Basic Energy Services (BAS) Updates on August Operations

Basic Energy Services (NYSE: BAS) reported selected operating data for the month of August 2014. Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 72,400 producing a rig utilization rate of 74%, compared to 69% and 76% in July 2014 and August 2013, respectively.

During the month, Basic's fluid service truck count increased by five to 1,024. Fluid service truck hours for the month were 215,100 compared to 214,900 and 200,300 in July 2014 and August 2013, respectively.

Drilling rig days for the month were 310 producing a rig utilization of 83%, compared to 89% and 75% in July 2014 and August 2013, respectively.

Roe Patterson, Basic's President and Chief Executive Officer, stated, "Overall activity improved during August mainly due to the absence of holiday impact compared to July as well as improving completions demand which aided our completions and remedial services segment. Our frac and cement service lines also benefited from the deployment of additional equipment in August. Utilization during the month improved in our well servicing and fluid services segments as they performed at or slightly above levels consistent with the past few months, adjusted for holiday impacts. During August, we acquired another salt water disposal facility located in our Permian Basin operations, which brings our total number of facilities to 84.

"With the increased demand for our stimulation services, we expect net pricing in the third quarter to be 3% to 5% higher sequentially, and we continue to get additional pricing to cover increased input costs such as sand, chemicals, etc. Pricing for the remainder of our service lines remains relatively stable.

"Our 2014 capital expansion plan is on schedule and we expect final delivery of our previously announced horsepower additions by the end of September, pushing our total hydraulic pumping horsepower over 400,000. Additionally, we expect that the two 2" coil tubing units we ordered earlier this year will be delivered during the month of October. We continue to evaluate attractive acquisition opportunities and remain confident that we will complete one or more before the end of this year."

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