COMPLETE PRODUCTION SERVICES INC. (CPX) News

HOUSTON, August 2 /CNW/ - Complete Production Services, Inc. (NYSE:CPX)
acquired three companies during the past week to further strengthen its
position as one of North America's leading oilfield service providers. The
companies acquired by Complete provide well servicing, fluid handling, fishing
& rental, drilling and slickline services in North America.
"As part of our initial public offering earlier this year, we made a
commitment to our shareholders that we would acquire companies to grow and
expand our positions in each of the markets we serve and extend our service
and product offerings into new geographic areas," commented Joe Winkler,
President and Chief Executive Officer. "These, and our other recent
acquisitions, follow through on that commitment."

The three acquisitions include:

The Turner group of companies (Turner), which includes Loyd Jones Well
Service and Turner Transportation, was acquired on July 28, 2006. Turner is
based in Canadian, Texas, and provides well servicing, fluid handling and
fishing and rental services. Turner will expand Complete's Mid-Continent
operations into the highly active Texas Panhandle region of the Anadarko
Basin.
The slickline business of Quinn Well Control, Ltd., based in Grande
Prairie, Alberta, Canada, was acquired on July 31, 2006. This acquisition will
strengthen Complete's slickline operations in the Canadian market with the
addition of six premier slickline units. In addition, the acquisition provides
intellectual property in the form of patented sliding sleeve technology.
Substantially, all the assets of Pinnacle Drilling Co., L.L.C. were
acquired as of August 1, 2006. With three premier drilling rigs, two in the
Barnett Shale region in north Texas and one in the Bossier Trend region in
east Texas, this acquisition further expands Complete's capacity to drill the
deep and horizontal wells sought by oil and gas producers in those areas.
"We are pleased to add to our company these businesses with high quality
personnel and outstanding local reputations," noted Winkler. "These recent
transactions are consistent with our strategy of creating value through
acquisitions that subsequently provide additional organic growth
opportunities." The combined purchase price of the three companies was
approximately $92 million. The estimated trailing 12-month revenue and EBITDA
of the three transactions were $80 million and $30 million respectively. These
transactions bring the aggregate investment on a total of five acquisitions
since the company's Initial Public Offering on April 26, 2006, to more than
$125 million. Complete Production Services, Inc. provides completion,
production and drilling services and products to the oil and gas industry in
many of the most active basins throughout North America.
The foregoing contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements are those that do not state
historical facts and are, therefore, inherently subject to risk and
uncertainties. The forward-looking statements included herein are based on
current expectations and entail various risks and uncertainties that could
cause actual results to differ materially from those forward-looking
statements. Such risks and uncertainties include, among other things, risks
associated with the general nature of the oilfield service industry. The
company undertakes no obligation to publicly update or revise any
forward-looking statements to reflect events or circumstances that may arise
after the date of this press release.