UTI Energy Corp (UTI)

UTI Energy Corp. is a provider of onshore contract drilling services to companies that explore for and produce oil and natural gas. UTI operates a fleet of drilling rigs used to drill oil and natural gas wells on land in North America. As of February 9, 2001, UTI had a fleet of 150 land drilling rigs. A drilling rig includes the structure, power source and machinery necessary to allow a drill bit to penetrate rock to a depth desired by the customer. UTI's drilling rigs operate in the oil and natural gas producing basins of Louisiana, New Mexico, Oklahoma, Texas and Western Canada (Alberta, British Columbia and Saskatchewan). UTI also provides pressure pumping services in the Appalachian Basin. Pressure pumping services consist primarily of well stimulation and cementing for the completion of new wells and remedial work on existing wells.