Press Release

View printer-friendly version

<< Back

Basic Energy Services Reports Selected Operating Data for September 2007

MIDLAND, Texas, Oct. 11 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of September 2007. During the month, Basic added six newbuild rigs and retired five rigs, increasing its well servicing rig count to 386 as of September 30, 2007. Rig hours for the month of September 2007 were 63,000 producing a rig utilization rate of 74.8%, a decrease from 79.4% and 90.1% in August 2007 and September 2006, respectively.

Basic accepted delivery of one new drilling rig in late September, increasing its drilling fleet to ten as of September 30, 2007.

Basic also increased its fluid service truck fleet by a net of ten trucks, bringing its total to 666 trucks as of September 30, 2007.

Ken Huseman, Basic's President and Chief Executive Officer, stated, "September's workover rig utilization rate was consistent with August, adjusted for the effect of the Labor Day holiday. Utilization has softened over the last year as the supply of equipment has grown to match demand in most of our markets. We are using the new rigs we have on order to replace the oldest, least efficient rigs in our fleet. Most, if not all, of the eight newbuild rigs scheduled for delivery in the fourth quarter will displace those older rigs in our fleet."


                                OPERATING DATA

                                                  September 30,     August 31,
                                                2007        2006        2007

    Number of weekdays in period                 20          21          23

    Number of well servicing rigs: (1)
      Weighted average for period               383         354         383
      End of period                             386         355         385

      Rig hours (000s)                         63.0        73.7        76.9
      Rig utilization rate (2)                 74.8%       90.1%       79.4%

    Number of drilling rigs: (1)
      Weighted average for period                 9           2           9
      End of period                              10           2           9
      Drilling rig days                         236          45         242
      Drilling rig utilization                 87.4%       75.0%       89.6%

    Number of fluid service trucks:
      Weighted average for period               654         632         652
      End of period                             666         635         656


    (1) Includes all rigs owned during periods presented and excludes rigs
        held for sale.
    (2) Rig utilization rate based on the weighted average number of rigs
        owned during the periods being reported, a 55-hour work week per rig
        and the number of weekdays in the periods being presented.


Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating area. The company employs more than 4,500 employees in more than 100 service points throughout the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain States.

Additional information on Basic Energy Services is available on the Company's website at http://basicenergyservices.com.

Contacts: Alan Krenek, Chief Financial Officer
Basic Energy Services, Inc.
432-620-5510

Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600

SOURCE Basic Energy Services, Inc.

Web site: http://basicenergyservices.com
(BAS)

Basic Energy Services © 2019