Union Drilling To Tap Capital (UDRL)

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Union Drilling, Inc. (NASDAQ: UDRL) has filed to sell up to 15,726,540 shares of common stock in a secondary offering.  The company will sell up to 5,000,000 shares and the rest will come from existing shareholders.

It does not appear to have set which firms will handle the underwriting as of yet.

The company provide contract land drilling services and equipment, primarily to natural gas producers in the United States. In addition to its drilling rigs, it provides the drilling crews and most of the ancillary equipment needed to operate drilling rigs.

Shares closed up 1.3% at $19.80 today and shares were up 0.2% on extremely thin volume in after-hours trading. Its 52-week trading range was $10.67 to $22.09.

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Jon C. Ogg
May 19, 2008