Express Energy Services Sells Coiled Tubing Business To Subsidiary Of Key Energy Services, Inc.

HOUSTON, June 7 /PRNewswire/ -- Express Energy Services CT, LP, a unit of privately held Express Energy Services, LLC, sold its coiled tubing business for approximately $13 million to a subsidiary of Key Energy Services, Inc. (NYSE: KEG), effective June 1, 2010.  The assets sold consisted of five coiled tubing units and related equipment.  In addition, the employees associated with running the units were hired by Key.

"The sale of our coiled tubing business allows Express Energy Services to redeploy capital into core service lines, such as casing handling, rathole drilling, well testing, wireline and offshore plug and abandonment operations," said Darron Anderson, chief executive officer.  "With only five spreads, Express was a minor player in the coiled tubing market."

About Express Energy Services

Express Energy Services Operating, LP began operations in October 2000 as an offshore rental support business to the coil tubing market.  During the past nine years, Express has grown into a diversified oilfield service company serving oil and natural gas exploration and production companies from the Gulf Coast to the Rocky Mountains and every oil and gas basin in between.

Headquartered in Houston, Texas, Express has more than 1,300 employees and 29 service locations in Arkansas, Colorado, Louisiana, Oklahoma, Pennsylvania, Texas, and the Gulf of Mexico.  The company provides highly demanded wellsite services to support its customers' drilling, completion, work-over, and wellbore abandonment operations.

For more information about Express Energy Services, visit our website at:   www.eeslp.com

SOURCE Express Energy Services

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