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., visithttp://www.broncodrill.com.
5
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. |
Contact: | Bob Jarvis | |
Investor Relations | ||
Bronco Drilling Company | ||
(405) 242-4444 EXT: 102 | ||
bjarvis@broncodrill.com |