<PAGE>   1

                                                                    EXHIBIT 10.1


                              UNION DRILLING, INC.

                   AMENDED AND RESTATED 2000 STOCK OPTION PLAN






                     Originally Adopted as of March 16, 2000
                   Amended and Restated as of December 1, 2000















                              Union Drilling, Inc.
                        South Pittsburgh Technology Park
                              3117 Washington Pike
                         Bridgeville, Pennsylvania 15017
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                              UNION DRILLING, INC.

                   AMENDED AND RESTATED 2000 STOCK OPTION PLAN

                                Table of Contents

<TABLE>
<CAPTION>
Section                                                                  Page
<S>                                                                      <C>
 1.   Purpose                                                             1

 2.   Definitions                                                         1

 3.   Shares Subject to the Plan                                          3

 4.   Grant of Stock Options                                              3

 5.   Certificates for Stock                                              6

 6.   Beneficiary                                                         7

 7.   Administration of the Plan                                          7

 8.   Amendment or Discontinuance                                         8

 9.   Adjustment in Event of Change in Common Stock                       8

10.   Miscellaneous                                                       8

11.   Effective Date and Stockholder Approval                            10
</TABLE>
<PAGE>   3
                              UNION DRILLING, INC.
                   AMENDED AND RESTATED 2000 STOCK OPTION PLAN

1.       Purpose

         The purpose of the Union Drilling, Inc. Amended and Restated 2000 Stock
Option Plan is to attract and retain persons of ability as directors, officers
and employees of Union Drilling, Inc. and its subsidiaries and affiliates, and
encourage such directors, officers and employees to continue to exert their best
efforts on behalf of the Company and its subsidiaries and affiliates.

2.       Definitions

         When used herein, the following terms shall have the following
meanings:

         "Beneficiary" means the beneficiary or beneficiaries designated
pursuant to Section 6 who shall be entitled to exercise any Options held by the
Optionee at the time of his or her death.

         "Board" means the Board of Directors of the Company.

         "Code" means the Internal Revenue Code of 1986, as now in effect or as
hereafter amended. All citations to sections of the Code are to such sections as
they may from time to time be amended or renumbered.

         "Committee" means any committee (including, without limitation, any
Compensation Committee of the Board) that may be appointed by the Board to grant
Options hereunder and/or to administer the Plan pursuant to Section 7 hereof.

         "Company" means Union Drilling, Inc. and its successors and assigns.

         "Director" means any present or former member of the Board.

         "Employee" means an employee of any Participating Company (including a
Director or Officer, to the extent he or she is deemed an employee under common
law) who, in the judgment of the Board or the Committee, is responsible for or
contributes to the growth or profitability of the business of any Participating
Company.

         "Exchange" means the principal exchange on which the Stock is listed
or, if the Stock is not listed on an exchange, the Nasdaq Stock Market of the
National Association of Securities Dealers.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Fair Market Value" means, as of any date in issue, the closing sales
price on the Exchange of one share of Stock on such date or, if no sales of
Stock have taken place on such date, the closing sales price of one share of
Stock on the most recent date on which sales prices


<PAGE>   4
were reported on the Exchange. In the event that the Company's shares are not
publicly traded on the Exchange, the Board shall determine the fair market value
for all purposes.

         "Immediate Family Members" means children, grandchildren, spouse or
common law spouse, siblings or parents of the Optionee, or bona fide trusts,
partnerships or other entities controlled by and of which the beneficiaries are
Immediate Family Members of the Optionee.

         "Officer" means any person holding an office of the Company or of its
Board of Directors under the By-laws of the Company, whether or not a salaried
employee of any Participating Company.

         "Option" means an option to purchase Stock subject to the applicable
provisions of Section 4 and granted in accordance with the terms of the Plan and
which, in the case of an Option granted to an Employee, may be an incentive
stock option qualified under Section 422 of the Code or a nonqualified stock
option and which, in the case of an Option granted to an Optionee that is not an
Employee, shall be a nonqualified stock option.

         "Option Agreement" means any written agreement evidencing an Option
granted to a Director, an Officer or an Employee under the Plan.

         "Optionee" means a Director, Officer or Employee who has been granted
an Option under the Plan.

