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Oil States Secures Land Lease for New Lodge Serving Oil Sands Customers
HOUSTON and EDMONTON, Alberta, March 10 , 2008 - Oil States International, Inc. (NYSE: OIS) announced today that the Company's
Canadian subsidiary, PTI Group Inc. ("PTI"), has received all necessary land lease approvals to begin the construction of its fourth major lodge in
the oil sands region of northern Alberta, Canada. The Company's Board of Directors has authorized PTI to spend approximately US$22.7 million in 2008
to initially develop the 376-room, PTI Conklin Lodge. These capital expenditures were included in the Company's already announced 2008 capital
expenditures budget of US$282 million.
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PTI Conklin Lodge, located South of Fort McMurray, Alberta, is in the heart of the oil sands developments and is expected to be fully operational
by the end of the second quarter of 2008. The Conklin Lodge will have dorm style, private and executive suite style rooms. Like its three sister
lodges in the oil sands region, Beaver River Executive Lodge, Athabasca Lodge and the Wapasu Creek Lodge, the PTI Conklin Lodge will provide PTI's
full suite of first-class accommodations and services including catering, ancillary and convenience services, internet service, conference rooms and
leisure facilities for fitness, entertainment and relaxation.
"We continue to expand our operations in the oil sands region," stated Cindy B. Taylor, Oil States' President and Chief Executive Officer. "This
lodge expands our presence in the growing southern region of the Canadian oil sands play."
Oil States International, Inc. is a diversified oilfield services company. With locations around the world, Oil States is a leading
manufacturer of products for deepwater production facilities and subsea pipelines, and a leading supplier of a broad range of services to the oil
and gas industry, including production-related rental tools, work force accommodations and logistics, oil country tubular goods distribution and
land drilling services. Oil States is organized in three business segments -- Offshore Products, Tubular Services and Well Site Services, and is
publicly traded on the New York Stock Exchange under the symbol OIS. For more information on the Company, please visit Oil States International's
website at http://www.oilstatesintl.com .
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The foregoing contains forward-looking statements within the meaning of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. Forward-looking statements are those that do not state historical
facts and are, therefore, inherently subject to risks and uncertainties.
The forward-looking statements included herein are based on current
expectations and entail various risks and uncertainties that could cause
actual results to differ materially from those forward-looking statements.
Such risks and uncertainties include, among other things, risks associated
with the general nature of the oilfield service industry and other factors
discussed within the "Business" section of the Form 10-K for the year ended
December 31, 2007 filed by Oil States with the SEC on February 22, 2008.
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SOURCE Oil States International, Inc.
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