MIDLAND, Texas, May 10 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of April 2007.
Please note that the format of the monthly operating data report has changed effective with the addition of the six medium-depth drilling rigs from the Sledge Drilling acquisition on April 2, 2007. The well servicing information below only includes operating data from well servicing and barge-mounted workover rigs and a separate section has been added for the drilling rigs.
During the month, Basic added one newbuild rig and one swab rig, increasing its well servicing rig count to 367 as of April 30, 2007. Rig hours for the month of April 2007 were 70,500 producing a rig utilization rate of 83.1%, a decrease from 84.4% in the prior month and a decrease from 90.8% during the same month in 2006.
Rig hours in April decreased compared to the prior month due to one less weekday in the month and a holiday. However, the utilization rate in April is consistent with March when considering the holiday effect.
The utilization rate of 83.1% in April of 2007 is less than the extremely strong utilization recorded in the same month in 2006 reflecting weaker market conditions as a result of moderating oil and gas prices.
As mentioned above, Basic added six drilling rigs from the Sledge Drilling acquisition in April, increasing its drilling fleet to ten as of April 30, 2007.
Basic's fluid service truck fleet decreased by net of one truck, bringing its total to 656 trucks as of April 30, 2007.
OPERATING DATA Month ended April 30, March 31, 2007 2006 2007 Number of weekdays in period 21 20 22 Number of well servicing rigs: (1) Weighted average for period 367 333 365 End of period 367 335 365 Rig hours (000s) 70.5 66.5 74.5 Rig utilization rate (2) 83.1% 90.8% 84.4% Number of drilling rigs: (1) Weighted average for period 10 2 4 End of period 10 2 4 Number of fluid service trucks: Weighted average for period 656 549 656 End of period 655 544 656 (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 4,400 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.
Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600 SOURCE Basic Energy Services, Inc.
Web site: http://basicenergyservices.com