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Gold/Mining/Energy : NORTON DRILLING (nort nasdaq) FORMERLY DSIC -- Ignore unavailable to you. Want to Upgrade?

To: Chartgod who wrote (252)	6/11/1998 8:45:00 AM
From: jad	Read Replies (1) \| Respond to of 295

Finally some news: Norton Drilling Services, Inc. Announces Signing of Contract for 38 Wells in Mexico LUBBOCK, Texas, June 10 /PRNewswire/ -- Norton Drilling Services, Inc. (Nasdaq: NORT - news) today announced that its wholly-owned subsidiary, Norton Drilling Company, has established a new subsidiary, Norton Drilling Company Mexico, Inc. This new subsidiary has signed a contract to drill 38 wells in the northern border states of Nuevo Leon and Tamaulipas in Mexico. The Company expects the contract to generate approximately $7.5 million in revenue over its term and to be completed by mid 1999. S. Howard Norton, President and CEO said, ''This is a great opportunity for the Company. We are able to take two rigs out of the Permian Basin, which is mainly an oil province where drilling activity has diminished significantly, and put them to work on a long-term, international basis drilling for natural gas. The natural gas market is much more stable than the oil market since the price of oil collapsed earlier this year.'' The Company is moving its Rig #1 into Mexico this week and will move its Rig #12 into Mexico later this month. Norton Drilling Services, Inc. is a holding company with one operating subsidiary, Norton Drilling Company. Norton Drilling Company, headquartered in Lubbock, Texas, owns sixteen drilling rigs. Of the sixteen rigs, twelve operate in the Permian Basin area of West Texas and Eastern New Mexico, including two diesel electric rigs, two operate in southwest Wyoming and two will operate in Mexico. Information contained in this release, other than historical information, should be considered forward-looking and may be subject to the following risk factors: the contract may be terminated under certain conditions with payment of penalties by the operator and labor problems, political unrest and other problems associated with working internationally. SOURCE: Norton Drilling Services, Inc.