Abstract This paper is not a technical discussion of under balanced drilling (UBD). Nor is it a filled with "tricks of the trade" advocating a better technical means of drilling wells using UBD. It is a discussion about the best method, from one drilling contractor's view, to execute a safe and productive UBD project. There is no magic formula, no exotic management technique and no revolutionary equipment design that will guarantee success. Rather this is a frank discussion, without references, about the "mindset" that an operator and drilling contractor has when approaching a UBD project. The authors have worked as an operator and a drilling contractor on a variety of successful and unsuccessful (some disastrous) UBD projects. The goal of this discussion is to help the operator and the drilling contractor better understand the strengths, weaknesses, needs, concerns and goals of each other to better deliver a successful UBD project.