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                                                                    EXHIBIT 99.1

EVI TO ACQUIRE TA INDUSTRIES FOR $64 MILLION

February 24, 1997, Houston, Texas - Energy Ventures, Inc. (NYSE-EVI) today
announced the signing of a definitive agreement to purchase the stock of TA
Industries, Inc. for total consideration of approximately $64 million in cash
and assumed debt.

TA Industries had total revenues for the year ended December 31, 1996 of
approximately $80 million.  TA Industries designs, manufactures and markets
worldwide a complete line of tubular couplings and accessories such as pup
joints, crossovers, flow couplings, blast joints and engineered downhole
equipment.  The product lines are marketed under the brand names Texas Arai and
Tube-Alloy and are believed to be the industry's market leader in their
segments.

TA Industries product lines are an integral component of oilfield tubing,
casing and liner strings when a well is first completed and throughout the
producing life of the well.  They are particularly critical in wells requiring
tubulars with premium specifications.  These products for use in premium
tubular applications are typically custom designed with proprietary technology
and very high manufacturing tolerances.  The term premium, as a qualifier to
tubulars, refers primarily to the complex engineered connections that tie
together the various components of the tubing, casing and liner strings.  It
additionally implies a combination of chemistry grade and fabrication methods.
Premium tubulars are used in difficult downhole environment brought about by
depth, temperature, pressure, corrosion and directional angle.  Such wells are
generally found offshore and more particularly in deep waters where almost all
wells require premium tubulars.  The Company believes that wells requiring
premium tubulars are enjoying a multi year secular growth trend.

Upon completion of the transaction, Texas Arai and Tube-Alloy will become
divisions of Grant Prideco, EVI's drilling tools and premium tubulars segment.
Texas Arai and Tube-Alloy will join the Company's growing business in premium
tubulars with its Atlas Bradford (premium connection), TCA (premium casing &
liner) and Grant Prideco (premium tubing) divisions.  The combination will
create the only integrated supplier of premium tubular products and services in
the world.  This coordinated approach to tubular applications will be of
particular importance internationally, where time and logistical considerations
are an integral part of every purchase decision.  The acquisition is also
expected to provide significant manufacturing synergies with TCA, the premium
casing division acquired by EVI in August 1996.  Through these synergies, the
Company expects to realize cost savings between $1.5 and $2.5 million per year,
as well as being able to reduce current inventory levels at TA Industries by up
to $8 million.

The acquisition of TA Industries is subject to various conditions, including
the receipt of all required regulatory approvals and expiration of all waiting
periods.  The acquisition is expected to close as soon as possible after the
receipt of the necessary approvals.

EVI is an international manufacturer of engineered oilfield products.  The
Company manufactures drilling tools, premium tubulars and production equipment.


Contact:
James G. Kiley
Vice President and
Chief Financial Officer
(713) 297-8400