Bronco Drilling Company, Inc. - FORM 8-K - EX-99.1 - April 8, 2011

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Exhibit 99.1
Bronco Drilling Company, Inc. Announces Monthly Operating Results
OKLAHOMA CITY, April 8, 2011 (BUSINESS WIRE)—Bronco Drilling Company, Inc. (Nasdaq/GS:BRNC) announced today operational results for the month ended and as of March 31, 2011.
Utilization for the Company’s drilling fleet was 97% for the month of March compared to 95% for the month of February and 96% for the fourth quarter of 2010. The Company had an average of 24 marketed drilling rigs in March compared to 24 in February and 24 for the fourth quarter of 2010. The average dayrate on operating drilling rigs as of March 31, 2011 was $18,906 compared to $18,150 as of February 28, 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.

 

 

 

Bronco Drilling Company, Inc.
Rig Status Report
as of March 31, 2011
                                     
                            Est. Duration (2)
    Rig No.   Horsepower   Rig Type   Basin   Status (1)   Contract   Days     Date
1
   8   1000 hp   E   Bakken   O   Term     398     5/2/2012
2
   10   1000 hp   E   Marcellus   O   7 wells            
3
   11   1000 hp   E   Marcellus   O   Term     163     9/10/2011
4
   12   1500 hp   E   Bakken   O   Term     103     7/12/2011
5
   14   1200 hp   E   Anadarko   O   4 wells            
6
   15   1200 hp   E   Bakken   O   Term     320     2/14/2012
7
   16   1400 hp   E   Bakken   O   Term     224     11/10/2011
8
   17   1700 hp   E   Anadarko   O   3 wells            
9
   20   1400 hp   E   Bakken   O   Term     437     6/10/2012
10
   21   2000 hp   E   Eagle Ford   O   Term     88     6/27/2011
11
   22   1000 hp   E   Bakken   O   Term     484     7/27/2012
12
   23   1000 hp   E   Bakken   O   Term     212     10/29/2011
13
   25   1500 hp   E   Anadarko   O   Term     194     10/11/2011
14
   26   1200 hp   E   Eagle Ford   O   Term     105     7/14/2011
15
   27   1500 hp   E   Bakken   O   Term     550     10/1/2012
16
   28   1200 hp   E   Bakken   O   Term     397     5/1/2012
17
   29   1500 hp   E   Woodford   O   Term     307     2/1/2012
18
   37   1000 hp   E   Marcellus   O   Term     78     6/17/2011
19
   57   1100 hp   M   Woodford   O   Term     437     6/10/2012
20
   59   1000 hp   E   Bakken   O   Term     71     6/10/2011
21
   77   1200 hp   M   Anadarko   O   Term     261     12/17/2011
22
   97   850 hp   M   Anadarko   O   4 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.

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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, 2011 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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