MIDLAND, Texas, Nov. 9 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of October 2006.
Basic added five newbuild rigs to its fleet, increasing its well servicing rig count to 362 as of October 31, 2006. Rig hours for the month of October 2006 were 78,900, producing a rig utilization rate of 91.0%, a decrease from 92.2% during the same month in 2005. As Basic has expanded geographically, a higher proportion of its rigs were operating in the Rocky Mountain states and Gulf Coast markets, which historically have lower utilization levels, resulting in a modest year-over-year decline in utilization.
Basic also increased its fluid service truck fleet by a net of two trucks, bringing its total to 637 trucks as of October 31, 2006.
OPERATING DATA October 31, September 30, 2006 2005 2006 Number of weekdays in period 22 21 21 Number of well servicing rigs: (1) Weighted average for period 358 313 356 End of period 362 313 357 Rig hours (000s) 78.9 66.7 74.8 Rig utilization rate (2) 91.0% 92.2% 90.9% Number of fluid service trucks: Weighted average for period 636 465 632 End of period 637 468 635 (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 approximately 4,000 employees in more than 100 service points throughout the major oil and gas producing 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.