MIDLAND, Texas, Sept. 13 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of August 2007. During the month, Basic added six newbuild rigs and one swab rig and retired five rigs, increasing its well servicing rig count to 385 as of August 31, 2007. Rig hours for the month of August 2007 were 76,900 producing a rig utilization rate of 79.4%, an increase from 78.3% in the prior month and a decrease from 92.7% in the same month in 2006.
Drilling rig days were 242 in August compared to 245 in July while the drilling rig count remained constant at nine from July.
Basic also increased its fluid service truck fleet by a net of nine trucks, bringing its total to 656 trucks as of August 31, 2007.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "We saw operating activity improve during the month of August as drier weather allowed increased field activity in our Texas and Mid-Continent markets. Activity in oil-oriented markets continued strong while activity in gas-oriented markets was flat to improving. As utilization indicates, rig supply and demand is currently in balance with rates stable. We anticipate using the 14 newbuilds scheduled for delivery over the remainder of this year for replacement of the older, less efficient rigs in our fleet. Several of those stacked rigs will then be retired but most will be scheduled for refurbishment and re-deployment as market conditions dictate."
OPERATING DATA Month ended August 31, July 31, 2007 2006 2007 Number of weekdays in period 23 23 22 Number of well servicing rigs: (1) Weighted average for period 383 352 381 End of period 385 354 383 Rig hours (000s) 76.9 82.6 72.2 Rig utilization rate (2) 79.4% 92.7% 78.3% Number of drilling rigs: (1) Weighted average for period 9 2 9 End of period 9 2 9 Drilling rig days 242 56 245 Number of fluid service trucks: Weighted average for period 652 614 653 End of period 656 628 647 (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