320186--2/28/2008--GREY_WOLF

related topics

{operation, natural, condition}

{debt, indebtedness, cash}

{stock, price, share}

{condition, economic, financial}

{provision, law, control}

{gas, price, oil}

An economic downturn may adversely affect our business. Our drilling operations involve operating hazards which if not adequately insured or indemnified against could adversely affect our results of operations and financial condition. We may incur losses in future years resulting from downturns in the land drilling industry Our credit agreement may prohibit us from participation in certain transactions that we may consider advantageous. Our existing senior indebtedness is, and any senior indebtedness we incur will be, effectively subordinated to any present or future obligations to secured creditors and liabilities of our subsidiaries. Large amounts of our common stock may be resold into the market in the future which could cause the market price of our common stock to drop significantly, even if our business is doing well.

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320186--2/28/2008--GREY_WOLF_INC