Bronco Drilling Company, Inc. (Nasdaq/GS:BRNC) announced today operational results for the month ended and as of April 30, 2011.
Utilization for the Company’s drilling fleet was 98% for the month of April compared to 97% for the month of March and 96% for the first quarter of 2011. The Company had an average of 22 marketed drilling rigs in April compared to 24 in March and 24 for the first quarter of 2011. The average dayrate on operating drilling rigs as of April 30, 2011 was $19,136 compared to $18,906 as of March 31, 2011 and $18,389 for the first quarter of 2011.
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 DrillingBronco Drilling Company, Inc. is a publicly held company headquartered in Edmond, Oklahoma, and is a provider of contract land drilling 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 April 30, 2011|
|Est. Duration (2)|
|Rig No.||Horsepower||Rig Type||Basin||Status (1)||Contract||Days||Date|
|2||10||1000 hp||E||Marcellus||O||7 wells|
|5||14||1200 hp||E||Anadarko||O||3 wells|
|8||17||1700 hp||E||Anadarko||O||3 wells|
|10||21||2000 hp||E||Eagle Ford||O||Term||58||6/27/2011|
|14||26||1200 hp||E||Eagle Ford||O||Term||75||7/14/2011|
|22||97||850 hp||M||Anadarko||O||7 wells|
M - Mechanical
I - Idle
E - Electric
O - Operating
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.
The estimated contract duration is derived from discussions with our customer regarding their current projection of the days remaining to complete the project.