Union Drilling Prices $3.7M Share Offering

Union Drilling, Inc. (Nasdaq: UDRL - News; the "Company") today announced that it has priced a public offering of 3.0 million newly issued shares of its common stock at a public offering price of $8.25 per share. Jefferies & Company, Inc. is the sole underwriter for this offering. The Company has granted the underwriter a 30-day option to purchase up to 450,000 additional shares to cover over-allotments, if any. The offering is expected to close on June 10, 2009, subject to customary closing conditions. The Company intends to use the proceeds it receives from the offering (net of underwriting discounts and expenses) to repay indebtedness outstanding under the Company's revolving credit facility.