MIDLAND, Texas, June 13, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Basic Energy Services, Inc. (NYSE: BAS) (Basic) today reported selected operating data for the month of May 2006. During the month, Basic added two newbuild rigs and nine rigs acquired in association with the Globe Well Service, Inc. (Globe) acquisition, bringing its well servicing rig count to 348 as of May 31, 2006. Rig hours for the month of May 2006 were 76,100, reflecting a rig utilization rate of 88.7%, an increase from 85.7% in the same month last year. The decline in utilization from the prior month was mainly the result of the Memorial Day holiday. The Company also added a net of 36 new fluid service trucks, including 19 trucks acquired in association with the Globe acquisition, resulting in a total of 580 fluid service trucks as of May 31, 2006.
OPERATING DATA Month ended May 31, April 30, 2006 2005 2006 Number of weekdays in period (1) 23 22 20 Number of well servicing rigs: (2) Weighted average for period 339 301 335 End of period (3) 348 304 337 Rig hours (000s) 76.1 62.6 67.1 Rig utilization rate (4) 88.7% 85.7% 91.0% Number of fluid service trucks: Weighted average for period 554 444 549 End of period (3) 580 448 544 (1) Includes holidays. (2) Includes all rigs owned during periods presented and excludes rigs held for sale. (3) Includes nine rigs and 19 fluid services trucks from the Globe acquisition, which closed on May 30, 2006. (4) 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, with a fleet of more than 340 well servicing rigs, provides a range of well site services to oil and gas drilling and producing companies throughout the major oil and gas regions in Texas, Louisiana, Oklahoma, New Mexico and the Rocky Mountain States.
Contacts: Alan Krenek, Chief Financial Officer
Basic Energy Services, Inc.
Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600
SOURCE Basic Energy Services, Inc.