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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): December 22, 2008</B>


<P style="font-size: 24pt" align="center"><B>ALLIS-CHALMERS ENERGY
INC.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>001-02199</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>39-0126090</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
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  <TD width="49%">&nbsp;</TD>
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  <TD style="border-bottom: #000000 1px solid"><B>5075 Westheimer<BR>
Suite
890<BR>
Houston, Texas<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>77056</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(713) 369-0550</B>
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  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P style="display: none; font-size: 10pt" align="center">1
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<P style="font-size: 10pt" align="left"><B>Item&nbsp;1.01.&nbsp;&nbsp; Entry
into a Material Definitive Agreement.</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">On December&nbsp;22,
2008,&nbsp; Allis-Chalmers Energy Inc., a Delaware corporation (the
&#8220;Company&#8221;), entered into a Share Purchase Agreement (the
&#8220;Agreement&#8221;), dated December&nbsp;19, 2008, with BrazAlta Resources
Corp., an Alberta corporation (&#8220;BrazAlta&#8221;), pursuant to which the
Company will purchase all of BrazAlta&#8217;s remaining interest in BCH Ltd.,
an Alberta corporation (&#8220;BCH&#8221;) for $5&nbsp;million. The closing of
the transaction is anticipated by December&nbsp;31, 2008 and will result in the
Company owning all of the outstanding capital stock of BCH. The
Company previously loaned BCH $40&nbsp;million, which is evidenced
by a Convertible Subordinated Secured Debenture convertible at
anytime into 49% of the common equity of BCH and bears
interest at a rate of 15% per annum.

<P style="font-size: 10pt; text-indent: 4%" align="left">The Agreement contains
customary representations, warranties, covenants and conditions to closing.
Among other things, the Agreement provides that, as a condition to the
parties&#8217; obligation to close, the parties must enter into a new credit
arrangement with Standard Bank Plc and the other lenders named
thereto to replace
BrazAlta&#8217;s guarantee with a guarantee by the Company of the payment and
performance of the indebtedness, liabilities and obligations of BCH of
approximately $23.5 million.

<P style="font-size: 10pt; text-indent: 4%" align="left">The foregoing summary
is not complete and is qualified in its entirety by reference to the full text
of the Agreement, which will be filed in the Company&#8217;s next periodic
report.

<P style="font-size: 10pt" align="left"><B>Item&nbsp;8.01. Other Events</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">On December&nbsp;29,
2008, the Company issued a press release announcing that the Company entered
into the Agreement. A copy of the press release is filed as Exhibit&nbsp;99.1
to this Current Report on Form 8-K and is incorporated by reference into this
Item&nbsp;8.01.

<P style="font-size: 10pt" align="left"><B>&nbsp;Item&nbsp;9.01. Financial
Statements and Exhibits</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">(d)&nbsp;Exhibits:
<DIV align="center">
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  <TD style="border-bottom: #000000 1px solid" nowrap align="left"><B>Exhibit
No.</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap
align="center"><B>Description</B></TD>
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<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release, dated December&nbsp;29,
2008.</TD>
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<P style="display: none; font-size: 10pt" align="center">2
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<P style="font-size: 10pt" align="center">SIGNATURES

<P style="font-size: 10pt; text-indent: 4%" align="left">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
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<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD colspan="2" valign="top" align="left">ALLIS-CHALMERS ENERGY INC.</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><BR>Date: December&nbsp;29, 2008
</DIV>
</TD>
  <TD>By:&nbsp;</TD>
  <TD valign="top" align="left"><BR> /s/ Theodore F. Pound III</TD>
 </TR>
 <TR style="font-size: 1px">
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<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
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align="left">&nbsp;</TD>
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  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Name: Theodore F. Pound III <BR>Title: General
Counsel and Secretary</TD>
 </TR>
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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
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<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

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  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap align="left"><B>Exhibit
No.</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap
align="center"><B>Description</B></TD>
 </TR>
<!-- End Table Head -->
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  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release, dated December&nbsp;29,
2008.</TD>
 </TR>
<!-- End Table Body -->

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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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{"company-data": {"conformed-name": "Allis Chalmers Energy Inc.", "cik": "0000003982", "assigned-sic": "1389", "irs-number": "390126090", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-02199", "film-number": "081273462"}, "business-address": {"street1": "5075 WESTHEIMER", "street2": "SUITE 890", "city": "HOUSTON", "state": "TX", "zip": "77056", "phone": "713-369-0550"}, "mail-address": {"street1": "5075 WESTHEIMER", "street2": "SUITE 890", "city": "HOUSTON", "state": "TX", "zip": "77056"}, "former-company": [{"former-conformed-name": "ALLIS CHALMERS CORP", "date-changed": "19920703"}, {"former-conformed-name": "ALLIS CHALMERS MANUFACTURING CO", "date-changed": "19710614"}]}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): December 22, 2008
ALLIS-CHALMERS ENERGY
INC.
(Exact name of registrant as
specified in its charter)
Delaware
001-02199
39-0126090
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
5075 Westheimer
Suite
890
Houston, Texas
77056
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(713) 369-0550
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.   Entry
into a Material Definitive Agreement.
On December 22,
2008,  Allis-Chalmers Energy Inc., a Delaware corporation (the
"Company"), entered into a Share Purchase Agreement (the
"Agreement"), dated December 19, 2008, with BrazAlta Resources
Corp., an Alberta corporation ("BrazAlta"), pursuant to which the
Company will purchase all of BrazAlta's remaining interest in BCH Ltd.,
an Alberta corporation ("BCH") for $5 million. The closing of
the transaction is anticipated by December 31, 2008 and will result in the
Company owning all of the outstanding capital stock of BCH. The
Company previously loaned BCH $40 million, which is evidenced
by a Convertible Subordinated Secured Debenture convertible at
anytime into 49% of the common equity of BCH and bears
interest at a rate of 15% per annum.
The Agreement contains
customary representations, warranties, covenants and conditions to closing.
Among other things, the Agreement provides that, as a condition to the
parties' obligation to close, the parties must enter into a new credit
arrangement with Standard Bank Plc and the other lenders named
thereto to replace
BrazAlta's guarantee with a guarantee by the Company of the payment and
performance of the indebtedness, liabilities and obligations of BCH of
approximately $23.5 million.
The foregoing summary
is not complete and is qualified in its entirety by reference to the full text
of the Agreement, which will be filed in the Company's next periodic
report.
Item 8.01. Other Events
On December 29,
2008, the Company issued a press release announcing that the Company entered
into the Agreement. A copy of the press release is filed as Exhibit 99.1
to this Current Report on Form 8-K and is incorporated by reference into this
Item 8.01.
Item 9.01. Financial
Statements and Exhibits
(d) Exhibits:
Exhibit
No.
Description
99.1
Press Release, dated December 29,
2008.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
ALLIS-CHALMERS ENERGY INC.
Date: December 29, 2008
By:
/s/ Theodore F. Pound III
Name: Theodore F. Pound III
Title: General
Counsel and Secretary
EXHIBIT INDEX
Exhibit
No.
Description
99.1
Press Release, dated December 29,
2008.