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PARKER DRILLING MOBILIZING MORE RIGS TO ARGENTINA; COMPANY TO ENTER ARGENTINA'S DEEP DRILLING MARKET

 TULSA, Okla., Dec. 13 /PRNewswire/ -- Brisk drilling activity in Argentina has caused Parker Drilling Company (NYSE: PKD) to mobilize additional rigs to that South American country and the company announced today it is entering Argentina's deep drilling market.
 After nine months working in the shallow-to-medium depth Comodoro Rivadavia region in southern Argentina, Parker said it has been contracted to drill an 18,000-ft. well in the northern Salta province. The one well-with option contract is between Parker Drilling South America, Inc. and a consortium of oil companies, including Tecpetrol, YPF, S.A., Amoplex and Petrobras. The location is near the city of Tartagal, near the border of Bolivia. Parker will be mobilizing a deep- capacity rig for the difficult development drilling program.
 Meanwhile, Parker rigs and crews continue to be active in the more shallow basins of southern Argentina. In April, Parker purchased five rigs from YPF, the national oil company which privatized its drilling industry segment. Parker immediately put four of those rigs to work under contract to YPF and Parker subsequently purchased another shallow- depth rig which was then contracted to YPF. The rigs are providing development drilling services near Comodoro Rivadavia, in Chubut and Santa Cruz provinces.
 In November, Parker purchased four additional shallow-depth rigs in the U.S. and currently is modifying them to meet YPF specifications and Parker safety standards. They will be shipped to Argentina to work for YPF under 15-month term contracts for development drilling in Chubut and Santa Cruz, also. This brings a total number of nine Parker rigs contracted to YPF.
 "Parker's corporate strategy to first enter Argentina's shallow drilling market, then expand to deep drilling has been on target," said Robert L. Parker Jr., president and chief executive officer. "This contract to drill in the deep basins of northern Argentina will hopefully be the first of many additional jobs in this active market," he said.
 Parker is a worldwide oil and gas drilling contractor with operations in Colombia, Peru, Ecuador and 11 other nations. The company was founded in 1934.
 -0- 12/13/93
 /CONTACT: Tim Colwell, Public Relations of Parker Drilling, 918-585-8221, ext. 249/
 (PKD)


CO: Parker Drilling Company ST: Oklahoma IN: OIL SU:

WB -- NY064 -- 3168 12/13/93 12:30 EST
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Publication:PR Newswire
Date:Dec 13, 1993
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