Helmerich & Payne Reports Oklahoma District Court Ruling

TULSA, Okla., Jan. 12 /PRNewswire-FirstCall/ -- On January 8, 2009, a judgment
was entered by the District Court of Tulsa County, Oklahoma in the matter
captioned H.B. Krug, et al v. Helmerich & Payne, Inc. This judgment, totaling
$126.368 million included $6.845 million of actual damages and an additional
$119.523 million of profits Helmerich & Payne, Inc. (NYSE: HP) ("H&P")
allegedly earned on the $6.845 million.

Although H&P is identified in the caption of this litigation, H&P does not
believe that it will incur any damages with respect to such litigation since
H&P is indemnified for these damages by Cimarex Energy Co. ("Cimarex"). The
Krug litigation relates to the exploration and production ("E&P") business
that was separated from H&P pursuant to a spin-off transaction consummated in
2002. In connection with the spin-off, H&P and Cimarex entered into a
Distribution Agreement pursuant to which Cimarex (i) assumed all of the assets
and liabilities relating to the E&P business and (ii) indemnified H&P for
E&P-related liabilities, including the Krug litigation. Since that time, and
in accordance with the Distribution Agreement, Cimarex has assumed and
conducted the defense of the Krug litigation.

Cimarex will appeal the Tulsa County District Court's judgment.

Statements in this release that are "forward-looking statements" within the
meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934
are based on current expectations and assumptions that are subject to risks
and uncertainties. For information regarding risks and uncertainties
associated with the Company's business, please refer to the "Risk Factors" and
"Management's Discussion & Analysis of Financial Condition and Results of
Operations" sections of the Company's SEC filings, including but not limited
to, its annual report on Form 10-K and quarterly reports on Form 10-Q. As a
result of these factors, H&P's actual results may differ materially from those
indicated or implied by such forward-looking statements.

SOURCE Helmerich & Payne, Inc.

Steven R. Mackey, Executive Vice President, Secretary and General Counsel of
Helmerich & Payne, Inc., +1-918-742-5531