Wenzel Downhole Tools Ltd (WZL) - was Master Downhole Message Board

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Gold/Mining/Energy : Wenzel Downhole Tools Ltd (WZL) - was Master Downhole

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To: Robert Raymond who wrote (44)	2/16/1999 1:48:00 PM
From: Robert Raymond	Read Replies (1) of 104

To all: a deal with a 2 billion dollar a year company. Can't but help. NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: WENZEL DOWNHOLE TOOLS LTD. ASE SYMBOL: WZL FEBRUARY 16, 1999 Wenzel Downhole and Smith Drilling & Completion Sign Agreement CALGARY, ALBERTA--Smith Drilling & Completion ("Smith" - NYSE - SII) and Wenzel Downhole Tools Ltd. ("Wenzel" - ASE - WZL) are pleased to announce that the two companies have signed an agreement that became effective February 1, 1999 under which Drilling Technology (a business unit of Smith Drilling & Completions) will distribute the Wenzel Shock Tool. Drilling Technology shall stock, market, and service this product in selected areas. Over time, the Wenzel Shock Tool will be introduced as a standard product at most of Drilling Technology's worldwide locations in the Smith Drilling & Completions business unit. Drilling Technology is headquartered in Houston, Texas. Its worldwide field service centers provide inspection and repair services for the Company's drill string components, customer owned tubular goods and for the company's rental tools and services. The field service centers serve as the distribution points for the entire Drilling Technology product line and are an important part of the company's marketing efforts. Wenzel Downhole Tools Ltd. designs, manufactures, and provides downhole technology to the oil & gas drilling industry, utility construction, and environmental industry. Wenzel holds a number of patents and expends a significant effort on research and development. Wenzel's technology includes, drilling motors, shock tools and drilling jars. The distribution agreement will be mutually beneficial. It will increase Wenzel's international market exposure while expanding Smith's product line. Both companies expect this relationship to have an increasingly positive impact on earnings and cash flow as the Wenzel tools are added to the distribution network.

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