Key Energy Provides Activity Update and Announces First Quarter Conference Call
April 13 2007 - 9:00AM
PR Newswire (US)
HOUSTON, April 13 /PRNewswire-FirstCall/ -- Key Energy Services,
Inc. (Pink Sheets: KEGS) announced today its rig and trucking hours
for the quarter ended March 31, 2007 and announced that it will
host its first quarter conference call on May 10, 2007. Operations
Update For the quarter ended March 31, 2007 December 31, 2006 March
31, 2006 Working Days 64 61 64 Rig Hours 625,748 637,994 663,819
Trucking Hours 571,777 578,471 609,317 The Company calculates
working days as total weekdays for the period less ny company
holidays that occur that month. First Quarter Conference Call The
Company will hold an investor conference call on May 10, 2007 at
10:00am CDT. The call will be held in conjunction with the release
of the Company's selected financial data for the first quarter of
2007. This information is expected to be released after the market
closes on May 9, 2007. To access the call, which is open to the
public, please call the conference call operator at the following
number: (888) 794-4637 and ask for the "Key Energy Services
Conference Call." International callers should dial (706) 679-7045.
The conference call will also be available on the web. To access
the webcast, go to http://www.keyenergy.com/ and select "Investor
Relations." A replay of the conference call will be available on
May 10, 2007 beginning at 2:00pm CDT and will be available for one
week. To access the replay, please call (800) 642-1687. The access
code for the replay is 5370866. Key Energy Services, Inc. is the
world's largest rig-based well service company. The Company
provides oilfield services including well servicing, pressure
pumping, fishing and rental tools, electric wireline and other
oilfield services. The Company has operations in all major onshore
oil and gas producing regions of the continental United States and
internationally in Argentina. Certain statements contained in this
news release constitute "forward- looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on current expectations,
estimates and projections about the Company, the Company's
industry, management's beliefs and certain assumptions made by
management. Whenever possible, the Company has identified these
"forward-looking statements" by words such as "expects,"
"believes," "anticipates" and similar phrases. Readers are
cautioned that any such forward-looking statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict,
including, but not limited to: uncertainties affecting whether the
Company will be able to complete and file financial statements for
2004, 2005 and 2006, and the timing thereof; the risk of possible
changes in the scope and nature of, and the time required to
complete, the audit of the Company's 2004, 2005 and 2006 financial
statements; the impact of governmental investigations; possible
legal consequences of failure to file compliant SEC filings for
2003, 2004 and 2005; risks that the Company will be unable to
satisfy the requirements for re- listing on a national stock
exchange or the timing thereof; potential impact on operations of
the Company's ongoing process to complete 2004, 2005 and 2006
financial statements; the effect of on-going financial reporting
and restatement-related expenses; possible additional tax
liabilities as a result of the restatement of financial results;
risks that the Company's efforts to remediate internal control and
accounting deficiencies will not be effective; potential financial
or other effects of on-going class action and derivative litigation
and litigation with former officers; risks affecting the ability of
the Company to maintain or improve operations, including the
ability to maintain price increases, possible over supply of new
rigs coming into the market and weather risks; risks associated
with technology investments and the receptiveness of customers to
the new technology investments; and risks that the Company will be
unable to achieve budgeted financial targets and risks affecting
activity levels for rig hours including the risk that commodity
prices decline or the risk that capital budgets from the Company's
customers decrease. Readers should also refer to the section
entitled "Risk Factors" in the 2003 Financial and Informational
Report filed with a Form 8-K/A on October 26, 2006 for discussion
of risks arising from the restatement process and other risks to
which the Company is subject. Because such statements involve risks
and uncertainties, the actual results and performance of the
Company may differ materially from the results expressed or implied
by such forward-looking statements. Given these uncertainties,
readers are cautioned not to place undue reliance on such
forward-looking statements. Unless otherwise required by law, the
Company also disclaims any obligation to update its view of any
such risks or uncertainties or to announce publicly the result of
any revisions to the forward-looking statements made here; however,
readers should review carefully reports or documents the Company
files periodically with the Securities and Exchange Commission.
Contact: John Daniel (713) 651-4300 DATASOURCE: Key Energy
Services, Inc. CONTACT: John Daniel of Key Energy Services, Inc.,
+1-713-651-4300 Web site: http://www.keyenergy.com/
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