MIDLAND, Texas, Oct. 13 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of September 2006.
Basic added one newbuild rig to its fleet, increasing its well servicing rig count to 357 as of September 30, 2006. Rig hours for the month of September 2006 were 74,800 producing a rig utilization rate of 90.9%, an increase from 87.5% during the same month in 2005, and a decrease from 93.7% during August 2006. The year-over-year utilization improvement is the result of stronger market conditions, while the decrease from August 2006 reflects the impact of the Labor Day holiday.
Basic also increased its fluid service truck fleet by seven trucks, bringing its total to 635 trucks as of September 30, 2006.
OPERATING DATA September 30, August 31, 2006 2005 2006 Number of weekdays in period 21 22 23 Number of well servicing rigs: (1) Weighted average for period 356 312 354 End of period 357 312 356 Rig hours (000s) 74.8 66.1 83.9 Rig utilization rate (2) 90.9% 87.5% 93.7% Number of fluid service trucks: Weighted average for period 632 467 614 End of period 635 472 628 (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.