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| ANNUAL REPORT |
| BOARD OF DIRECTORS | OFFICERS OF THE CORPORATION |
| Doug
Rock Chairman of the Board and Chief Executive Officer of the Company |
Doug
Rock Chairman of the Board and Chief Executive Officer |
| Benjamin
F. Bailar Dean, and H. Joe Nelson III Professor of Administration, Jesse H. Jones Graduate School of Administration, Rice University |
Loren
K. Carroll Executive Vice President and Chief Financial Officer |
| G.
Clyde Buck Managing Director, Houston Corporate Office of Rauscher Pierce Refsnes, Inc. |
Neal
S. Sutton Senior Vice President - Administration, General Counsel and Secretary |
| Loren
K. Carroll Executive Vice President and Chief Financial Officer of the Company |
John
J. Kennedy Vice President, Chief Accounting Officer and Treasurer |
| James
R. Gibbs President and Chief Executive Officer of Wainoco Oil Corporation |
OPERATING OFFICERS |
| Jerry
W. Neely Former Chairman of the Board and Chief Executive Officer of Smith International, Inc. |
Roger A.
Brown President, Smith Diamond Technology |
| H.
Moak Rollins Consultant |
Loren K.
Carroll President and Chief Executive Officer of M-I Drilling Fluids L.L.C. |
| D. Barry Heppenstall President, Smith Tool |
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| Richard A. Werner President, Smith Drilling & Completions |