OKLAHOMA CITY, June 12 /PRNewswire-FirstCall/ -- Bronco Drilling Company, Inc., , announced today operational results for the month and as of May 31, 2007.
Utilization for the Company's drilling fleet was 77% for the month of May compared to 71% for the previous month and 79% for the first quarter of 2007. The Company had an average of 52 marketed rigs in May compared to 52 in the previous month and 51 for the first quarter of 2007. The average dayrate on operating rigs as of May 31, 2007 was $17,448 compared to $18,749 for the first quarter of 2007.
Utilization for the Company's workover fleet was 79% for the month of May compared to 86% for the previous month and 86% for the first quarter of 2007. The Company had an average of 30 marketed workover rigs in May compared to 27 in the previous month and 24 for the first quarter of 2007.
Frank Harrison, Bronco's Chief Executive Officer, stated "In the spirit of comprehensive disclosure, we have initiated a monthly operational release that will provide our stockholders interim information between our quarterly reporting and should facilitate more timely information for their investment decisions."
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 Oklahoma City, Oklahoma, and is a provider of contract land drilling services to oil and natural gas exploration and production companies. Bronco's common stock is quoted on The NASDAQ Global 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, 2007
Rig No. Horsepower Rig Type Basin Status (1) Contract
1 2 400 hp Mechanical Idle
2 3 950 hp Mechanical Arkoma Operating Term
3 4 950 hp Mechanical Piceance Operating 6 wells
4 5 650 hp Mechanical Anadarko Operating 3 wells
5 6 650 hp Mechanical Anadarko Operating Term
6 7 650 hp Mechanical Woodford Operating well to well
7 8 1000 hp Electric Williston Operating Term
8 9 650 hp Mechanical Arkoma Operating Term
9 10 1000 hp Electric Anadarko Operating 2 wells
10 11 1000 hp Electric Woodford Operating well to well
11 12 1500 hp Electric Anadarko Operating Term
12 14 1200 hp Electric Woodford Operating Term
13 15 1200 hp Electric Cotton Operating Term
Valley
14 16 1400 hp Electric Anadarko Operating 3 wells
15 17 1700 hp Electric Anadarko Operating Term
16 18 2000 hp Electric Woodford Operating well to well
17 19 2500 hp Electric Anadarko Operating Term
18 20 1400 hp Electric Idle
19 21 2000 hp Electric Woodford Operating 3 wells
20 22 1000 hp Electric Woodford Operating 3 wells
21 23 1000 hp Electric Piceance Operating Term
22 25 1500 hp Electric Woodford Operating Term
23 26 1200 hp Electric Woodford Operating 2 wells
24 27 1500 hp Electric Piceance Operating Term
25 29 1500 hp Electric Woodford Operating Term
26 37 1000 hp Mechanical Cotton Operating Term
Valley
27 41 950 hp Mechanical Idle
28 42 650 hp Mechanical Anadarko Operating well to well
29 43 1000 hp Mechanical Cotton Operating Term
Valley
30 51 850 hp Mechanical Idle well to well
31 52 850 hp Mechanical Anadarko Operating 3 wells
32 53 850 hp Mechanical Idle
33 54 850 hp Mechanical Woodford Operating Term
34 55 1000 hp Mechanical Barnett Operating well to well
35 56 1100 hp Mechanical Barnett Operating well to well
36 57 1100 hp Mechanical Woodford Operating Term
37 58 800 hp Mechanical Cotton Operating Term
Valley
38 59 850 hp Mechanical Woodford Operating well to well
39 60 850 hp Mechanical Idle
40 62 1000 hp Mechanical Anadarko Operating well to well
41 70 450 hp Mechanical Anadarko Operating well to well
42 72 750 hp Mechanical Barnett Operating 6 wells
43 75 750 hp Mechanical Woodford Operating well to well
44 76 700 hp Mechanical Barnett Operating 5 wells
45 77 1200 hp Mechanical Woodford Operating 2 wells
46 78 1200 hp Mechanical Cotton Operating well to well
Valley
47 91 400 hp Mechanical Anadarko Operating 5 wells
48 92 450 hp Mechanical Anadarko Operating well to well
49 93 500 hp Mechanical Idle
50 94 650 hp Mechanical Anadarko Operating 2 wells
51 95 1000 hp Mechanical Anadarko Operating well to well
52 96 400 hp Mechanical Idle
53 97 850 hp Mechanical Anadarko Operating well to well
Est. Duration (2)
Days Date
1
2 258 2/13/2008
3
4
5 271 2/26/2008
6
7 172 11/19/2007
8 292 3/18/2008
9
10
11 20 6/20/2007
12 222 1/8/2008
13 104 9/12/2007
14
15 234 1/20/2008
16
17 62 8/1/2007
18
19
20
21 62 8/1/2007
22 47 7/17/2007
23
24 76 8/15/2007
25 9 6/9/2007
26 214 12/31/2007
27
28
29 215 1/1/2008
30
31
32
33 355 5/20/2008
34
35
36 295 3/21/2008
37 374 6/8/2008
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
customers regarding their current projection of the days remaining to
complete the project.
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 Securities and Exchange Commission (SEC) on March 8, 2007 and other filings with the SEC, which are available free of charge on the SEC's website at http://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.
