Union Drilling, Inc. announced that it has entered into an agreement to be acquired by Sidewinder Drilling Inc., based in Houston, TX.
Union Drilling, Inc. provides contract land drilling services and equipment to oil and natural gas producers. Union Drilling, Inc. specializes in shallow to deep horizontal drilling in select oil and gas producing basins of the United States, with high growth potential, adequate takeaway capacity and low finding and development costs in order to maximize utilization and return on capital throughout the commodity price cycle. Union Drilling, Inc.'s principal operations are in the Appalachian Basin, extending from New York to Tennessee including the Marcellus, Huron, and Utica shales; the Arkoma Basin in eastern Oklahoma and Arkansas, including the Fayetteville, Caney, and Woodford shales; the Mississippian oil plays in central Oklahoma and southern Kansas; the Fort Worth Basin in North Texas, including the Barnett Shale and in West Texas extending to southeastern New Mexico, the Permian and Delaware Basins. As Union Drilling, Inc.'s rigs are mobile, Union Drilling, Inc. is capable of moving them from one region to another in response to market conditions. In addition to Union Drilling, Inc.'s drilling rigs, Union Drilling, Inc. provides the drilling crews and most of the ancillary equipment needed to operate Union Drilling, Inc.'s drilling rigs. Union Drilling, Inc. does not invest in oil and natural gas properties.
Union Drilling, Inc. commenced operations in 1997 with 12 drilling rigs and related equipment acquired from an entity providing contract drilling services under the name “Union Drilling.” Through a combination of acquisitions and new rig construction, Union Drilling, Inc. has increased the size of our fleet to 54 marketed land drilling rigs including rigs currently under construction. The emergence of shale plays, the application of new technologies to traditional basins, and the influx of investments in plays in the United States from the major and large independent E&P companies have all resulted in more complex drilling and customers who demand superior safety and efficiency. We have met these demands through investments in equipment designed for horizontal drilling, as well as invested in our people and processes to improve drilling productivity and safety, and reduce total well costs for Union Drilling, Inc.'s customers.