Exhibit 99
(ALLIS-CHALMERS ENERGY INC. LOGO)ALLIS-CHALMERS ENERGY INC.
         
PRESS RELEASE
       
 
  Contact:   Victor M. Perez, CFO
 
      Allis-Chalmers Energy
 
      713-369-0550
FOR IMMEDIATE RELEASE
       
 
      Lisa Elliott, Sr. VP
 
      DRG&E/ 713-529-6600
ALLIS-CHALMERS ENERGY REPORTS RECORD
FOURTH QUARTER AND FISCAL YEAR 2005 RESULTS
4th quarter income from operations increased 460% to $4.5 million
4th quarter net income increased $3.1 million to $2.5 million
HOUSTON, TEXAS, March 7, 2005 — Allis-Chalmers Energy Inc. (AMEX: ALY) today announced record results for the fourth quarter and fiscal year ended December 31, 2005.
     Revenue for the fourth quarter 2005 rose 127.4% to $33.5 million compared to $14.7 million for the fourth quarter of 2004. The triple digit percentage gain in revenue was the result of the added contribution of new operating locations and investments made in revenue producing assets, the successful integration of acquisitions completed in the past twelve months, the impact of the Company’s integrated marketing efforts and the overall strength in the oil and gas industry.
     Income from operations grew 459.6%, exceeding the percentage growth in revenues, to $4.5 million for fourth quarter 2005 from approximately $810,000 in last year’s fourth quarter. EBITDA increased 224.5% to $6.5 million for the 2005 fourth quarter from $2.0 million in the fourth quarter of 2004. EBITDA is a non-GAAP item, and additional information and discussion regarding EBITDA is provided later in this release.
     Net income for the fourth quarter of 2005 attributed to common shares increased to $2.5 million, or $0.14 per share (on a fully-diluted basis), compared to a net loss attributed to common shares of approximately $512,000 or a $0.04 loss per share (on a fully-diluted basis), in the same quarter of 2004. Weighted average shares of common stock outstanding on a fully-diluted basis increased 36% to 17.9 million shares for the fourth quarter of 2005 from 13.2 million shares for same period last year.
     Micki Hidayatallah, the Company’s Chairman and Chief Executive Officer stated, “In 2005 we successfully grew our business by executing our strategy of completing acquisitions at attractive multiples, integrating operations, increasing offerings of products and services and most importantly, growing our asset capacity utilization. We plan to continue to implement this growth strategy in 2006. In January 2006, we completed the acquisition of Specialty Rental Tools, Inc. and refinanced our senior debt with eight-year 9% Senior Notes. The acquisition of Specialty resulted in an increase in our rental fleet inventory of assets with an appraised fair market value in excess of $100 million, which creates a very exciting platform for increased operating profits this year.

 


The following information was filed by Allis Chalmers Energy Inc. (ALY) on Tuesday, March 7, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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