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.
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