MIDLAND, Texas, March 10 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of February 2008. During the month, Basic added one newbuild rig and retired one rig, leaving its well servicing rig count unchanged at 393 as of February 29, 2008. Rig hours for the month of February 2008 were 68,300 producing a rig utilization rate of 75%, an increase from 71% last month and a decrease from 83% in February 2007.
Drilling rig days for the month of February 2008 were 206 producing a rig utilization of 79%, an increase from 64% last month and an increase from 62% in February 2007.
Basic increased its fluid service truck fleet by a net of two trucks from the prior month, bringing its total to 642 trucks as of February 29, 2008.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "We are pleased with the increase in activity since the first of the year in all service lines. As we stated in our recent fourth quarter earnings release and conference call, we believe demand for our services will increase steadily through 2008."
OPERATING DATA Month ended February January 2008 2007 2008 Number of weekdays in period 21 20 23 Number of well servicing rigs: (1) Weighted average for period 392 364 385 End of period 393 365 393 Rig hours (000s) 68.3 66.5 69.2 Rig utilization rate (2) 75% 83% 71% Number of drilling rigs: (1) Weighted average for period 9 3 9 End of period 9 3 9 Drilling rig days 206 52 179 Drilling utilization 79% 62% 64% Number of fluid service trucks: Weighted average for period 641 654 643 End of period 642 655 640 (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