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DI INDUSTRIES, INC. ANNOUNCES SECOND QUARTER RESULTS

 DI INDUSTRIES, INC. ANNOUNCES SECOND QUARTER RESULTS
 HOUSTON, Nov. 3 /PRNewswire/ -- DI Industries, Inc., (AMEX: DRL)


announced today its results of operations for the three months and the six months ended Sept. 30, 1992. Revenues decreased to $15,803,000 for the current quarter as compared to $17,170,000 a year ago. The company recorded net loss of $959,000 for the current quarter as compared to net loss of $369,000 a year ago. Cash flow decreased to $190,000 for the current quarter as compared to $502,000 a year ago. The company reported a net loss per share of $.02 for the quarter as compared to a net loss per share of $.01 a year ago.
 Revenues decreased to $29,659,000 for the six months ended Sept. 30, 1992 as compared to $32,259,000 for the six months a year ago. Net loss was $955,000 for the current six months compared to net loss of $671,000 a year ago. Cash flow was up at $1,097,000 for the current six months compared to cash flow of $1,028,000 a year ago. The company reported a net loss per share of $.02 for the six months as compared to a net loss per share of $.02 a year ago.
 Max Dillard, president, stated, "Rig activity was down this quarter due to the oil and gas industry waiting for Congress' decision to extend the tax credit for Section 29 gas beyond its expiration date of Dec. 31, 1992. Many operators stopped drilling to wait for Congress' decision.
 Congress announced in September that it would not be extending the Section 29 credits. This along with the increased prices of natural gas has caused a 'mini-boom' with the rig count increasing in gas producing areas. At this time, the company has almost all of its shallow rigs and many of its deeper rigs drilling for gas operators. These shallower rigs will be working through the end of the year.
 During the past quarter, the company also incurred large legal expenses in defending itself in a two-year lawsuit in Florida. The company expects to be reimbursed for the majority of these expenses through its insurance.
 The company has received notice to begin geothermal drilling operations in Guatemala through its joint ownership in DI Perfensa, Inc. The 3rd quarter should reflect increased revenues from this new ?venture."
 DI Industries, Inc., headquartered in Houston, Texas, is a holding company whose subsidiaries are engaged primarily in the business of providing onshore contract drilling and workover services to firms in the oil and gas industry, commercial drilling, oil and gas exploration, development and production and equipment repair and sales.
 DI INDUSTRIES, INC.
 (Dollars in thousands, except per share amounts)
 Period ended Quarter Six Months
 Sept. 30 1992 1991 1992 1991
 Revenues $15,803 $17,170 $29,659 $32,259
 Net income (loss) (959) (369) (955) (671)
 Weighted average shares of
 common stock outstanding
 (000's) 38,416 38,309 38,416 37,586
 Net income (loss) per
 common share $ (.02) $ (.01) $ (.02) $ (.02)
 -0- 11/3/92
 /CONTACT: David J. Cone, financial vice president of DI Industries, Inc., 713-874-0202/
 (DRL) CO: DI Industries, Inc. ST: Texas IN: OIL SU: ERN


LD -- NY067 -- 2229 11/03/92 17:43 EST
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Date:Nov 3, 1992
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