MIDLAND, Texas, April 14 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of March 2008. During the month, Basic added two newbuild rigs increasing its well servicing rig count to 395 as of March 31, 2008. Rig hours for the month of March 2008 were 65,000 producing a rig utilization rate of 71%, a decrease from 75% and 84% in February 2008 and March 2007, respectively.
Drilling rig days for the month of March 2008 were 260 producing a rig utilization of 93%, an increase from 79% and 60% in the prior month and same month in 2007, respectively.
Basic increased its fluid service truck fleet by a net of six trucks, bringing its total to 648 trucks as of March 31, 2008.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "Activity levels in March were consistent with our expectations as longer daylight hours and strong commodity prices resulted in improving demand for our field services. The Good Friday holiday, which fell in April last year, caused a temporary reduction in activity throughout our markets compared to the prior month and year ago period.
"Drilling and permitting activity in general and our own drilling rig utilization in particular are showing increasing strength providing an indication of improved demand for all our services as the year progresses."
OPERATING DATA Month ended March 31, February 29, 2008 2007 2008 Number of weekdays in period 21 22 21 Number of well servicing rigs: (1) Weighted average for period 394 366 392 End of period 395 366 393 Rig hours (000s) 65.0 74.5 68.3 Rig utilization rate (2) 71% 84% 75% Number of drilling rigs: (1) Weighted average for period 9 3 9 End of period 9 3 9 Drilling rig days 260 56 206 Drilling utilization 93% 60% 79% Number of fluid service trucks: Weighted average for period 645 656 641 End of period 648 656 642 (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
Web site: http://basicenergyservices.com