Bronco Drilling Company, Inc. Announces Monthly Operating Results
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OKLAHOMA CITY--(Business Wire)--
Bronco Drilling Company, Inc., (Nasdaq/GS:BRNC), announced today operational
results for the month ended and as of May 31, 2009.
Utilization for the Company`s drilling fleet was 31% for the month of May
compared to 34% for the previous month and 58% for the first quarter. The
Company had an average of 45 marketed drilling rigs in May compared to 45 in the
previous month and 45 for the first quarter. The average dayrate on operating
drilling rigs as of May 31, 2009, was $16,900 compared to $17,000 as of April
30, 2009, and $16,708 for the first quarter of 2009.
Utilization for the Company`s workover fleet was 14% for the month of May
compared to 14% for the previous month and 24% for the first quarter. The
Company had an average of 52 marketed workover rigs in May compared to 52 in the
previous month and 52 for the first quarter.
Due to the continued deterioration in the well servicing business, the Company
has determined to temporarily suspend operations in this segment. During this
period, the Company intends to restructure this business unit in anticipation of
more favorable market conditions.
The Company cautions that several factors other than those discussed above may
impact the Company`s operating results and that a particular trend regarding the
factors above may or may not be indicative of the Company`s current or future
financial performance.
About Bronco Drilling
Bronco Drilling Company, Inc. is a publicly held company headquartered in
Edmond, Oklahoma, and is a provider of contract land drilling and workover
services to oil and natural gas exploration and production companies. Bronco's
common stock is quoted on The NASDAQ Global Select Market under the symbol
"BRNC". For more information about Bronco Drilling Company, Inc., visit
http://www.broncodrill.com.
Bronco Drilling Company, Inc.
Rig Status Report
as of May 31, 2009
Est. Duration (2)
Rig No. Horsepower Rig Type Basin Status (1) Contract Days Date
1 2 400 hp M I
2 4 950 hp M I
3 5 650 hp M I
4 6 650 hp M I
5 7 650 hp M I
6 8 1000 hp E I
7 9 650 hp M I
8 10 1000 hp E I
9 11 1000 hp E I
10 12 1500 hp E I
11 14 1200 hp E Woodford O Term 89 8/28/2009
12 15 1200 hp E Haynesville O Term 61 7/31/2009
13 16 1400 hp E I
14 17 1700 hp E Anadarko O Term 229 1/15/2010
15 20 1400 hp E Bakken O Term 93 9/1/2009
16 21 2000 hp E Haynesville O Term 519 11/1/2010
17 22 1000 hp E I
18 23 1000 hp E I
19 25 1500 hp E I
20 26 1200 hp E I
21 27 1500 hp E Piceance O Term 124 10/2/2009
22 28 1200 hp E I
23 29 1500 hp E I
24 37 1000 hp E Marcellus O well to well
25 41 950 hp M I
26 42 650 hp M Anadarko O well to well
27 43 1000 hp M I
28 51 850 hp M I
29 52 850 hp M I
30 54 850 hp M I
31 55 950 hp M Chicontepec O Term 214 12/31/2009
32 56 1100 hp M I
33 57 1100 hp M Woodford O Term 24 6/24/2009
34 58 800 hp M I
35 59 850 hp M I
36 60 850 hp M I
37 62 1000 hp M Anadarko O well to well
38 70 450 hp M I
39 72 750 hp M I
40 75 750 hp M Woodford O Term 70 8/9/2009
41 76 900 hp M Chicontepec O Term 214 12/31/2009
42 77 1200 hp M I
43 78 1000 hp M Chicontepec O Term 214 12/31/2009
44 94 1000 hp M I
45 97 850 hp M Anadarko O well to well
M - Mechanical I - Idle
E - Electric O - Operating
1 Rigs classified as "operating" are under contract while rigs described as "idle" are not under contract but are being actively marketed and generally ready for service.
2 The estimated contract duration is derived from discussions with our customer regarding their current projection of the days remaining to complete the project.
Changes from the prior month are highlighted.
Cautionary Note Regarding Forward-Looking Statements
The information in this report contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These forward-looking
statements include, but are not limited to, comments pertaining to estimated
contract duration. Such statements are subject to risks, uncertainties and
assumptions, including, but not limited to, early termination by the customer
pursuant to the contract or otherwise, cancellation or completion of certain
contracts or projects earlier than expected, operating hazards and other factors
described in Bronco Drilling Company, Inc`s. Annual Report on Form 10-K filed
with the SEC on March 16, 2009, as amended on April 29, 2009, and other filings
with the SEC, which are available free of charge on the SEC`s website at
www.sec.gov. Bronco cautions you that forward-looking statements are not
guarantees of future performance and that actual results or developments may
differ materially from those projected or implied in these statements.
Bob Jarvis
Investor Relations
Bronco Drilling Company
(405) 242-4444 EXT: 102
bjarvis@broncodrill.com
Copyright Business Wire 2009
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