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Basic Energy Services Reports Selected Operating Data for March 2009
MIDLAND, Texas, April 13, 2009 /PRNewswire-FirstCall via COMTEX/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of March 2009. The rig count was unchanged at 414 at March 31, 2009. Rig hours for the month of March 2009 were 41,400 producing a rig utilization rate of 41%, a decrease from 46% and 71% in February 2009 and March 2008, respectively.

Drilling rig days for the month of March 2009 were 70 producing a rig utilization of 25%, an increase from 22% in February 2009 and a decrease from 93% in March 2008.

Basic's fluid services truck fleet increased by a net of four trucks bringing its total to 813 trucks as of March 31, 2009.

Ken Huseman, Basic's President and Chief Executive Officer, stated, "Fierce competition and weak demand, made worse by high winds toward the end of the month in our largest markets, combined to further reduce utilization and pricing in most of our market areas in March. With the weaker than expected performance in March, we now project our revenues for the first quarter to be approximately 37% lower than the revenue reported in the fourth quarter of 2008.

"Extremely low natural gas prices, concern over the stability of oil prices and limitations on many E&P companies' ability to access capital markets continue to weigh on demand across the spectrum of oil and gas services. We do not see those factors improving significantly in the near term to increase demand for our services.

"While the number of service companies and amount of available equipment has resulted in extreme competition over the last several months, we are seeing early indications that utilization and pricing are stabilizing. Competitors large and small are scaling back operations by stacking equipment or withdrawing from those markets where they have a less defensible position.

"Based on that supply/demand assessment, we currently expect our revenue for the second quarter of this year to be similar to what we anticipate reporting in the first quarter. We have taken steps to reduce our cost structure across all levels of the company to allow us to operate as efficiently as possible while protecting our ability to respond to demand as it develops later in the year."


                                      OPERATING DATA

                                                       Month ended
                                                   March 31,     February 28,
                                                2009      2008        2009

    Number of weekdays in period                 22        21          20

    Number of well
     servicing rigs: (1)
      Weighted average for period               414       394         413
      End of period                             414       395         414
      Rig hours (000s)                         41.4      65.0        41.6
      Rig utilization rate(2)                   41%       71%         46%

    Number of drilling rigs: (1)
      Weighted average for period                 9         9           9
      End of period                               9         9           9
      Drilling rig days                          70       260          55
      Drilling utilization                      25%       93%         22%

    Number of fluid service trucks:
      Weighted average for period               811       645         812
      End of period                             813       648         809

    (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 4,200 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.

http://basicenergyservices.com

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