         "Participating Company" means the Company or any subsidiary or other
affiliate of the Company which at the time such option is granted under the plan
qualifies as a "subsidiary corporation" of the Company under the definition of
such term contained in Section 424(f) of the Code.

         "Plan" means the Union Drilling, Inc. Amended and Restated Stock 2000
Option Plan, as the same may be amended, administered or interpreted from time
to time.

         "Stock" means the common stock, $0.01 par value, of the Company.

         "Substitute Options" means Options granted in assumption of, or in
substitution for, outstanding awards previously granted by a company acquired by
the Company or any of its subsidiaries, or with which the company or any of its
subsidiaries combines.

         "Ten Percent Stockholder" means an Employee who, at the time of grant
of an Option to him or her, owns stock possessing more than 10 percent of the
total combined voting power of all classes of stock of the Company.

         "Total Disability" means the complete and permanent inability of an
Employee to perform all of his or her duties as such, as determined by the Board
or the Committee upon the basis of such evidence, including independent medical
reports and data, as the Board deems appropriate or necessary.


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<PAGE>   5
3.       Shares Subject to Plan

         (a) The aggregate number of shares of Stock which may be subject to
purchase by exercising Options granted under the Plan is 400,000 Shares, subject
to adjustment in accordance with Section 9 below. Such shares shall be made
available from either authorized and unissued shares or shares held by the
Company in its treasury. If, for any reason, any shares of Stock subject to
purchase by exercising an Option under the Plan are not delivered or are
reacquired by the Company, for reasons including, but not limited to,
termination of employment or relationship with the Company, or expiration or
cancellation with the consent of an Optionee of an Option, such shares of Stock
shall again become available under the Plan, provided, however, that for
purposes of meeting the requirements of Section 162(m) of the Code, no Employee
who is a covered employee under Section 162(m) of the Code shall receive a grant
of options in excess of the amount specified under this Section 3, computed as
if any Option which is canceled reduced the maximum number of shares of Stock
available under the Plan.

         (b) In the event that any Option granted hereunder (other than a
Substitute Option) is exercised through the delivery of shares of Stock, or in
the event that withholding tax liabilities arising from such Option are
satisfied by the withholding of shares of Stock by the Company, the number of
shares of Stock subject to purchase by exercising an Option under the Plan shall
be increased by the number of shares of Stock so surrendered or withheld.

         (c) Any shares of Stock covered by a Substitute Option shall not be
deemed to have been delivered for purposes of determining the maximum number of
shares of Stock available for delivery under the Plan.

4.       Grant of Stock Option

         (a) Subject to the provisions of the Plan, the Board or the Committee
shall (i) determine and designate from time to time those Directors, Officers
and Employees to whom Options are to be granted; (ii) determine whether such
Options shall be incentive stock options or nonqualified stock options or a
combination of incentive stock options and nonqualified stock options, (iii)
determine the number of shares of Stock subject to each Option; and (iv)
determine the time or times when and the manner in which each Option shall be
exercisable and the duration of the exercise period; provided, however, that (A)
no option which is an incentive stock option shall be granted after the
expiration of ten years from the effective date of the Plan, (B) the aggregate
Fair Market Value (determined as of the date an Option is granted) of the Stock
for which incentive stock options (including incentive stock options granted
under any other plan of the Company) granted to any Optionee under this Plan
that may first become exercisable in any calendar year shall not exceed
$100,000, and (C) the aggregate number of shares of Stock for which Options are
granted to any one participant in any one calender year shall not exceed
250,000.

         (b) The exercise period for an Option shall be no more than ten years
from the date of grant, provided, however, that, in the case of an incentive
stock option granted to a Ten Percent


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Stockholder, such period, including extensions, shall be no more than five years
from the date of grant.

         (c) The Option exercise price per share shall be determined by the
Board at the time the Option is granted and shall be at least equal to the par
value of one share of Stock if the Stock has a par value; provided, however,
that the exercise price for an Option shall be not less than the Fair Market
Value of the Stock on the date of grant, or in the case of an incentive stock
option granted to a Ten Percent Stockholder, 110 percent of the Fair Market
Value on the date of grant, all as determined by the Board.

