MIDLAND, Texas, Feb. 14 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of January 2008. During the month, Basic added two newbuild rigs, acquired five rigs in association with the Lackey Construction L.L.C. acquisition, converted one drilling rig to workover mode and retired two rigs, increasing its well servicing rig count to 393 as of January 31, 2008. Rig hours for the month of January 2008 were 69,200 producing a rig utilization rate of 71%, an increase from 67% during December 2007 and a decrease from 76% in January 2007.
Drilling rig days for the month of January 2008 were 179 producing a rig utilization of 64%, a decrease from 88% the prior month and an increase from 63% in the same month in 2007, respectively.
Basic also decreased its fluid service truck fleet by a net of five trucks bringing its total to 640 trucks as of January 31, 2008.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "Our well servicing activity increased in January as our customers resumed field work after the year-end holiday period. Drilling rig utilization, however, was lower in January as we completed several year-end projects in December. We expect demand for all our services to increase steadily as we move through the seasonally slower first quarter and benefit from our customers' new budgets and longer work days."
OPERATING DATA Month ended January 31, December 31, 2008 2007 2007 Number of weekdays in period 23 23 21 Number of well servicing rigs: (1) Weighted average for period 385 364 385 End of period 393 364 387 Rig hours (000s) 69.2 69.8 59.8 Rig utilization rate (2) 71% 76% 67% Number of drilling rigs: (1) Weighted average for period 9 3 10 End of period 9 3 10 Drilling rig days 179 58 274 Drilling utilization 64% 63% 88% Number of fluid service trucks: Weighted average for period 643 649 646 End of period 640 652 645 (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.