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Key Energy Provides Activity and Selected Financial Data
HOUSTON, Sept. 24 /PRNewswire-FirstCall/ -- Key Energy
Services, Inc.
(Pink Sheets: KEGS) announced its rig and trucking hours for the month of
August 2007 and provided its August selected financial data.
August Rig and Trucking Hours
For the month ending
August 31, 2007 July 31, 2007 August 31, 2006
Working Days 23 21 23
Rig Hours 214,054 199,991 243,416
Trucking Hours 200,895 186,119 208,882
The Company calculates working days as total weekdays for the month
less any Company holidays that occur that month. For the month of September
2007, there are 19 working days.
August Select Financial Data
Month Ended
August 31, 2007
(In thousands -
Select Statement of Operations Data: Unaudited)
Revenue:
Well servicing $109,645
Pressure pumping 26,280
Fishing and rental services 8,324
TOTAL REVENUE $144,249
Select Balance Sheet Data:
Cash and cash equivalents $65,267
Short-term investments 113,865
Conference Call
The Company will hold an investor conference call today at 10:00am EDT.
To access the call, which is open to the public, please call the conference
call operator at the following number: (888) 794-4637 and ask for the "Key
Energy Conference Call." International callers should dial (706) 679-7045.
The conference call will also be available on the web. To access the
webcast, go to http://www.keyenergy.com and select "Investor Relations." A
replay
of the conference call will be available beginning at 3:00pm EDT today and
will be available for one week. To access the replay, please call (800)
642-1687. The access code for the replay is 17791693.
Key Energy Services, Inc. is the world's largest rig-based well service
company. The Company provides oilfield services including well servicing,
pressure pumping, fishing and rental tools, electric wireline and other
oilfield services. The Company has operations in all major onshore oil and
gas producing regions of the continental United States and internationally
in Argentina and Mexico.
Certain statements contained in this news release constitute "forward-
looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on current
expectations, estimates and projections about the Company, the Company's
industry, management's beliefs and certain assumptions made by management.
Whenever possible, the Company has identified these "forward-looking
statements" by words such as "expects," "believes," "anticipates" and
similar phrases. Readers are cautioned that any such forward-looking
statements are not guarantees of future performance and are subject to
certain risks, uncertainties and assumptions that are difficult to predict,
including, but not limited to: risks that the Company will be unable to
complete its new capital investment plan, including that it will be unable
to complete acquisitions and integrate acquired operations and that it will
be unable to secure new debt financing on acceptable terms and conditions
in order to enable it to complete acquisitions or repurchase stock;
possible legal consequences of failure to file compliant SEC filings for
2003, 2004 and 2005; possible additional tax liabilities as a result of the
restatement of financial results; risks that the Company's efforts to
remediate internal control and accounting deficiencies will not be
effective; possible risks that the preliminary settlement of class action
and derivative litigation will not be completed; on-going financial impact
of litigation with former officers; risks affecting the ability of the
Company to maintain or improve operations, including the ability to
maintain price increases, possible over supply of new rigs coming into the
market and weather risk; and risks that the Company will be unable to
achieve budgeted financial targets and risks affecting activity levels for
rig hours including the risk that commodity prices decline or the risk that
capital budgets from the Company's customers decrease. Readers should also
refer to the section entitled "Risk Factors" in the 2006 Annual Report on
Form 10-K filed August 13, 2007 for a discussion of risks to which the
Company is subject. Because such statements involve risks and
uncertainties, the actual results and performance of the Company may differ
materially from the results expressed or implied by such forward- looking
statements. Given these uncertainties, readers are cautioned not to place
undue reliance on such forward-looking statements. Unless otherwise
required by law, the Company also disclaims any obligation to update its
view of any such risks or uncertainties or to announce publicly the result
of any revisions to the forward-looking statements made here; however,
readers should review carefully reports or documents the Company files
periodically with the Securities and Exchange Commission.
Contact: John Daniel
(713) 651-4300 |
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