Best Energy Services, Inc. Issues Formal Update on Recent Funding, Acquisition and Trading Activities

    HOUSTON, March 5 /PRNewswire-FirstCall/ -- Best Energy Services, Inc.
 (OTC Bulletin Board:   BEYS), formerly Hybrook Resources, Inc. (OTC Bulletin
 Board: HYBK), today issued a corporate update detailing a series of recent
 events and transactions that have established Best Energy Services as an
 operating company in the oil field service sector.
 
     DEBT AND EQUITY FINANCINGS
 
     Specifically, on February 14, 2008, the Company secured a $25 million
 term and revolving credit facility from PNC Bank. On the same date, Best
 Energy Services closed on a private equity offering that as of that date
 yielded $8,640,000 in gross proceeds to the Company. The offering provided
 for the unregistered sale of 8,640 Units, comprising the total issuance of
 5,400,000 shares of common stock and 777,600 shares of Series A Convertible
 Preferred Stock to 64 institutional and accredited investors.
 
     Each Unit, priced at $1,000, consisted of 625 shares of common stock
 and 90 shares of Series A Convertible Preferred Stock. The Series A
 Convertible Preferred Stock has a stated face value of $10 per share, which
 shall be redeemed by the Company using no less than 25% of its net after
 tax income each year. The unredeemed portion of the face value will bear
 interest at an annual rate of 7%, payable quarterly in cash or in kind at
 the then-current market price, at the Company's option. The unredeemed face
 value may be converted into common stock by the holder at a conversion
 price of $4.00 per share, or by the Company at a conversion price of $4.00
 in the event that the Company's common stock closes at a market price of
 $9.60 per share or higher for more than 20 consecutive trading days. None
 of the Units or the underlying shares of common or Series A Preferred Stock
 sold in this offering have been registered under the Securities Act or
 under any state securities laws. However, in connection with the offering,
 the Company has agreed to file a resale registration statement with the SEC
 covering all shares of common and preferred stock sold in the offering.
 
     The New York City-based investment banking firm of Andrew Garrett, Inc.
 served as the exclusive placement agent on the transaction.
 
     RECENT ACQUISITION ACTIVITY
 
     In tandem with the closing of both the debt and equity financings, Best
 Energy Services completed the following planned acquisitions and asset
 purchases:
 
 

     -- Acquired 100% interest in Best Well Service, Inc., a Liberal,
        Kansas-based owner/operator of 24 oil and gas well service rigs in
        Texas, Oklahoma and Kansas.
     -- Acquired 100% interest in Bob Beeman Drilling Company, a company based
        in Moab, Utah engaged in mineral core sampling, deep water drilling and
        oil and gas drilling in Utah, New Mexico, Nevada, Arizona and Colorado.
     -- Acquired certain assets of American Rig Housing, Inc., a Houston,
        Texas-based company focused on renting living quarters, field offices
        and ancillary equipment to support remote oil and gas field operations
        throughout the country.  Specifically, Best Energy Services acquired
        from its owner, Larry Hargrave, all customers, oil field rig houses,
        motor vehicles, rolling stock and related equipment and right and title
        to the name "American Rig Housing."
     -- Acquired certain assets of BB Drilling, Co. from its owner, Bob Beeman,
        consisting of drilling rigs, motor vehicles, rolling stock, pumps and
        related tools and equipment.
     -- Acquired certain assets of Drill Site Services & Investments, LLC from
        its owner, Todd Beeman, consisting of drilling rigs, motor vehicles,
        rolling stock, pumps and related tools and equipment.
 
     Retaining much of their pre-existing corporate structure and management
 teams, Best Well Service and Bob Beeman Drilling Company will operate as
 wholly owned subsidiaries of Best Energy Services, but will collaborate to
 leverage and optimize their respective strengths and complementary service
 offerings.
 
     Currently, Best Well Service employs 127 full-time field, office and
 yard personnel, and focuses on providing oil field services, including
 operating drilling, core and well service rigs and the rental of ancillary
 equipment, such as pipe racks, mud pumps and blowout preventers. Bob Beeman
 Drilling has 30 full-time employees and concentrates largely on core
 drilling for minerals, most often prospective uranium deposits, in the
 geographic regions where its 12 rigs are based. Presently, this subsidiary
 holds a significant percentage of all uranium, copper and other mineral
 core drilling business in its prevailing service region. With a 20% market
 share in the Texas domestic rig housing market, American Rig Housing
 employs a 20-person workforce and operates a rental fleet comprised of 65
 units, with an additional 17 units capable of being refurbished and
 deployed to meet customer needs and demand.
 
