MIDLAND, Texas, Aug. 8 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of July 2007. During the month, Basic added four newbuild rigs increasing its workover rig count to 383 as of July 31, 2007. Workover rig hours for the month of July 2007 were 72,200 producing a rig utilization rate of 78.3%, a decrease from 79.1% and 87.9% in the prior month and same month in 2006, respectively. The decline in the utilization rate from the prior month resulted entirely from the July 4th holiday. That holiday impact is estimated to have reduced utilization by 4 to 6 percentage points.
Drilling rig days were 245 in July compared to 170 in June. The three drilling rigs relocated in June from Utah to west Texas were available for work in July.
Basic retired 12 fluid service trucks in July, bringing its total to 647 trucks as of July 31, 2007.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "Rainy weather in Texas and Oklahoma subsided early in the month and we were able to get back in the field in most markets after the Fourth of July holiday period. We see strong demand in the oil-oriented markets where more than half of our operations are concentrated. Concern over gas prices continued to build and has reduced demand for the services we provide in the gas markets. The footprint we have established throughout the oil and gas markets however is providing some opportunity to optimize the utilization of our fleet by redeploying equipment in the busier markets."
OPERATING DATA Month ended July 31, June 30, 2007 2006 2007 Number of weekdays in period 22 21 21 Number of workover rigs: (1) Weighted average for period 381 345 375 End of period 383 350 379 Rig hours (000s) 72.2 70.0 68.5 Rig utilization rate (2) 78.3% 87.9% 79.1% Number of drilling rigs: (1) Weighted average for period 9 2 9 End of period 9 2 9 Drilling rig days 245 n/a 170 Number of fluid service trucks: Weighted average for period 653 596 658 End of period 647 600 659 (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