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Basic Energy Services Reports Selected Operating Data for April 2011

MIDLAND, Texas – May 10, 2011 – Basic Energy Services, Inc. (NYSE: BAS) (“Basic”) today reported selected operating data for the month of April 2011.  Basic’s well servicing rig count remained constant at 412 as of April 30, 2011.  Well servicing rig hours for the month were 64,000 producing a rig utilization rate of 67%, a decrease from 70% in March 2011 and an increase from 51% in April 2010.

During the month Basic’s fluid service truck count increased by eight to 838 as of April 30, 2011, as a result of adding nine trucks offset by one retirement.  Fluid service truck hours for the month were 171,700 a decrease from 180,000 in March 2011 and an increase from 154,300 in April 2010.

Drilling rig days for the month of April 2011 were 206 producing a rig utilization of 69%, a decrease from 99% and 94% in March 2011 and April 2010, respectively.  Drilling days in April were up from March but utilization down as all three of the Super Single class 1,000 horsepower rigs purchased in March were included for the full month in the calculation of utilization.

Ken Huseman, Basic’s President and Chief Executive Officer, stated, “Despite extended wind related delays throughout the month and the effect of the Easter holidays, we produced reasonably strong utilization in April across our business segments.  The completion and remedial services segment showed sequential growth with essentially full utilization of our pumping fleet including the new 25,000 hhp frac spread in the Wolfberry Play. One of the Super Single class 1,000 horsepower drilling rigs purchased in late March was placed in the field and the other two will be deployed in May and June. 

“The prevailing demand environment and our improving results boost our confidence that we should be able to achieve continued quarterly improvements in our operating and financial performance through the remainder of this year.  We expect the strong market conditions in oil-directed markets to drive our growth and provide for margin expansion due to the increased utilization and price increases in those markets.”

OPERATING DATA








Month ended




April 30,


March 31,




2011


2010


2011









Number of weekdays in period

21


22


23









Number of well servicing rigs (1,3)






 Weighted average for period

412


407


412

 End of period


412


407


412

Rig hours (000s)


64.0


50.6


72.9

Rig utilization rate (2,3)


67%


51%


70%









Number of fluid service trucks (1)






 Weighted average for period

834


792


827

 End of period


838


793


830

Truck hours (000s)


171.7


154.3


180.0









Number of drilling rigs (1,3)






 Weighted average for period

10


6


6

 End of period


10


6


6

Drilling rig days


206


169


185

Drilling utilization (3)


69%


94%


99%


 (1)  Includes all rigs and trucks owned during periods presented and excludes rigs and trucks 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.
 (3) Basic transferred three of its contract drilling rigs to the well servicing fleet at the end of December 2010.  The weighted average number of rigs, number of rigs at the end of period and the rig utilization rate for April 2010 has been recalculated as if these three rigs had been reclassified for April 2010.

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 4,700 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 and Appalachian regions.

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

Safe Harbor Statement

This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Basic has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete.  However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including (i) changes in demand for our services and any related material impact on our pricing and utilizations rates, (ii) Basic's ability to execute, manage and integrate acquisitions successfully and (iii) changes in our expenses, including labor or fuel costs and financing costs.  Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of Basic’s Form 10-K for the year ended December 31, 2010 and subsequent Form 10-Qs filed with the SEC.  While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee that anticipated future results will be achieved.  Basic assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by Basic, whether as a result of new information, future events, or otherwise.

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