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Basic Energy Services Reports Selected Operating Data For March 2014

FORT WORTH, Texas, April 7, 2014 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of March 2014.  Basic's well servicing rig count was 421 at March 31, 2014, a decrease of four rigs, reflecting the recent sale of its four inland barge workover rigs, which was effective at the end of the month. Well servicing rig hours for the month were 74,800, producing a rig utilization rate of 76%, compared to 73% and 74% in February 2014 and March 2013, respectively.

During the month, Basic's fluid service truck count increased by four to 1,012. Fluid service truck hours for the month were 211,000, compared to 189,000 and 192,300 in February 2014 and March 2013, respectively.

Drilling rig days for the month were 301, producing a rig utilization of 81%, compared to 78% and 79% in February 2014 and March 2013, respectively.

Roe Patterson, Basic's President and Chief Executive Officer, stated, "March activity across our business segments increased from February levels as demand for our services continued to benefit from increased spending by our customers aided by better weather and longer daylight hours.  Our completion and remedial services segment, particularly stimulation services, showed marked improvement from February as we experienced a relatively full calendar of activity during March.

"We now expect our first quarter revenue to be approximately 8% to 9% higher sequentially compared to our previous guidance of 4% to 5%.  This improvement is mainly attributable to the better than expected utilization levels across all business segments along with moderate weather conditions within our footprint in the first quarter. We will discuss our second quarter revenue expectations during our first quarter earnings call later this month."

OPERATING DATA





Month ended





March 31,


February 28,





2014

2013


2014









Number of weekdays in period



21

21


20









Number of well servicing rigs: 1







  Weighted average for period



425

425


425

  End of period



421

425


425

  Rig hours (000s)



74.8

72.2


68.1

  Rig utilization rate  2



76%

74%


73%









Number of fluid service trucks: 1







  Weighted average for period



1,010

965


1,006

  End of period



1,012

967


1,008

  Truck Hours (000s)



211.0

192.3


189.0









Number of drilling rigs: 1







  Weighted average for period



12

12


12

  End of period



12

12


12

  Drilling rig days



301

293


262

  Drilling rig utilization



81%

79%


78%

(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 5,500 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 and Appalachian regions.

Additional information on Basic Energy Services is available on the Company's website at http://www.basicenergyservices.com.

Safe Harbor Statement

This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Basic has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete.  However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including (i) changes in demand for our services and any related material impact on our pricing and utilizations rates, (ii) Basic's ability to execute, manage and integrate acquisitions successfully and (iii) changes in our expenses, including labor or fuel costs and financing costs.  Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of Basic's Form 10-K for the year ended December 31, 2013 and subsequent Form 10-Qs filed with the SEC.  While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee that anticipated future results will be achieved.  Basic assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by Basic, whether as a result of new information, future events, or otherwise.

Contacts:

Alan Krenek, Chief Financial Officer


Basic Energy Services, Inc.


817-334-4100




Jack Lascar/Sheila Stuewe


Dennard – Lascar Associates


713-529-6600

 

SOURCE Basic Energy Services, Inc.

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