Grey Wolf to Repurchase $100 Million in Stock

The Board of Directors of Grey Wolf, Inc. (Amex: GW), have authorized the Company to repurchase from time to time up to $100 million of common stock in open market or in privately negotiated block-trade transactions. The number of shares to be purchased and the timing of purchases will be based on several factors, including the price of the common stock, general market conditions, available cash and alternate investment opportunities. The stock repurchase program is subject to termination prior to completion.

Tom Richards, Chairman, President and Chief Executive Officer, stated, "We are committed to bringing value to our shareholders. Our strong cash position enables us to consider repurchasing common stock as one of several strategic investment options while continuing to finance future growth. The stock repurchase program underscores the Board's confidence in the current and projected strength of Grey Wolf's balance sheet and expected future performance."

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 with a current total drilling rig fleet of 114, which will increase to 119 with the expected addition of five rigs later this year.