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                                                                    EXHIBIT 99.1

                 NEWPARK RESOURCES ISSUES $30 MILLION PREFERRED

Metairie, LA, January 3, 2001...Newpark Resources, Inc. (NYSE: NR) today
announced that it has completed the private placement of an additional $30
million of a newly designated class of Preferred Stock to position the Company
for potential growth opportunities in 2001. The securities were purchased by
Fletcher International, Ltd., an affiliate of Fletcher Asset Management, Inc.

The preferred shares bear a 4.5% dividend payable, at the Company's option, in
cash or common stock. The shares are convertible into common stock at market
prices at any time, subject to a maximum conversion price of $11.21, a 30%
premium to the closing market price of the stock on December 26, 2000.

James D. Cole, Newpark's Chairman and CEO stated: "The recent trend in the price
of natural gas has provided billions of dollars of additional cash flow to the
exploration and production industry which will create many new opportunities for
the service industry in general, and Newpark in particular. Since its first
investment in May 2000, we have found Fletcher to be very supportive of
Newpark's management and business plan. This transaction will allow Newpark to
take advantage of accretive growth and expansion opportunities within its
current business lines that may arise during 2001."

The company indicated that the proceeds of the transaction would not be dilutive
to earnings, and will initially be used to pay down bank borrowings, the effect
of which will be to reduce the company's debt to approximately 40% of total
capital. "Reduction of debt to 30% of long term capital remains a corporate
objective to be attained through operations," Cole concluded.

Newpark Resources, Inc. provides integrated fluids management, environmental and
oilfield services to the exploration and production industry. Fletcher
International, Ltd. is an affiliate of Fletcher Asset Management, Inc., a New
York investment firm with over $600 million of Private Funds under management.
These Funds make direct investments in a wide range of established and growing
public companies in a variety of industries.

For further information contact:

         Company                                 New York

Matthew W. Hardey                                Ron Hengen
Vice President of Finance                        R. F. Hengen, Inc.
Newpark Resources, Inc.                          253 Southgate Road
3850 N. Causeway, Suite 1770                     Murray Hill, New Jersey  07974
Metairie, Louisiana 70002                        (908) 508-9000
(504) 838-8222

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         Fletcher

Jonathan B. Schindel
Executive Vice President
Fletcher Asset Management, Inc.
22 East 67th Street
New York, NY 10021
(212) 284-4800

The foregoing discussion contains 'forward-looking statements' within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Act of 1934, as amended. There are risks and uncertainties
that could cause future events and results to differ materially from those
anticipated by management in the forward-looking statements included in this
press release. For further information regarding these and other factors, risks
and uncertainties affecting the Company, reference is made to the risk factors
set forth in the Prospectus dated August 30, 2000, included in the Company's
Registration Statement on Form S-3 (File No. 333-39978), and to the section
entitled "Forward Looking Statements" on page 17 of that Prospectus. In
particular, as described on page 8 of that Prospectus, any material decline in
the level of oil and gas exploration and production activity could result in
fewer opportunities being available for the service industry in general and
Newpark in particular, and may adversely affect the demand for our services. You
are strongly urged to review these sections for a more detailed discussion of
these risks and uncertainties. Newpark's SEC filings can be obtained at no
charge at www.sec.gov, as well as through our Website, www.newpark.com.

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