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South Texas Drilling & Exploration Inc. Reports Second Quarter Results.

Business Editors and Energy Writers

SAN ANTONIO--(BUSINESS WIRE)--Nov. 22, 2000

South Texas Drilling & Exploration Inc. (OTCBB:STXD.OB) today reported the financial results for its second quarter ended Sept. 30, 2000.

The Company reported net earnings of $307,132, or $0.03 per share (diluted), compared to a net loss of $110,146, or $(0.02) per share (basic and diluted) for the same period last year. Revenues for the second quarter were $12.2 million, an increase of 270% from $3.3 million in the second quarter of fiscal year 2000. Earnings before interest, tax, depreciation and amortization (EBITDA) increased to $1,333,817, compared to $389,239 for the same quarter a year ago, an increase of over 243%.

Average rig utilization for the second quarter ended Sept. 30, 2000, was 96% compared to 74% for the same period last year. Working days increased 137% to 864 days during the second quarter of fiscal 2001 compared to 364 days for the same period a year ago.

For the six months ended Sept. 30, 2000, the Company reported net earnings of $879,722, or $0.08 per share (diluted), compared to a net loss of $164,518, or $(0.03) per share (basic and diluted) for the same period last year. Revenues for the six months were $21.1 million, an increase of 230% from $6.4 million in the first six months of fiscal year 2000. Earnings before interest, tax, depreciation and amortization (EBITDA) increased to $2,530,595, compared to $816,565 for the same period a year ago, an increase of over 210%.

Michael E. Little, Chairman and Chief Executive Officer, noted the primary reasons for the improved financial results in the second quarter were the Company's diligent cost controls, increased day rates and increased demand for drilling rigs. Operating earnings in the second quarter were adversely affected by a loss of approximately $400,000 on a turnkey job and severance pay of roughly $110,000 related to the acquisition of Pioneer Drilling. Co.

After its purchase of Pioneer Drilling Co. in August 2000, the Company now operates 12 contract drilling rigs for the central and south Texas oil and gas industry. South Texas Drilling & Exploration Inc.'s common stock trades over-the-counter under the symbol "STXD.OB".


 SOUTH TEXAS DRILLING & EXPLORATION INC.

 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per share data)
 (unaudited)

 Three Months Ended Six Months Ended
 ------------------ -----------------
 September 30, September 30,
 ------------------ -----------------
 2000 1999 2000 1999
 ---- ---- ---- ----
Total operating revenues $12,215 3,304 21,083 6,416
Operating earnings (loss)
 before interest, tax
 depreciation and
 amortization (EBITDA) $1,334 389 2,531 817
Net earnings (loss) before
 preferred dividends $383 (34) 1,032 (13)
Net earnings (loss) after
 preferred dividends $307 (110) 880 (165)
Earnings (loss) per common
 share - Basic $0.03 (0.02) 0.09 (0.03)
Earnings (loss) per common
 share - Diluted $0.03 (0.02) 0.08 (0.03)

Weighted average common
 shares - Basic 11,112 6,101 10,229 6,101
Weighted average common
 shares - Diluted 14,148 6,101 13,176 6,101




 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands, except per share data)
 (unaudited)

 September 30, March 31,
 2000 2000
 ---- ----
Current assets $14,787 5,366
Property and equipment, net $31,503 10,304
Total assets $46,289 15,670

Current liabilities $13,911 8,620
Long term debt $10,525 267
Total shareholders' equity $16,407 6,783
Total liabilities and
 shareholders' equity $46,289 15,670
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Publication:Business Wire
Date:Nov 22, 2000
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