MIDLAND, Texas, Sept. 15 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of August 2006.
Basic added four rigs to its fleet with the acquisition of Chaparral Services, Inc., increasing its well servicing rig count to 356 as of August 31, 2006. Rig hours for the month of August 2006 were 83,900 producing a rig utilization rate of 93.7%, an increase from 84.0% and 89.1% in the same month in 2005 and prior month in 2006, respectively. The year-over-year utilization improvement is the result of stronger market conditions, while the increase from July 2006 reflects the absence of holidays in August.
Basic also increased its fluid service truck fleet by the 28 trucks acquired from Chaparral Services, Inc. to a total of 628 trucks as of August 31, 2006. OPERATING DATA Month ended August 31, July 31, 2006 2005 2006 Number of weekdays in period 23 23 21 Number of well servicing rigs: (1) Weighted average for period 354 311 347 End of period (2) 356 312 352 Rig hours (000s) 83.9 66.1 71.4 Rig utilization rate (3) 93.7% 84.0% 89.1% Number of fluid service trucks: Weighted average for period 614 467 596 End of period (2) 628 472 600 (1) Includes all rigs owned during periods presented and excludes rigs held for sale. (2) Includes four rigs and 28 fluid service trucks acquired in the Chaparral Services, Inc. acquisition on August 15, 2006. (3) 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 approximately 4,000 employees in more than 100 service points throughout the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New Mexico and the Rocky Mountain States.
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. 09/15/2006