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Exhibit 99.1
FOR IMMEDIATE RELEASE
WARRIOR
ENERGY SERVICES CORPORATION ANNOUNCES AGREEMENT TO BE ACQUIRED
BY
SUPERIOR ENERGY SERVICES, INC.
Monday, September 25, 2006
Columbus, Mississippi. Warrior Energy Services Corporation (NASDAQ
-
WARR) ("Warrior Energy") announced today that it has entered into a
merger
agreement to be acquired by Superior Energy Services, Inc.
("Superior")
(NYSE:SPN). Under the terms of the agreement, unanimously approved
by the
Warrior Energy board of directors, for each share of Warrior Energy
Common
Stock, a stockholder will receive upon the closing of the
transaction $14.50 in
cash and 0.452 shares of Superior common stock. The total purchase
price is
approximately $358.0 million, based on the closing price of
Superior common
stock on September 22, 2006. The transaction is subject to approval
by the
stockholders of Warrior Energy, regulatory review and customary
closing
conditions, and is expected to close late in the fourth quarter of
2006.
Mr. William L. Jenkins, President of Warrior Energy, stated that
"The
combination of cash and stock should allow the stockholders of
Warrior Energy to
realize both immediate value through the cash consideration and the
potential of
continuing value through appreciation in the price of Superior
common stock."
Simmons & Company International was the financial advisor to
the
Warrior Energy Board of Directors.
Superior is a leading provider of specialized oilfield services
and
equipment focused on serving the production-related needs of oil
and gas
companies primarily in the Gulf of Mexico and the drilling-related
needs of oil
and gas companies in the Gulf of Mexico and select international
market areas.
Superior uses its production-related assets to enhance, maintain
and extend
production and, at the end of an offshore property's economic life,
plug and
decommission wells. Superior also owns and operates mature oil and
gas
properties in the Gulf of Mexico.
Warrior Energy Services Corporation is a natural gas and oil
service
company providing services to natural gas and oil well operators in
the most
active basins in the continental United States and in the Gulf of
Mexico. It is
headquartered in Columbus, Mississippi. Additional information may
be obtained
by contacting Mr. Rob McNally, Executive Vice President, at (832)
775-0016 or
visiting the Company's website at
www.warriorenergyservices.com.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
Warrior
Energy and Superior will file a proxy statement/prospectus, and
both companies will file other relevant docume
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