Knight Oil Tools Acquires Tri-State Tools & Inspection

Knight Oil Tools today announced the acquisition of Tri-State Tools &
Inspection, LLC, headquartered in Corpus Christi, Texas. Terms of the deal were
not disclosed. Tri-State Tools & Inspection provides stabilizers and non-
destructive testing for drill pipe and bottomhole assembly components. The
company operates throughout the South and West Texas drilling markets
through facilities in Corpus Christi and Odessa.

According to Mark Knight, President of Knight Oil Tools, "The acquisition of Tri-
State Tools & Inspection expands our Tri-Drill Services business unit inspection
operations into new markets in Texas, and the addition of stabilizers now gives
Knight Oil Tools' Rental Tool Services business unit the entire bottomhole
assembly, except for the drill bit."

Focused on providing "zero-failure" equipment and service for 40 years, Knight
Oil Tools has grown to be the largest privately held rental and fishing tools
business in the oil and gas industry. Knight Oil Tools maintains an extensive
inventory of high-quality products for safe, efficient and productive oilfield
projects. Operating from more than 50 locations across ten oil-producing
states and internationally, Knight Oil Tools serves all phases of a well's lifecycle
from exploration to abandonment.