Bronco Drilling Company, Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - March 10, 2011

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Exhibit 99.1

Bronco Drilling Company, Inc. Announces Monthly Operating Results

OKLAHOMA CITY, March 10, 2011 (BUSINESS WIRE)—Bronco Drilling Company, Inc. (Nasdaq/GS:BRNC) announced today operational results for the month ended and as of February 28, 2011.

Utilization for the Company’s drilling fleet was 95% for the month of February compared to 96% for the month of January and 96% for the fourth quarter of 2010. The Company had an average of 24 marketed drilling rigs in February compared to 24 in January and 24 for the fourth quarter of 2010. The average dayrate on operating drilling rigs as of February 28, 2011 was $18,150 compared to $17,529 as of January 31, 2011 and $17,296 for the fourth quarter of 2010.

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 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.

 

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Bronco Drilling Company, Inc.
Rig Status Report
as of February 28, 2011
                                         
                                Est. Duration (2)
    Rig No.   Horsepower   Rig Type   Basin   Status (1)   Contract   Days   Date
1
    6     650 hp   M   Anadarko   O   1 well            
2
    8     1000 hp   E   Bakken   O   Term     62     5/1/2011
3
    10     1000 hp   E   Marcellus   O   8 wells            
4
    11     1000 hp   E   Marcellus   O   Term     185     9/1/2011
5
    12     1500 hp   E   Bakken   O   Term     93     6/1/2011
6
    14     1200 hp   E   Anadarko   O   4 wells            
7
    15     1200 hp   E   Bakken   O   Term     347     2/10/2012
8
    16     1400 hp   E   Bakken   O   Term     1     3/1/2011
9
    17     1700 hp   E   Anadarko   O   3 wells            
10
    20     1400 hp   E   Bakken   O   Term     468     6/10/2012
11
    21     2000 hp   E   Eagle Ford   O   Term     119     6/27/2011
12
    22     1000 hp   E   Bakken   O   Term     148     7/26/2011
13
    23     1000 hp   E   Bakken   O   Term     243     10/29/2011
14
    25     1500 hp   E   Anadarko   O   Term     185     9/1/2011
15
    26     1200 hp   E   Eagle Ford   O   Term     139     7/17/2011
16
    27     1500 hp   E   Bakken   O   Term     581     10/1/2012
17
    28     1200 hp   E   Bakken   O   Term     428     5/1/2012
18
    29     1500 hp   E   Woodford   O   Term     338     2/1/2012
19
    37     1000 hp   E   Marcellus   O   Term     123     7/1/2011
20
    56     1100 hp   M   Anadarko   O   1 well            
21
    57     1100 hp   M   Woodford   O   1 well            
22
    59     1000 hp   E   Bakken   O   Term     102     6/10/2011
23
    62     1000 hp   M   Anadarko   O   1 well            
24
    77     1200 hp   M   Anadarko   O   Term     285     12/10/2011
25
    97     850 hp   M   Anadarko   O   7 wells            
         
M -
  Mechanical   I -     Idle
E -
  Electric   O -     Operating
 
        
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 customer regarding their current projection of the days remaining to complete the project.
 
                
    Changes from the prior month are highlighted.
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 SEC on March 15, 2010 and other filings with the SEC, which are available free of charge on the SEC’s website at 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.
     
Contact:
  Bob Jarvis
 
  Investor Relations
 
  Bronco Drilling Company
 
  (405) 242-4444 EXT: 102
 
  bjarvis@broncodrill.com

 

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