HOUSTON and LIBERAL, Kan., Aug. 31 /PRNewswire-FirstCall/ -- Best Energy Services, Inc. (OTC Bulletin Board: BEYS) announced today the outcome of its annual shareholders' meeting and significant improvements in its rig hours worked.
At the annual shareholder meeting held yesterday, shareholders approved:
- The re-election of the Company's current slate of Directors;
- An increase in the authorized shares of the Company from 90 million shares to 250 million shares;
- The appointment of M&K CPAs as the Company's auditors for 2010.
Following the formal meeting, Mark Harrington, Best's Chairman and CEO discussed recent trends in rig hours worked.
For the first quarter of 2010, rig hours improved 12% to 6,317 hours from 5,658 hours a year earlier. For the second quarter of 2010, the improvement was more pronounced with 9,361 hours worked, an increase of 152% from 3,712 the year earlier. The fourth-quarter 2010 exit is expected to range between 10,353 and 14,416. The fourth quarter of 2009 was 4,624.
Commenting on the increases in rig activity, Mark Harrington Chairman and CEO of Best stated, "Our growth reflects a confluence of factors: results of our market share building strategy; our 'Safety First' approach for our customers; and a general upturn in industry activity overall. Our mix of oil versus gas jobs is now 90% oil and 10% natural gas, a highly favorable mix given the gas prone nature of the Hugoton Basin."
Mr. Harrington continued, "Our move to the Central Kansas Uplift has added greater diversity in an area where activity is increasing, also in an oil prone region. We are advancing our discussions for setting up satellite operations in the emerging Eagle Ford and associated Buda trend of South Texas, where we have existing relationships and our equipment is suited to the needs of those customers. The lower end of our fourth quarter exit rates reflects only a steady growth in our Central Kansas operations. The higher end of the range reflects expected activity in South Texas, and a very modest increase in gas centered projects in the Hugoton."
About Best Energy Services, Inc.
Headquartered in Houston, Texas, Best Energy Services, Inc. is a leading well service/workover provider in the Hugoton Basin. For more information, please visit www.BEYSinc.com.
Certain statements contained in this press release, which are not based on historical facts, are forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995, and are subject to substantial uncertainties and risks in part detailed in the respective Company's Securities and Exchange Commission filings, that may cause actual results to materially differ from projections. Although the Company believes that its expectations are reasonable assumptions within the bounds of its knowledge of its businesses, expectations, representations and operations, there can be no assurance that actual results will not differ materially from their expectations. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the Company's ability to execute properly its business model, to raise additional capital to implement its continuing business model, the ability to attract and retain personnel – including highly qualified executives, management and operational personnel, ability to negotiate favorable current debt and future capital raises, and the inherent risk associated with a diversified business to achieve and maintain positive cash flow and net profitability. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this press release will, in fact, occur.
FOR MORE INFORMATION, PLEASE CONTACT
Mr. Dennis Irwin
Best Energy Services, Inc.
5433 Westheimer Avenue
Houston, Texas 77056
SOURCE Best Energy Services, Inc.