Drilling for Oil On Wall Street Might be a Safer Bet --- Despite Crash, DI Industries Plans Offering of Shares Amid Rash of Buy-Backs
HOUSTON -- Max Dillard has moxie.</br></br>While dozens of other companies, including much larger ones, are buying back shares following last week's stock market crash, Mr. Dillard's DI Industries Inc. plans to sell shares.</br></br>The intrepid Houston-based contract drilling company proposes to offer between 300,000 and 950,000 units of common shares and warrants. Underwriters haven't been named.</br></br>Reluctant at first to talk about the plan, Mr. Dillard, president and chief executive officer of the company, said he feels the company has "growth opportunities in commercial excavation, utilizing oil-field equipment and techniques."</br></br>Formerly Drillers Inc., the company recently restructured about $44.1 million of debt and expanded its operations to include commercial contracts, and so is short on cash.