Exhibit 99.1
(Allis-Chalmers Energy Inc. LOGO)
         
PRESS RELEASE
  Contact:   Victor M. Perez, CFO
 
      Allis-Chalmers Energy
 
      713-369-0550
FOR IMMEDIATE RELEASE
       
Final for Approval
      Lisa Elliott, Sr. VP
 
      DRG&E/ 713-529-6600
ALLIS-CHALMERS ENERGY REPORTS RECORD 2006 RESULTS
2006 net income increased 397% to $35.6 million, or $1.66 per diluted share
2006 income from operations increased 404% to $66.7 million
4
th quarter income from operations increased 410% to $23.1 million
4
thquarter net income increased 307% to $10.4 million, or $0.40 per diluted share
HOUSTON, TEXAS, March 8, 2007- Allis-Chalmers Energy Inc. (AMEX: ALY) today announced record results for the three months and year ended December 31, 2006.
     Revenues for the fourth quarter 2006 rose 240% to $114.1 million compared to $33.5 million for the fourth quarter of 2005. The increase in revenues was due to a combination of strategic acquisitions and organic growth initiatives that complemented Allis-Chalmers’ existing businesses and allowed the company to integrate and cross sell its products and services into new markets. During 2006, Allis-Chalmers completed five significant acquisitions, which helped provide opportunities to expand its customer base, open new operating locations, invest in new equipment, improve capacity utilization, and increase product and service offerings. These acquisitions also provided access to additional skilled operators and enhanced Allis-Chalmers’ management team.
     Income from operations grew 410% to $23.1 million for fourth quarter 2006, from $4.5 million in the fourth quarter of 2005. EBITDA increased 384% to $31.4 million for the fourth quarter of 2006, from $6.5 million in the fourth quarter of 2005. 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 2006 attributed to common shares increased 307% to $10.4 million, or $0.40 per diluted share, compared to net income of $2.5 million, or $0.14 per diluted share, in the fourth quarter of 2005. Net income in the fourth quarter of 2006 includes approximately $820,000, or $0.02 per diluted share on an after-tax basis, in debt financing costs (both interest and amortization of fees) associated with the $300 million senior unsecured bridge loan agreement dated December 18, 2006, which was refinanced on January 29, 2007. The bridge loan was used to fund the acquisition of substantially all the assets of Oil & Gas Rental Services, Inc.

 


The following information was filed by Allis Chalmers Energy Inc. (ALY) on Thursday, March 8, 2007 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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