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

To: Tomas who wrote (72391)	9/6/2000 9:00:08 AM
From: The Ox	Read Replies (1) \| Respond to of 95453

UTI Acquires Four Drilling Rigs: Three are Self-Elevating `SCR' Rigs HOUSTON--(BUSINESS WIRE)--Sept. 6, 2000--UTI Energy Corp. (AMEX:UTI) today announced that it has completed the acquisition of four drilling rigs for a total of $7,650,000 in cash. The four rigs have an average depth capacity of 18,000 feet. Three of the rigs acquired are self-elevating "SCR" electric. The total cost to bring all four rigs back in service is expected to be approximately $4,500,000, excluding drill pipe. One of the rigs is expected to be operating within 30 days; the other three are expected to be brought into service during the next two quarters. UTI Energy Corp. is a leading provider of contract drilling and pressure pumping services in North America. The Company's subsidiaries own 144 drilling rigs that provide drilling services primarily in Texas, Oklahoma, New Mexico, the Rocky Mountains and western Canada. The Company's pressure pumping subsidiary provides stimulation and cementing services in the Northeast United States. Statements made in this press release which 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 actual results could differ materially from those discussed 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, rig utilization and planned capital expenditures, 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, 1999 and Forms 10-Q for fiscal 2000 reporting periods. Copies of these filings may be obtained by contacting the Company or the SEC. CONTACT: UTI Energy Corp. John Vollmer, 281/873-4111 or Sitrick and Company Jack Leone or Tom Ekman, 310/788-2850