MIDLAND, Texas, Nov. 8 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of October 2007. During the month, Basic added three newbuild rigs and retired three rigs, leaving its well servicing rig count unchanged at 386 as of October 31, 2007. Rig hours for the month of October 2007 were 74,700 producing a rig utilization rate of 76.9%, an increase from 74.8% in the prior month and a decrease from 90.0% in the same month in 2006.
Drilling rig days for the month of October 2007 were 229 producing a rig utilization rate of 73.9%, a decrease from 87.4% in the prior month and an increase from 67.7% in the same month in 2006.
Basic also increased its fluid service truck fleet by a net of one truck bringing its total to 667 trucks as of October 31, 2007.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "October was the first month in quite a while that wasn't affected by weather and/or a holiday giving us a clearer view of the current demand for our services. As stated in previous monthly updates, demand remains strong in the oil markets but has declined in gas markets due to reduced drilling and frac activity. New equipment or relocation of equipment from gas markets to oil markets has balanced supply and demand for the time being. Even with record oil prices, we expect to see a seasonal reduction in utilization over the next few months from the level produced in October as daylight hours decrease, inclement weather comes into play and customers reduce activity over the holiday period."
OPERATING DATA Month ended October 31, September 30, 2007 2006 2007 Number of weekdays in period 23 22 20 Number of well servicing rigs: (1) Weighted average for period 384 355 383 End of period 386 359 386 Rig hours (000s) 74.7 77.3 63.0 Rig utilization rate (2) 76.9% 90.0% 74.8% Number of drilling rigs: (1) Weighted average for period 10 3 9 End of period 10 3 10 Drilling rig days 229 63 236 Drilling rig utilization rate 73.9% 67.7% 87.4% Number of fluid service trucks: Weighted average for period 667 636 654 End of period 667 637 666 (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. 432-620-5510 Jack Lascar/Sheila Stuewe DRG&E / 713-529-6600 SOURCE Basic Energy Services, Inc. -0- 11/08/2007 /CONTACT: Alan Krenek, Chief Financial Officer of Basic Energy Services, Inc., +1-432-620-5510; or Jack Lascar or Sheila Stuewe, both of DRG&E, +1-713-529-6600/ /Web site: http://www.basicenergyservices.com / (BAS) CO: Basic Energy Services, Inc. ST: Texas IN: OIL SU: ERN JG-DW -- LATH185 -- 6976 11/08/2007 18:00 EST http://www.prnewswire.com