Best Energy to Commence Contract Drilling Projects in Kansas With Rigs Relocated From Utah
HOUSTON, Aug. 13 /PRNewswire-FirstCall/ — Best Energy Services, Inc. (BULLETIN BOARD: BEYS) , a U.S. energy production equipment and services provider, today announced that contracted drilling will commence this week utilizing a drilling rig recently relocated from Moab, Utah to Liberal, Kansas to support contract drilling demand from oil and gas field operators in Kansas, North Texas, Western Oklahoma and Western Nebraska. A second rig that has also been relocated to Liberal is expected to be operational in the next 45-60 days.
The rigs, under-utilized in Utah, were acquired by Best Energy in its February 2008 acquisition of Bob Beeman Drilling, and are currently undergoing minor refurbishment or reconfiguration before being deployed in service of drilling contracts supporting oilfield development projects in the region. A third drilling rig is expected to arrive in Kansas later this year after it first completes a new contracted drilling assignment in Utah.
Chuck Daniels, Chief Operating Officer of the Company, stated, “By leveraging existing infrastructure in place in Liberal, where our Well Service division is also based, and hiring only specialized personnel required to operate and support our new contract drilling projects, we expect to redeploy these rigs for substantially lower costs than otherwise. We’re very pleased that the rig relocation process is progressing so smoothly and look forward to completing our current fleet optimization plan before year end.”
Best Energy has previously stated that it plans to redeploy a total of seven under-utilized Beeman rigs — three to Kansas, two to Texas and two to the Raton Basin in Colorado/New Mexico.
According to Larry Hargrave, Chairman and CEO of Best Energy, “Maximizing the utilization of our fleet of well service and drilling rigs remains a vital component of our near term growth strategy and is the key to promoting strong, sustainable cash flow and profitability over the long term from our current operations. The movement of these contract drilling rigs to Kansas should prove highly complementary to our well service operations, strengthen our portfolio of equipment and service offerings, and have material impact on our revenue and earnings growth in coming quarters.”
About Best Energy Services, Inc.
Based in Houston, Texas, Best Energy Services, Inc. is a leading workover, drilling and ancillary services provider to the domestic oil, gas and mining industries. Through its subsidiaries, Best Well Service, Inc. and Bob Beeman Drilling Co., and its American Rig Housing operations, the Company is actively engaged in supporting the exploration, production and/or recovery of oil, gas, water and mineral resources in Arizona, Colorado, Kansas, New Mexico, Nevada, Oklahoma, Texas and Utah. For more information, please visit http://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 Best Energy Services, Inc. Jim Carroll, Chief Financial Officer 713-933-2600 or Elite Financial Communications Group/Elite Media Group Dodi B. Handy, President and CEO 407-585-1080 or via email at BEYS@efcg.net
Best Energy Services, Inc.
CONTACT: Jim Carroll, Chief Financial Officer of Best Energy Services,Inc., +1-713-933-2600; or Dodi B. Handy, President and CEO of Elite FinancialCommunications Group\Elite Media Group, +1-407-585-1080, BEYS@efcg.net, forBest Energy Services, Inc.
Web site: http://www.beysinc.com/