         (d) No part of any Option may be exercised by an Optionee until such
Director, Officer or Employee shall have (i) remained in the employ of a
Participating Company for such period as the Board or the Committee may specify,
if any, after the date on which the Option is granted, or (ii) achieved such
performance or other criteria, as the Board or the Committee may specify, if
any, and the Board or Committee may further require exercisability in
installments.

         (e)     (i) If an Employee who has been granted an Option dies while an
Employee of a Participating Company or retires, his or her Options may be
exercised, to the extent that the Employee shall have been entitled to do so on
the date of his or her death or retirement, by his or her Beneficiary in the
case of his or her death, including, if applicable, his or her executors or
administrators, at any time, or from time to time, within three months after the
date of the Employee's death or retirement or within such other period, and
subject to such terms and conditions, as the Board or the Committee may specify,
but no later than the expiration date specified in Section 4(b) above.

                 (ii) If the Employee's employment by a Participating Company
terminates because of his or her Total Disability, he or she may exercise his or
her Options, to the extent that he or she shall have been entitled to do so at
the date of the termination of his or her employment, at any time, or from time
to time, within twelve months after the date of the termination of his or her
employment or within such other period, and subject to such terms and
conditions, as the Board or the Committee may specify, but not later than the
expiration date specified in Section 4(b) above.

                 (iii) If an Employee's employment by a Participating Company
voluntarily terminates or if his or her employment terminates because of
involuntary termination of employment by the Participating Company with cause
(as determined by the Board or the Committee in its sole discretion), all
outstanding Options shall be forfeited as of the date of termination or at such
later date, and subject to such terms and conditions, as the Board or the
Committee may specify, but not later than the expiration date specified in
Section 4(b) above.

                 (iv) If an Employee's employment terminates because of
involuntary termination of employment by the Participating Company without cause
(as determined by the Board or the Committee in its sole discretion) he or she
may exercise his or her Options to the extent that he or she shall have been
entitled to do so at the date of the termination of his or her employment, at
any time, or from time to time, within three months after the date of the
termination of his or her employment, or within such other period, and subject
to such terms and conditions, as the Board


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or the Committee may specify, but not later than the expiration date specified
in Section 4(b) above.

         (f) No Option granted under the Plan shall be transferable other than
by will or by the laws of descent and distribution or pursuant to a qualified
domestic relations order, and during the lifetime of the Optionee, an Option
shall be exercisable only by him or her; provided, however, that the Board or
the Committee, in its discretion, may allow for transferability of non-qualified
stock options by an Optionee to Immediate Family Members, provided that such
transfer of Options is not for value (within the meaning of the General
Instructions to Form S-8 of the Securities and Exchange Commission).

         (g) With respect to an incentive stock option, the Board or the
Committee shall specify such terms and provisions as the Board or the Committee
may determine to be necessary or desirable in order to qualify such Option as an
incentive stock option within the meaning of Section 422 of the Code.

         (h) Each Option granted under the Plan shall be evidenced by a written
Option Agreement or by a notice to the recipient of the grant of such Option, in
either case in a form approved by the Board or the Committee. Each Option
granted under the Plan shall be subject to the express terms and conditions, if
any, required under the Plan or as required by the Board or the Committee for
the form of Option granted and such other terms and conditions as the Board or
the Committee may specify. Further, each such Option Agreement or notice shall
provide that unless at the time of exercise of the Option there shall be, in the
opinion of counsel for the Company, a valid and effective registration statement
under the Securities Act and appropriate qualification and registration under
applicable state securities laws relating to the Stock being acquired pursuant
to the Option, the Optionee shall upon exercise of the Option give a
representation that he or she is acquiring such shares for his or her own
account for investment and not with a view to, or for sale in connection with,
the resale or distribution of any such shares. In the absence of such
registration statement, the Optionee shall be required to execute a written
affirmation, in a form reasonably satisfactory to the Company, of such
investment intent and to further agree that he or she will not sell or transfer
any Stock acquired pursuant to the Option until he or she requests and receives
an opinion of counsel satisfactory to the Company to the effect that such
proposed sale or transfer will not result in a violation of the Securities Act,
or a registration statement covering the sale or transfer of the shares has been
declared effective by the Securities and Exchange Commission, or he or she
obtains a no-action letter from the Securities and Exchange Commission with
respect to the proposed transfer.