     CORPORATE DEVELOPMENTS
 
     Best Energy Services also announced the formation of its new Board of
 Directors providing for the appointment of the following members:
 
 

     -- Larry Hargrave, Chairman and Chief Executive Officer of the Company;
     -- Tony Bruce, Director;
     -- Mark Harrington, Director;
     -- Jim Carroll, Director;
     -- David Gad, Director; and
     -- Joel Gold, Director.
 
     On February 14, 2008, the Board voted in favor of changing the
 Company's corporate name from "Hybrook Resources, Inc." to "Best Energy
 Services, Inc.;" its ticker symbol from "HYBK" to "BEYS," and its fiscal
 year end from January 31 to December 31, in keeping with the current fiscal
 year observed by both of its acquired subsidiaries. As a result of the
 fiscal year change, the Company will report its 2007 year end results on or
 before March 31, 2008 and its consolidated first quarter results on or
 before May 15, 2008.
 
     After factoring shares issued in association with the private equity
 offering and noted acquisitions, the Company has 17,551,875 shares of
 common stock and 777,600 Series A Preferred Stock issued and outstanding.
 
     The Company filed two Form 8-K reports, dated February 21, 2008 and
 March 4, 2008, with the U.S. Securities and Exchange Commission, which
 provide more detailed information relative to the financing transactions,
 acquisitions and other business matters described in this news release. To
 view, please visit http://www.sec.gov.
 
     Commenting on Best Energy Services' many recent achievements, CEO Larry
 Hargrave noted, "There is much to be proud of and plenty of hardworking
 people to credit for our success to date. But, there is also much hard work
 ahead of us if we are to realize our growth objectives. The consolidation
 of Best Well Service, Bob Beeman Drilling and American Rig Housing under
 the Best Energy umbrella has empowered us with a fundamentally strong and
 profitable operating platform that is expected to support and fuel solid
 organic growth over the coming years."
 
     Continuing, Hargrave said, "Given the proceeds from our recent equity
 offering and the additional funds available to us through our $25 million
 revolving credit facility, we enjoy the tactical advantage of being able to
 move quickly and decisively on those business opportunities that are well
 aligned with our long term growth strategy. Moreover, by relying upon and
 leveraging the skill and experience of our management team and Board of
 Directors, 2008 promises to be a very productive year for our Company,
 marked by important milestones and accomplishments."
 
     In closing, Hargrave added, "I'd like to formally welcome our new
 shareholders and thank everyone for your collective show of confidence in
 Best Energy Services. We look forward to keeping you well informed of our
 progress and intend to work very hard to build a lasting, successful
 company with whom we will all be proud to be associated."
 
     The Company is currently developing a corporate website that is
 expected to be launched in the near future.
 
     About Best Energy Services, Inc.
 
     Based in Houston, Texas, Best Energy Services, Inc. is a leading
 drilling and ancillary services provider to the domestic oil, gas and
 mining industries. Through its subsidiaries, Best Well Service, Inc. and
 Bob Beeman Drilling Co., and its American Rig Housing operations, the
 Company is actively engaged in supporting the exploration, production
 and/or recovery of oil, gas, water and mineral resources in Arizona,
 Colorado, Kansas, New Mexico, Nevada, Oklahoma, Texas and Utah.
 
     Certain statements contained in this press release, which are not based
 on historical facts, are forward-looking statements as the term is defined
 in the Private Securities Litigation Reform Act of 1995, and are subject to
 substantial uncertainties and risks in part detailed in the respective
 Company's Securities and Exchange Commission filings, that may cause actual
 results to materially differ from projections. Although the Company
 believes that its expectations are reasonable assumptions within the bounds
 of its knowledge of its businesses, expectations, representations and
 operations, there can be no assurance that actual results will not differ
 materially from their expectations. Important factors currently known to
 management that could cause actual results to differ materially from those
 in forward-looking statements include the Company's ability to execute
 properly its business model, to raise additional capital to implement its
 continuing business model, the ability to attract and retain personnel --
 including highly qualified executives, management and operational
 personnel, ability to negotiate favorable current debt and future capital
 raises, and the inherent risk associated with a diversified business to
 achieve and maintain positive cash flow and net profitability. In light of
 these risks and uncertainties, there can be no assurance that the
 forward-looking information contained in this press release will, in fact,
 occur.
 
 

                      FOR MORE INFORMATION, PLEASE CONTACT
                           Best Energy Services, Inc.
                                  Jim Carroll
        713-933-2600 or via email at jcarroll@bestenergyservicesinc.com
                                       or
                      Elite Financial Communications Group
   Dodi B. Handy, President and CEO, or Daniel Conway, Chief Strategy Officer
                   407-585-1080 or via email at beys@efcg.net
 
 

SOURCE Best Energy Services, Inc.