MIDLAND, Texas, April 11 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of March 2007.
During the month, Basic added three newbuild rigs and retired two rigs, increasing its well servicing rig count to 369 as of March 31, 2007. Rig hours for the month of March 2007 were 75,900 producing a rig utilization rate of 85.0%, an increase from 83.9% in the prior month and a decrease from 91.3% during the same month in 2006.
Rig hours in March increased compared to the month of February due to two additional weekdays in the month, increased available daylight working hours, more favorable weather and the net addition of two rigs to the fleet. The utilization rate in March reflects strong demand for well servicing rigs with the improvement over the prior month primarily the result of the increasing daylight hours and more favorable weather.
Somewhat weaker market conditions and one less week day in the current month offset the growth in the fleet resulting in essentially flat rig hours compared to the same month in the prior year. The utilization rate of 85% in March of 2007 is significantly less than the extremely strong utilization recorded in the same month in 2006 reflecting moderating oil and gas prices and less favorable weather conditions in the current period.
Basic also increased its fluid service truck fleet by a net of one truck, bringing its total to 656 trucks as of March 31, 2007.
OPERATING DATA Month ended March 31, February 28, 2007 2006 2007 Number of weekdays in period 22 23 20 Number of well servicing rigs: (1) Weighted average for period 369 330 367 End of period 369 332 368 Rig hours (000s) 75.9 76.2 67.8 Rig utilization rate (2) 85.0% 91.3% 83.9% Number of fluid service trucks: Weighted average for period 656 551 654 End of period 656 554 655 (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 4,100 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. 432-620-5510
Jack Lascar/Sheila Stuewe DRG&E / 713-529-6600
SOURCE Basic Energy Services, Inc.
Web site: http://basicenergyservices.com