• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Allis-Chalmers Energy Announces Exercise of Over-Allotment Option of 761,034 Shares

Posted on: Wednesday, 31 August 2005, 15:00 CDT

HOUSTON, Aug. 31 /PRNewswire-FirstCall/ -- Allis-Chalmers Energy Inc. today announced that Morgan Keegan & Company, Inc. has exercised its over-allotment option to purchase an additional 761,034 shares of Allis- Chalmers Energy's common stock. The sale of these additional shares will increase the proceeds the Company receives from the recently completed offering by approximately $6.9 million, net of underwriting discount but before other offering expenses. This brings the total number of shares sold by the Company through the secondary offering to 1,761,034, with net proceeds to the Company of approximately $16 million, net of underwriting discount but before other offering expenses.

Copies of the final common stock offering prospectus may be obtained from Morgan Keegan & Company, Inc., Attention: Equity Prospectus Department, Morgan Keegan Tower, 50 N. Front St., Memphis, TN 38103.

About Allis-Chalmers Energy

Allis-Chalmers Energy Inc. provides a variety of products and services to the oil and natural gas industry. Through its subsidiaries, Allis-Chalmers is engaged in providing specialized equipment and operations to install casing and production tubing required to drill and complete oil and gas wells, directional and horizontal drilling services, the rental of heavy weight spiral drill pipe and related oilfield services, services to enhance production through the installation of small diameter coiled tubing and chemicals into producing oil and gas wells and air drilling services to natural gas exploration and development operators.

Forward-Looking Statements

This Press Release contains forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934) regarding Allis-Chalmers Energy's business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Press Release.

Although forward-looking statements in this Press Release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, demand for oil and natural gas drilling services in the areas and markets in which the Company operates, competition, obsolescence of products and services, the Company's ability to obtain financing to support its operations, environmental and other casualty risks, and the impact of government regulation. Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filings on Form 10K (including without limitation in the "Risk Factors" Section) and Form 10-Q, and in the Company's other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward- looking statements, which speak only as of the date of this Press Release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Press Release.

Contact: Victor M. Perez, CFO Allis-Chalmers Energy 713-369-0550 Lisa Elliott, Sr. VP DRG&E/ 713-529-6600

Allis-Chalmers Energy Inc.

CONTACT: Victor M. Perez, CFO of Allis-Chalmers Energy Inc.,+1-713-369-0550; or Lisa Elliott, Sr. VP of DRG&E, +1-713-529-6600, for Allis-Chalmers Energy Inc.

Source: PRNewswire-FirstCall

More News in this Category