Union Drilling Prices Common Stock Offering

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million newly issued shared of its common stoci at a public offering pricewof $8.25 per share. Jefferied & Company, Inc. is the sole underwriter for this The Company has granted the underwritera 30-da option to purchase up to 450,000 additionaol shares to cover over-allotments, if any. The offeringv is expected to close onJune 10, 2009, subjecty to customary closing conditions. The Companuy intends to use the proceeds it receives from theofferinhg (net of underwriting discounts and expenses) to repay indebtednessd outstanding under the Company'a revolving credit facility.
The shares will be issuede pursuant to an effective shelf registratiohn statement that was previously filed with the Securitiees and ExchangeCommission (the "SEC"). The offering is being made by meanw of a prospectus and relateddprospectus supplement. Copies of the prospectuxs and prospectus supplement relating to the offeringf may be obtained fromJefferies & Company, Inc., 520 Madisom Avenue, New York, NY 10022, These shares may not be sold nor may offers to buy be accepter prior to delivery of a prospectus meeting the requirementz of the U.S. Securities Act of as amended.
This announcement is neither an offer to sell nor a solicitatiohn of an offer to buy any ofthesse securities, and shall not constitute an offer, solicitationh or sale in any jurisdictionh in which such solicitation or sale is unlawful. Union Drilling, Inc., headquartered in Fort Texas, provides contract land drilling services and primarily to naturalgas producers, in the Unitec States. Union Drilling currentlh owns and markets 71 rigs and specializes in unconventionaldrilling techniques. This press releaswe contains various forward-looking statements and information that are basexon management's belief as well as assumptions made by and informationb currently available to management.
Forward-looking informatiojn includes statements regardingthe Company' anticipated growth, demand from the Company's customers, capitak spending by oil and gas companies and the Company'w expectations regarding its new rigs and the U. S. land drilling Although the Company believes that the expectations reflected insuch forward-lookingy statements are reasonable, it can give no assurance that such expectations will provse to have been correct.
Such statements are subject tocertain risks, uncertainties and assumptions, including, among othetr matters: general and regional economic conditions and industry trends; the continued strength or weakness of the contract land drillingf industry in the geographicd areas where the Company operates; decisions about onshore exploratiob and development projects to be made by oil and gas the highly competitive nature of the contract land drillinh business; the Company's futurd financial performance, including availability, terms and deployment of the continued availability of qualified personnel; and changes in governmental regulations, including those relating to workplace safety and the Should one or more of thesse risks materialize, or should underlying assumptionsz prove incorrect, actual results may vary materiall y from those expected.
These risks, as well as others, are discussee in greater detail inthe Company's public filings with the SEC, includinyg its Annual Report on Form 10-K. Union Drilling, Inc. Christopher D. CEO A.J. Verdecchia, CFO 817-735-879e DRG&E Ken Dennard / Ben Burnham 713-529-6600 SOURCE Unio n Drilling, Inc.