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Basic Energy Services Reports Selected Operating Data for February 2009

MIDLAND, Texas, March 17 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of February 2009. During the month, Basic added one newbuild rig and retired one rig leaving its well servicing rig count unchanged at 414 as of February 28, 2009. Rig hours for the month of February 2009 were 41,600 producing a rig utilization rate of 46%, a decrease from 49% and 75% in January 2009 and February 2008, respectively.

Drilling rig days for the month of February 2009 were 55 producing a rig utilization of 22%, a decrease from 44% and 79% in January 2009 and February 2008, respectively.

Basic's fluid services truck fleet decreased by a net of six trucks bringing its total to 809 trucks as of February 28, 2009.

Ken Huseman, Basic's President and Chief Executive Officer, stated, "Lower utilization and pricing continued through February in all our business lines. Given current commodity prices and uncertainty in the financial markets, we don't expect our customers' spending on services to support an increase in utilization rates in any of our segments in the near term. As discussed in our recent earnings call, we anticipate our revenues for the first quarter of this year to be 33% to 35% less than the revenue reported in the fourth quarter of 2008 due to lower utilization levels and pricing.

"Despite substantially lower revenue levels, we continue to build on our year-end cash balance of $111 million as we minimize our capital expenditures and focus on reducing operating expenses. As with any service business, labor costs are the largest component of our expenses so we have been systematically reducing head count as dictated by current and anticipated demand in each of our regions. Our headcount has been reduced by approximately 17% from the peak third quarter 2008 levels. We'll continue to reduce labor costs balanced with our desire to retain our most experienced and capable people in order to provide the appropriate level of service and protect our ability to respond to the eventual rebound in demand."

                                  OPERATING DATA

                                                       Month ended
                                                  February        January
                                               2009      2008       2009

    Number of weekdays in
     period                                     20        21         22

    Number of well
     servicing rigs: (1)
      Weighted average for
       period                                  413       392        413
     End of period                             414       393        414
     Rig hours (000s)                         41.6      68.3       49.3
      rate(2)                                   46%       75%        49%

    Number of drilling
     rigs: (1)
     Weighted average for
      period                                     9         9          9
     End of period                               9         9          9
     Drilling rig
      days                                      55       206        123
      utilization                               22%       79%        44%

    Number of fluid service
     Weighted average for
      Period                                   812       641        817
     End of period                             809       642        815

    (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

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:

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