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Press Release SOURCE: The Dillard Anderson Group Oil States International Acquires Elenburg Exploration Wednesday - February 2, 2005 Oil States International, Inc. (NYSE: OIS) announced that its land subsidiary, Capstar Drilling, L.P., completed the acquisition of Elenburg Exploration Company, Inc. (“Elenburg”), a Wyoming based land drilling company, for $22.0 million. With its fleet of seven rigs, Elenburg provides shallow land drilling services in Montana, Wyoming, Colorado and Utah. The transaction was principally financed with cash funded from Oil States’ existing credit facility. For the twelve months ended September 30, 2004, Elenburg generated approximately $17.4 million of revenues and $5.6 million of EBITDA (defined as net income plus interest, taxes, depreciation and amortization). With the completion of the Elenburg acquisition, Oil States will have a total of 25 land drilling rigs. The Dillard Anderson Group also represented Capstar Drilling in its sale to SCF Partners in 1997. |