MIDLAND, Texas, Aug. 7 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of July 2008. During the month, Basic added two newbuild rigs increasing its well servicing rig count to 411 as of July 31, 2008. Rig hours for the month of July 2008 were 80,200 producing a rig utilization rate of 77%, a decrease from 79% last month and 78% in July 2007.
Drilling rig days for the month of July 2008 were 240 producing a rig utilization rate of 86%, an increase from 83% last month and a decrease from 88% in July 2007.
As of July 31, 2008, Basic's fluid services truck fleet totaled 679 trucks, a net increase of one truck from the prior month.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "The apparent decline in July's well servicing utilization rate compared to June was caused entirely by the July 4th holiday which we estimate reduced our utilization rate by three to four percentage points. Steady and improving utilization in our well servicing segment is a good indicator of the strong demand we are experiencing across all our service lines and geographic markets."
OPERATING DATA Month ended July 31, June 30, 2008 2007 2008 Number of weekdays in period 23 22 21 Number of well servicing rigs:(1) Weighted average for period 410 381 408 End of period 411 383 409 Rig hours (000s) 80.2 72.2 74.2 Rig utilization rate(2) 77% 78% 79% Number of drilling rigs:(1) Weighted average for period 9 9 9 End of period 9 9 9 Drilling rig days 240 245 224 Drilling utilization 86% 88% 83% Number of fluid service trucks: Weighted average for period 679 653 677 End of period 679 647 678 (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 4,700 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