Basic Energy Increases Activity in All Service Lines
Basic Energy Services, Inc. reported selected operating data for the month of February 2008. During the month, Basic added one newbuild rig and retired one rig, leaving its well servicing rig count unchanged at 393 as of February 29, 2008. Rig hours for the month of February 2008 were 68,300 producing a rig utilization rate of 75%, an increase from 71% last month and a decrease from 83% in February 2007.
Drilling rig days for the month of February 2008 were 206 producing a rig utilization of 79%, an increase from 64% last month and an increase from 62% in February 2007.
Basic increased its fluid service truck fleet by a net of two trucks from the prior month, bringing its total to 642 trucks as of February 29, 2008.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "We are pleased with the increase in activity since the first of the year in all service lines. As we stated in our recent fourth quarter earnings release and conference call, we believe demand for our services will increase steadily through 2008."
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