Basic Energy Services (BAS) Well Servicing Rig Count Flat at 421 in June

Basic Energy Services (NYSE: BAS) reported selected operating data for the month of June 2014. Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 71,600 producing a rig utilization rate of 74%, compared to 70% and 79% in May 2014 and June 2013, respectively.

During the month, Basic's fluid service truck count decreased by one to 1,016. Fluid service truck hours for the month were 205,300 compared to 213,400 and 185,400 in May 2014 and June 2013, respectively.

Drilling rig days for the month were 317 producing a rig utilization of 88%, compared to 89% and 79% in May 2014 and June 2013, respectively.

Roe Patterson, Basic's President and Chief Executive Officer, stated, "Activity in June for our major business lines was consistent with the momentum that we saw throughout the second quarter of this year. We did experience a slight impact from rainy conditions throughout our Texas and Oklahoma footprint which had some effect on all business lines in those markets, particularly our fluid service truck hours. Demand for our pumping services and coil tubing operations during the month continued at a strong pace due to the high level of completion activity. In addition, our well servicing utilization increased from April and May, mainly due to the absence of a holiday in June as well as continued modest improvements in busier well servicing markets like the Permian Basin and Eagle Ford.

"We now expect our second quarter revenue to be approximately 6% to 7% higher sequentially compared to our previous guidance of 5% to 6%. This improvement is mainly attributable to the better than expected activity in our completion and remedial segment, particularly from stimulation services. We will discuss our third quarter revenue expectations during our second quarter earnings call later this month.

"With the improving market environment, we are evaluating multiple organic and acquisition growth opportunities across all business lines. We expect to close on a few small acquisitions in the near term and we remain confident in the potential for some larger deals to close before year-end as well."

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 5,600 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.

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