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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: victorw who wrote (55294)	11/23/1999 12:53:00 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

UTI Energy Completes $65 Million Credit Facility HOUSTON--(BUSINESS WIRE)--Nov. 23, 1999--UTI Energy Corp. (AMEX: UTI) today announced completion of a $65 million, four-year revolving credit facility with The CIT Group/Business Credit, Inc. (CIT), replacing its prior $30 million bank line of credit. "This long-term facility, along with more than $12 million in currently available cash, will allow us both to continue our strategic development through acquisitions and to pursue other corporate opportunities," said Mark S. Siegel, UTI's Chairman. "As our industry emerges from a difficult period, companies - like ours - with financial strength and flexibility are well-positioned for sustained growth. Most importantly, the new credit facility enables UTI to structure acquisitions so as to minimize equity dilution." The revolving credit facility calls for periodic interest payments at a floating rate ranging from LIBOR plus 1.75% to LIBOR plus 2.75%, based on the Company's trailing twelve-month EBITDA. The new facility is secured by UTI's assets. UTI Energy is a leading provider of contract drilling and pressure pumping services in the continental United States. UTI has a total of 120 drilling rigs that provide drilling services primarily in Texas, Oklahoma, New Mexico, and the Rocky Mountains. The Company's pressure pumping subsidiary provides stimulation and cementing services in the Northeast. Statements made in this press release that state the Company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to, declines in oil and gas prices that could adversely affect demand for the Company's services, and their associated effect on day rates and rig utilization, adverse industry conditions, difficulty in integrating acquisitions, demand for oil and gas, and ability to retain management and field personnel. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's report on Form 10-K for the year ended December 31, 1998 and Forms 10-Q for fiscal 1999 reporting periods. Copies of these filings may be obtained by contacting the Company or the SEC. --30--kwp/la* rj/la CONTACT: UTI Energy John Vollmer, 281/873-4111 or Sitrick and Company Jack Leone/Tom Ekman, 310/788-2850