Grey Wolf Rig Damaged by Fire

Grey Wolf reports that early this morning it experienced a fire on one of its drilling rigs. Rig 84, a 2,000 horsepower diesel electric rig, was drilling under a daywork contract in South Louisiana when the incident occurred. No personnel were injured in the fire, however the rig sustained extensive damage. The losses are covered by insurance, less the Company's standard deductibles, and the Company is evaluating the condition of the rig.

Grey Wolf, Inc., headquartered in Houston, Texas, is a leading provider of turnkey and contract oil and gas land drilling services in the best natural gas producing regions in the United States.