Access Oil Tools Purchases International Tool Co. Ltd. Assets
October 24, 2001

Access Oil Tools announced today that it has acquired the assets of International Tool Co. Ltd. of Houston, Texas. Access Oil Tools is a manufacturer and leading supplier of pipe handling equipment to the oil and gas drilling industry.

The purchase reflects Access Oil Tools continued growth strategy to provide customers with a broad range of quality drilling products. "The acquisition strengthens our product offering and enables us to provide our customers with an expanded line of handling tools," said James R. (Jamie) Burke, Chief Executive Officer of Access Oil Tools. "Delivering quality products has always been our priority – with International Tool we now add a line of powered handling tools for the industry."

"With the merger of these two companies, drilling contractors and operators will have a powerful resource with years of drilling experience, quality products and services," said Huey Stogner, President of International Tool Co.

Access Oil Tool is a leading manufacturer and supplier of tubular handling equipment for drilling contractors, operators, and service companies worldwide. The company also provides replacement parts and repair services.

International Tool Co. is a 30 year old Houston-based manufacturer of proprietary powered tools for the handling of tubulars on the rig floor. The company is well known for its patented Rotating Mousehole tool, Kelly Spinner, and Torqueing tools.