Glass Lewis and Proxy Governance Recommend Allis-Chalmers Stockholders Approve Issuance of Shares to Bronco Drilling Pursuant to Merger

2008-08-05 06:15:00

Glass Lewis and Proxy Governance Recommend Allis-Chalmers Stockholders Approve Issuance of Shares to Bronco Drilling Pursuant to Merger

HOUSTON–(EMWNews)–Allis-Chalmers Energy Inc. (NYSE:ALY) today announced that Glass Lewis &

Co. and Proxy Governance, Inc., two leading proxy advisory firms, have

recommended that Allis-Chalmers stockholders vote FOR the issuance of

Allis-Chalmers common stock to stockholders of Bronco Drilling Company,

Inc. (NASDAQ/GM:BRNC) in connection with the proposed merger between the

companies at Allis-Chalmers Special Meeting

of Stockholders to be held August 14, 2008.

In making its recommendation, Glass Lewis stated, Financially,

we believe the consideration being offered by the Company is reasonable.

The Glass Lewis report concluded by stating, Overall,

we see no reason to object to the proposed merger. The merger is

expected to create a diversified international oilfield service

provider, as well as generate substantial synergies.

In making its recommendation, Proxy Governance stated, We

support this proposal because, based on analysts

opinions, it makes strong strategic sense, and because it appears to

place a fair value on the acquisition itself.

Stockholders who have questions about the proposed merger or need

assistance in submitting their proxy or voting of shares should contact

Allis-Chalmers proxy solicitor

Georgeson Inc., 199 Water Street, 26th Floor, New York, NY 10038, or by

calling 212-440-9800 (for banks, brokers and other nominees) or

toll-free 1-866-577-4988 (for Allis-Chalmers stockholders).

About Allis-Chalmers

Allis-Chalmers Energy Inc. is a Houston-based multi-faceted oilfield

company. We provide services and equipment to oil and natural gas

exploration and production companies, domestically primarily in Texas,

Louisiana, New Mexico, Colorado, Oklahoma, Mississippi, Wyoming,

Arkansas, West Virginia, offshore in the Gulf of Mexico, and

internationally, primarily in Argentina and Mexico. Allis-Chalmers

provides rental services, international drilling, directional drilling,

tubular services, underbalanced drilling, and productions services. For

more information, visit our website at http://www.alchenergy.com

or request future press releases via email at http://www.b2i.us/irpass.asp?BzID=1233&to=ea&s=0.

Forward-Looking Statements

This press release contains forward-looking statements (within the

meaning of Section 27A of the Securities Act of 1933 and Section 21E of

the Securities Exchange Act of 1934) regarding Allis-Chalmers’ business,

financial condition, results of operations and prospects. Words such as

expects, anticipates, intends, plans, believes, seeks, estimates and

similar expressions or variations of such words are intended to identify

forward-looking statements, but are not the exclusive means of

identifying forward-looking statements in this press release.

Although forward-looking statements in this press release reflect the

good faith judgment of our management, such statements can only be based

on facts and factors that our management currently knows. Consequently,

forward-looking statements are inherently subject to risks and

uncertainties, and actual results and outcomes may differ materially

from the results and outcomes discussed in the forward-looking

statements. Factors that could cause or contribute to such differences

in results and outcomes include, but are not limited to, demand for oil

and natural gas drilling services in the areas and markets in which

Allis-Chalmers operates, competition, obsolescence of products and

services, the ability to obtain financing to support operations,

environmental and other casualty risks, and the effect of government

regulation.

Further information about the risks and uncertainties that may affect

our business are set forth in our most recent filings on Form 10-K

(including without limitation in the “Risk Factors” section) and in our

other SEC filings and publicly available documents. We urge readers not

to place undue reliance on these forward-looking statements, which speak

only as of the date of this press release. Allis-Chalmers undertakes no

obligation to revise or update any forward-looking statements in order

to reflect any event or circumstance that may arise after the date of

this press release.

Important Information

In connection with the proposed merger, Allis-Chalmers and Bronco

Drilling have filed a preliminary joint proxy statement/prospectus and

both companies have filed and will file other relevant documents

concerning the proposed merger transaction with the SEC. INVESTORS ARE

URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS, AND ANY OTHER

RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY WILL CONTAIN

IMPORTANT INFORMATION REGARDING THE MERGER. Investors and security

holders may obtain a free copy of the definitive joint proxy

statement/prospectus (when available) and the other documents free of

charge at the website maintained by the SEC at www.sec.gov.

The documents filed with the SEC by Allis-Chalmers may be obtained free

of charge from Allis-Chalmers website at www.alchenergy.com

or by calling Allis-Chalmers Investor

Relations department at (713) 369-0550. The documents filed with the SEC

by Bronco Drilling may be obtained free of charge from Bronco Drillings

website at www.broncodrill.com

or by calling Bronco Drillings Investor

Relations department at (405) 242-4444. Investors and security holders

are urged to read the joint proxy statement/prospectus, as it may be

amended or supplemented from time to time, and the other relevant

materials before making any voting or investment decision with respect

to the proposed merger.

Allis-Chalmers, Bronco Drilling and their respective directors and

executive officers may be deemed to be participants in the solicitation

of proxies from the respective stockholders of Allis-Chalmers and Bronco

Drilling in connection with the merger. Information regarding such

persons and a description of their interests in the merger are contained

in the joint proxy statement/prospectus filed with the SEC, as it may be

amended or supplemented from time to time. Information about the

directors and executive officers of Allis-Chalmers and their ownership

of Allis-Chalmers common stock is set forth in its amended annual report

on Form 10-K/A filed with the SEC on April 29, 2008 and in subsequent

statements of changes in beneficial ownership on file with the SEC.

Information about the directors and executive officers of Bronco

Drilling and their ownership of Bronco Drilling common stock is set

forth in its amended annual report on Form 10-K/A filed with the SEC on

April 29, 2008, as further amended, and in subsequent statements of

changes in beneficial ownership on file with the SEC. Investors may

obtain additional information regarding the interests of such

participants by reading the joint proxy statement/prospectus for the

merger, as it may be amended or supplemented from time to time.

Allis-Chalmers Energy Inc., Houston
Vice President – IR
Jeffrey

Freedman, 713-369-0550

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