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TMBR/SHARP DRILLING, INC. ANNOUNCES STOCK OPTION CANCELLATION AGREEMENT

 MIDLAND, Texas, Jan. 6 /PRNewswire/ -- TMBR/Sharp Drilling, Inc. (NASDAQ: TBDI) announced today that it entered into a Stock Option Cancellation Agreement with its former institutional lender on Dec. 31, 1993. Pursuant to an Asset Purchase Agreement, dated June 22, 1992, between the Company and its former lender, the Company sold and transferred most of its drilling rigs to the former lender in cancellation of all of the Company's indebtedness to the lender.
 Under the Asset Purchase Agreement, the former lender also granted to the Company the option to purchase 1,595,098 shares of the Company's common stock held by the lender at a price of $0.25 per share. Pursuant to the Stock Option Cancellation Agreement, the lender agreed to surrender and deliver to the Company 1,195,058 shares of the Company's common stock in exchange for the Company's cancellation of its option to purchase all 1,595,098 shares. The remaining 400,000 shares were retained by the lender for its own account. After giving effect to the transaction, the Company has outstanding 2,896,786 shares of common stock.
 TMBR/Sharp Drilling, Inc. is engaged in the domestic onshore contract drilling of oil and gas wells. The Company's common stock is traded in the NASDAQ system under the symbol "TBDI."
 -0- 1/6/94
 /CONTACT: Thomas C. Brown, chairman of TMBR/Sharp Drilling, Inc., 915-699-5050; or Larry Howell of Howell Communications, Inc., 214-340-9994/
 (TBDI)


CO: TMBR/Sharp Drilling, Inc. ST: Texas IN: OIL SU:

JG -- NY061 -- 9756 01/06/94 12:08 EST
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Publication:PR Newswire
Date:Jan 6, 1994
Words:258
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