MIDLAND, Texas, Dec. 14 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of November 2007. During the month, Basic retired one rig, bringing its well servicing rig count to 385 as of November 30, 2007. Rig hours for the month were 66,100 producing a rig utilization rate of 71%, a decrease from 77% and 79% in October 2007 and November 2006, respectively.
Drilling rig days for the month of November 2007 were 245 producing a rig utilization rate of 82%, an increase from 74% in the prior month and a decrease from 86% in the same month in 2006.
Basic also decreased its fluid service truck fleet by a net of 20 trucks bringing its total to 647 trucks as of November 30, 2007.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "The decline in the workover rig utilization rate from October mainly reflects the effect of the Thanksgiving holiday week when most of our customers avoid scheduling maintenance work from Wednesday afternoon through the weekend.
"We expect to take delivery of five newbuild workover rigs in December, all of which will replace older, less efficient rigs in our fleet.
"In November, we retired a number of our less efficient and under utilized fluid service trucks which caused our overall truck fleet to decrease by 20 trucks. We expect this reduction in our truck fleet to have a minimal impact on the revenue from this business segment."
OPERATING DATA Month ended November 30, October 31, 2007 2006 2007 Number of weekdays in period 22 22 23 Number of workover rigs: (1) Weighted average for period 385 359 384 End of period 385 362 386 Rig hours (000s) 66.1 69.0 74.7 Rig utilization rate (2) 71% 79% 77% Number of drilling rigs: (1) Weighted average for period 10 3 10 End of period 10 3 10 Drilling rig days 245 77 229 Drilling utilization 82% 86% 74% Number of fluid service trucks: Weighted average for period 657 639 667 End of period 647 640 667 (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
SOURCE Basic Energy Services, Inc.