MIDLAND, Texas, Jan. 7 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of December 2007. During the month, Basic added five newbuild rigs and retired three rigs, increasing its well servicing rig count to 387 as of December 31, 2007. Rig hours for the month of December 2007 were 59,800 producing a rig utilization rate of 67%, a decrease from 71% and 81% in November 2007 and December 2006, respectively.
Drilling rig days for the month of December 2007 were 274 producing a rig utilization of 88%, an increase from 82% and 81% from November 2007 and December 2006, respectively.
Basic decreased its fluid service truck fleet by a net of two trucks bringing its total to 645 trucks as of December 31, 2007.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "As we expected, activity in December declined from November as a result of the Christmas holiday period. Weaker demand in gas-oriented markets was the primary factor in the decline in the utilization rate from December 2006.
"We continue to monitor demand for opportunities to increase utilization and market share in each geographic area and service line. Currently, however, we anticipate our rig and truck fleet count will stay fairly flat as newbuild rigs and trucks are positioned to replace older, less-efficient equipment."
OPERATING DATA Month ended December 31, November 30, 2007 2006 2007 Number of weekdays in period 21 21 22 Number of well servicing rigs: (1) Weighted average for period 385 362 385 End of period 387 362 385 Rig hours (000s) 59.8 67.5 66.1 Rig utilization rate (2) 67% 81% 71% Number of drilling rigs: (1) Weighted average for period 10 3 10 End of period 10 3 10 Drilling rig days 274 75 245 Drilling utilization rate 88% 81% 82% Number of fluid service trucks: Weighted average for period 646 643 657 End of period 645 646 647 (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 4,500 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.
Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600
SOURCE Basic Energy Services, Inc.
Web site: http://basicenergyservices.com