growth platform. We are very excited about the potential of the new Grey Wolf and urge Grey Wolf holders to vote FOR the merger.”

In its report, Egan-Jones concluded that: “Based on our review of publicly available information on strategic, corporate governance and financial aspects of the proposed transaction, Egan-Jones views that the proposed cash and stock merger to be desirable approach in maximizing shareholder value and recommends that clients holding common shares of Grey Wolf, Inc. vote ‘FOR’ this Proposal.”

Grey Wolf urges its stockholders to deliver their proxies voting FOR the merger today. Stockholders needing assistance with their proxy can contact Grey Wolf’s information agent, Georgeson, Inc.;

Banks and brokers call: (212) 440-9800

Grey Wolf stockholders call: (800) 561-3540


Grey Wolf, Inc., Houston Chief Financial Officer

David Wehlmann, 713-435-6100

Source: Grey Wolf, Inc.

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