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PARKER DRILLING TO RE-ENTER ARGENTINA MARKET; SOUTH AMERICAN CONTRACTS ANNOUNCED

 TULSA, Okla., April 28 /PRNewswire/ -- With the purchase of five Argentine drilling rigs and the receipt of three contracts for 48 wells, Parker Drilling Co. (NYSE: PKD) today announced it has re-entered the active Argentina drilling market.
 Additionally, the Tulsa-based drilling contractor announced the awarding of drilling contracts in Colombia and Peru.
 "With the ongoing privatization of Argentina's government-run oil company we saw an opportunity to re-enter this large drilling market," said Robert L. Parker Jr., president and chief executive officer. He explained that for the past several years, Argentina has drilled more wells per year than any country in South America. Parker last worked in Argentina in 1974.
 The five rigs were purchased from YPF, the Argentina national oil company. Three of the rigs will now drill 48 wells for YPF in the Comodora Rivadavi area in southern Argentina.
 A new Argentina Division office for Parker has been established in the nearby city of Chubut. Wayne Hazelwood has been named division operation manager.
 In other South American news, two contracts for Parker have been announced in Colombia and one in Peru.
 Ecopetrol, the Colombian national oil company, has contracted a Parker rig and crews to drill a multi-well program along that country's northwest coast. The program could include up to four wells.
 Another rig in Parker's Colombia fleet has drilled an appraisal well for American International Petroleum Corp. (NYSE: AN) and is currently drilling an offset well. The location is on AIPC's Puli Anticline discovery in the Magdalena River Valley, east of Bogota.
 In Peru, Occidental Petroleum Corp. of Peru selected Parker to drill three wells in Oxy's Block 1AB in the Amazon area. Work on this project began earlier this month.
 Terms of the contracts were not released.
 Parker, founded in 1934, provides contract drilling services to operators around the world.
 -0- 4/28/93
 /CONTACT: Tim Colwell, public relations, of Parker Drilling, 918-585-8221, ext. 249/
 (PKD AN)


CO: Parker Drilling Co.; American International Petroleum Corp. ST: Oklahoma IN: OIL SU: CON

TM -- SF003 -- 2054 04/28/93 12:49 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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