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NEW YORK, NY, April 22, 2008 — Grey Wolf, Inc. and Basic Energy Services, Inc. have approved a definitive agreement to combine the two businesses in a “merger of equals.” Based upon closing prices for each company’s common stock as of April 18, the estimated value of the combined company would be $2.9 billion. Covington & Burling LLP advised UBS Investment Bank, financial advisor to Grey Wolf, on the transaction. Grey Wolf is the fourth largest provider of contract land drilling services in the United States. Basic Energy Services is the nation’s third largest well servicing rig contractor and provides a range of well site services to oil and gas dripping and producing companies. UBS provides investment banking and securities, wealth management, asset management, and retail and corporate banking services worldwide. The Covington team was led by corporate partner J. D. Weinberg and included associates Frank London and Russell Valdez. All are resident in the firm’s New York office.