Basic Energy Services Inc. (fka BASXQ)

[eastunder]

Basic Energy Services Reports Selected Operating Data For August 2012

Thursday , September 13, 2012 06:00ET

http://www.knobias.com/story.htm?eid=3.1.551a2e1db067c505dc9c0994ac43c9cc2f0da0ad64e34d47b5faf416ee9e9754

MIDLAND, Texas, Sept. 13, 2012 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of August 2012. Basic's well servicing rig count remained unchanged at 431. Well servicing rig hours for the month were 81,500 producing a rig utilization rate of 75%, compared to 74% and 75% in July 2012 and August 2011, respectively.

During the month, Basic's fluid service truck count increased by six trucks to 933. Fluid service truck hours for the month were 191,800, compared to 184,800 and 194,000 in July 2012 and August 2011, respectively.

Drilling rig days for the month were 338 producing a rig utilization of 91%, compared to 89% and 83% in July 2012 and August 2011, respectively.

Ken Huseman, Basic's President and Chief Executive Officer, stated, "Hours and utilization both improved sequentially due to one additional weekday and the absence of the holiday impact compared to July. Demand across our segments and geographic markets remained stable but increased competition continues to put pressure on revenue rates and wages. As stated in our July commentary, we are focused on retaining our market position and our August activity levels confirm our success to date.

"Our outlook for remainder of the year is unchanged from July. Despite recent improvement in crude oil prices, customers have not resumed the robust activity levels we experienced earlier in the year. Current gas prices are not expected to support higher activity levels. As a result, we expect a gradual reduction in activity and pricing into 2013."

                                     OPERATING DATA 
  
                                   Month ended 
                                   ----------- 
                                   August 31,                July 31, 
                                              2012    2011             2012 
                                              ----    ----             ---- 
  
     Number of weekdays in 
      period                                      23      23               22 
  
     Number of well servicing 
      rigs: (1) 
       Weighted average for period             431     417              431 
       End of period                           431     417              431 
     Rig hours (000s)                         81.5    78.8             77.4 
     Rig utilization rate(2)                    75%     75%              74% 
  
     Number of fluid service 
      trucks:(1) 
       Weighted average for period             930     871              926 
       End of period                           933     872              927 
     Truck hours (000s)                      191.8   194.0            184.8 
  
     Number of drilling rigs:(1) 
       Weighted average for period              12      10               12 
       End of period                            12      10               12 
     Drilling rig days                         338     257              330 
     Drilling rig utilization                   91%     83%              89%

((1) )Includes all rigs and trucks owned during periods presented and excludes rigs and trucks 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 5,700 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 and Appalachian regions. Additional information on Basic Energy Services is available on the Company's website at http://www.basicenergyservices.com.