Basic Energy Services Reports Selected Operating Data for October 2010

MIDLAND, Texas, Nov. 8, 2010 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of October 2010.  Basic's well servicing rig count remained unchanged at 403 as of October 31, 2010.  Well servicing rig hours for the month of October 2010 were 57,400 producing a rig utilization rate of 62%, an increase from 55% and 41% for September 2010 and October 2009, respectively.

Basic's fluid service truck count as of October 31, 2010 was 784, a net reduction of one fluid service truck from the prior month-end.  Fluid service truck hours for the month of October 2010 were 159,400, an increase from 157,400 and 149,300 for September 2010 and October 2009, respectively.

Drilling rig days for the month of October 2010 were 179 producing a rig utilization of 64%, a decrease from 65% for September 2010 and an increase from 42% for October 2009.

Ken Huseman, Basic's President and Chief Executive Officer, stated, "Our completion and remedial segment, led by our pumping services, continued to show strong performance and in response to this strong demand, we have implemented price increases that will be effective in November. Utilization in our well servicing segment showed the most significant improvement from September driven by activity in our oil-orientated operating areas, producing the largest number of rig hours and highest utilization since October 2008. In addition, our inland workover barges returned to normal activity levels in October. We implemented well servicing rig price increases in October that should begin to offset the labor increases we saw in the latter part of third quarter and we expect to realize improved pricing as we go through the fourth quarter. Fluid service truck hours continued to be driven by frac schedules, particularly in the Permian Basin, Bakken Shale and Eagle Ford play.

(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 4,200 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://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, 2009 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.

SOURCE Basic Energy Services, Inc.