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Superior Energy Services, Inc. Confirms Expropriation of Company's Snubbing Units in Venezuela



 Superior Energy Services, Inc. Confirms Expropriation of Company's Snubbing
                              Units in Venezuela

PR Newswire

HOUSTON, Nov. 4, 2013

HOUSTON, Nov. 4, 2013 /PRNewswire/ -- Superior Energy Services, Inc. (NYSE:
SPN) today announced that the government of Venezuela has seized two of the
Company's hydraulic snubbing units from its facility in Anaco, Venezuela.

Dave Dunlap, Superior's President and CEO commented, "We are hopeful that in
the coming weeks we can reach an agreement with our customer, Petroleos de
Venezuela S.A. (PDVSA), to receive payments owed to us for work performed and
to secure the return of our equipment. We are extremely proud of our dedicated
local workforce in Venezuela who have provided a safe and efficient service to
PDVSA for more than 15 years.  We were the only company in Venezuela capable
of providing live well snubbing services to PDVSA and were doing it with a
local workforce who achieved an outstanding safety and performance record.
 Snubbing into a live well requires highly skilled personnel backed by an
experienced management team and reliable equipment."

Superior has generated less than $10.0 million in revenue from Venezuela
during the first nine months of 2013.  The total amount owed to Superior from
PDVSA is approximately $9.0 million. Net book value of the assets seized is
under $1.0 million.

Superior Energy Services, Inc. serves the drilling, completion and
production-related needs of oil and gas companies worldwide through its brand
name drilling products and its integrated completion and well intervention
services and tools, supported by an engineering staff who plan and design
solutions for customers.

Statements in this press release other than statement of historical facts,
including statements regarding our estimates, expectations, beliefs,
intentions, projections or strategies for the future, may be "forward-looking
statements" as defined in the Private Securities Litigation Reform Act of
1995.  All forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially from the
estimates, expectations, beliefs, intentions, projections and strategies
reflected in or suggested by the forward-looking statements.  Among the
factors that could cause actual results to differ materially are risks
inherent in acquiring businesses, including the ability to successfully
integrate Complete Production Services Inc.'s operations into the Company's
legacy operations and the costs incurred in doing so; the effect of regulatory
programs and environmental matters on our performance, including the risk that
future changes in the regulation of hydraulic fracturing could reduce or
eliminate demand for our pressure pumping services; risks associated with
business growth outpacing the capabilities of the Company's infrastructure and
workforce; risks associated with the uncertainty of macroeconomic and business
conditions worldwide; the cyclical nature and volatility of the oil and gas
industry, including the level of offshore exploration, production and
development activity and the volatility of oil and gas prices; changes in
competitive factors affecting our operations; political, economic and other
risks and uncertainties associated with international operations; the
lingering impact on exploration and production activities in the U.S. coastal
waters following the Deepwater Horizon incident; the impact that unfavorable
or unusual weather conditions could have on the Company's operations; the
potential shortage of skilled workers; the Company's dependence on certain
customers; the risks inherent in long-term fixed-price contracts; operating
hazards, including the significant possibility of accidents resulting in
personal injury or death, property damage or environmental damage; and other
material factors that are described in detail in Item 1A of the Company's
Annual Report on Form 10-K for the year ended December 31, 2012, as
subsequently updated by the Company's filings with the Securities and Exchange
Commission. Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, the Company can give no
assurance that such expectations will prove to be correct. Investors are
cautioned that many of the assumptions on which the Company's forward-looking
statements are based are likely to change after such forward-looking
statements are made, including for example the market prices of oil and
natural gas and regulations affecting oil and gas operations, which the
Company cannot control or anticipate. Further, the Company may make changes to
its business plans that could or will affect its results. The Company
undertakes no obligation to update any of its forward-looking statements and
the Company does not intend to update its forward-looking statements more
frequently than quarterly, notwithstanding any changes in its assumptions,
changes in its business plans, its actual experience, or other changes. You
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof.

FOR FURTHER INFORMATION CONTACT:
David Dunlap, President and CEO, (713) 654-2200;
Robert Taylor, CFO or Greg Rosenstein, EVP of Corporate Development, (504)
587-7374

SOURCE Superior Energy Services, Inc.

Website: http://www.superiorenergy.com
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