Best Energy Announces Term Sheet to Help Its Customers Fund Up to $5 Million in Workover Projects Through Hugoton Basin Financing Partners

HOUSTON, April 21 /PRNewswire-FirstCall/ -- Best Energy Services, Inc. (OTC Bulletin Board: BEYS) announced today that it has executed a term sheet with a New York-based oil and gas private equity fund ("the Fund") to provide up to $5 million in capital for customers of Best in the Hugoton Basin and adjacent areas for financing various workover projects. HBFP will seek packages of 25+ workover candidates from individual customers of Best. The financing will be through Hugoton Basin Financing Partners, LLC. ("HBFP"), a newly created financing arm of the Fund. As contemplated under the term sheet, Best would be the exclusive provider of workover rigs to HBFP-financed projects and would also be responsible for the bundling of ancillary services required on the workovers.

Commenting on the HBFP financing and Best's role in the project, Mark Harrington, Best's Chairman and CEO stated, "Since its inception in 1991, Best Well Service has always been highly focused on its customers needs, providing a strong safety record, performance on and after the job and value pricing. This past year, we saw an even greater need emerge from our customers—capital for their workover projects. Working closely with our partners in New York, we have designed a product that we feel will be very well received by our broad base of customers."

The executed indicative Term sheet is subject to negotiation of definitive agreements between Best and the Fund.

C. K. Cooper & Company is serving as financial advisor to Best Energy Services in this transaction.

About Best Energy Services, Inc.

Headquartered in Houston, Texas, Best Energy Services, Inc. is a customer-focused and leading well service/workover provider in the Hugoton Basin. For more information, please visit www.BEYSinc.com.

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, as such, are subject to substantial uncertainties and risks that may cause actual results to materially differ from projections. Although the Company believes that the expectations expressed herein are based on reasonable assumptions within the bounds of the Company's knowledge of its businesses, operations, business plans, budgets and internal financial projections, there can be no assurance that actual results will not differ materially from the expectations expressed herein. 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 (i) properly execute its business model, (ii) raise additional capital to sustain its business model, (iii) attract and retain personnel, including highly qualified executives, management and operational personnel, (iv) negotiate favorable current debt and future capital raises, (v) manage the inherent risks associated with operating a diversified business to achieve and maintain positive cash flow and net profitability, and (vi) and remain in compliance, with its current senior secured credit facility with PNC Bank, N.A. as well as the other risks detailed from time to time in the SEC reports of Best Energy Services, Inc., including its annual report on Form 10-K/A for the transition period from February 1, 2008 to December 31, 2008 and its quarterly reports on Form 10-Q for the three months ended March 31, 2009, June 30, 2009 and September 30, 2009. 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.  The forward-looking statements made herein speak only as of the date hereof and Best Energy disclaims any obligation to update these forward-looking statements.

SOURCE Best Energy Services, Inc.