Allis-Chalmers Completes Rights Offering

Allis-Chalmers Energy has consummated the sale of 15,794,644 shares of its common stock pursuant to its previously announced rights offering, at a price of $2.50 per share, for aggregate gross proceeds of approximately $39.5 million.

These proceeds do not include the proceeds from Allis-Chalmers' previously announced backstop arrangement with Lime Rock Partners V, L.P., which is anticipated to close tomorrow, June 26, 2009. Allis-Chalmers intends to use the net proceeds of the rights offering to repay indebtedness outstanding under its bank credit facility and senior notes.

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