Allis-Chalmers Prices Common Stock Offering

Allis-Chalmers Energy Inc. said that it has priced a public offering of 6.0 million shares of its common stock at $17.65 per share. Allis-Chalmers has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of Allis-Chalmers common stock to cover over-allotments, if any.

Allis-Chalmers plans to use the net proceeds of this offering to repay a portion of the debt outstanding under its $300 million bridge loan facility, which was incurred to finance Allis-Chalmers' recent acquisition of substantially all the assets of Oil & Gas Rental Services, Inc., and for general corporate purposes.

RBC Capital Markets Corporation is serving as lead underwriter and sole book-running manager of the offering. The co-managers of the offering are Johnson Rice & Company L.L.C., Morgan Keegan & Company, Inc. and Pritchard Capital Partners, LLC.

The offering of these securities will be made only by means of a prospectus and related prospectus supplement. When available, copies of the prospectus and prospectus supplement relating to this offering may be obtained from RBC Capital Markets Corporation, 60 South 6th Street, 17th Floor, Minneapolis, MN 55402 (phone number: (612) 371-2818 or fax number: (612) 371-2837).

Allis-Chalmers Energy Inc., is a Houston based multi-faceted oilfield services company that provides services and equipment to oil and natural gas exploration and production companies throughout the United States, including Texas, Louisiana, New Mexico, Colorado, Oklahoma, Mississippi, Utah, Wyoming, the Gulf of Mexico, and internationally primarily in Argentina and Mexico.


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