         (i) Except as otherwise provided in the Plan, the purchase price of the
shares as to which an Option shall be exercised shall be paid to the Company at
the time of exercise either in cash or in Stock already owned by the Optionee,
or a combination of cash and Stock, or in such other consideration acceptable to
the Board or the Committee (including, to the extent permitted by applicable
law, the relinquishment of a portion of the Option) as the Board or the
Committee deems appropriate, having a total Fair Market Value equal to the
purchase price. For purposes of this Section 4(i), the fair market value of the
portion of an Option that is relinquished shall be the excess of


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                 (x)      the Fair Market Value at the time of exercise of the
                          number of shares of Stock subject to the portion of
                          the Option that is relinquished over

                 (y)      the aggregate exercise price specified in the Option
                          with respect to such shares.

5.       Certificates for Stock

         (a) Each Optionee, upon the exercise of an Option granted under the
Plan, shall be issued a certificate for the shares of Stock purchased through
such exercise. Such certificate shall be registered in the name designated by
the Optionee.

         (b) The Company shall not be required to issue or deliver any
certificates for shares of Stock prior to (i) the listing of such shares on any
Exchange on which the Stock may then be listed or (ii) the completion of any
registration or qualification of such shares under any federal or state law, or
any ruling or regulation of any governmental body, which the Board or the
Committee shall, in its sole discretion, determine to be necessary or advisable.

         (c) All certificates for shares of Stock delivered under the Plan shall
also be subject to such stop-transfer orders and other restrictions as the Board
or the Committee may deem advisable under the rules, regulations, and other
requirements of the Securities and Exchange Commission, any stock exchange upon
which the Stock is then listed and any applicable federal or state securities
laws, and the Board or the Committee may cause a legend or legends to be placed
on any such certificates to make appropriate reference to such restrictions. The
foregoing provisions of this Section 5(c) shall not be effective if and to the
extent that the shares of Stock delivered under the Plan are covered by an
effective and current registration statement under the Securities Act, or if,
and so long as, the Board or the Committee determines that application of such
provisions is no longer required or desirable. In making such determination, the
Board or the Committee may rely upon an opinion of counsel for the Company.

         (d) Each Optionee who receives shares of Stock upon exercise of an
Option shall have all of the rights of a stockholder, including the right to
vote the shares and receive dividends and other distributions, from the date of
issuance to him or her of a certificate or certificates for such shares. No
Optionee granted an Option shall have any right as a stockholder with respect to
any shares subject to such Option prior to the date of issuance to him or her of
a certificate or certificates for such shares.

         (e) Each Optionee who receives Stock upon exercise of an Option that is
an incentive stock option shall give the Company prompt notice of any sale of
such Stock prior to the expiration of any applicable holding period for
incentive stock options prescribed by the Code, which holding period is
currently until the later of (i) two years after the grant of such Option or
(ii) one year after the date of such exercise.


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<PAGE>   9
6.       Beneficiary

         (a) Each Optionee shall file with the Company a written designation of
one or more persons as the Beneficiary who shall be entitled to exercise any
Options held by the Optionee at the time of his or her death. An Optionee may
from time to time revoke or change his or her Beneficiary designation without
the consent of any prior Beneficiary by filing a new designation with the
Company. The last such designation received by the Company shall be controlling;
provided, however, that no designation, or change or revocation thereof, shall
be effective unless received by the Company prior to the Optionee's death, and
in no event shall it be effective as of a date prior to such receipt.

         (b) If no such Beneficiary designation is in effect at the time of an
Optionee's death, or if no designated Beneficiary survives the Optionee, or if
such designation conflicts with law, the Optionee's estate shall be entitled to
exercise any Options held by the Optionee at the time of the Optionee's death.
If the Company is in doubt as to the right of any person to exercise such
Options, the Company may suspend the right to exercise such Option, without
liability, until the Company determines the rights thereto, or the Company may
transfer such Option into any court of appropriate jurisdiction and such
transfer shall be a complete discharge of the liability of the Company therefor.

7.       Administration of the Plan

         (a) The Plan shall be administered by the Board or by any committee
(including, without limitation, any Compensation Committee of the Board) as may
be appointed by the Board for the purpose of granting Options hereunder and/or
otherwise administering the Plan.

         (b) All decisions, determinations or actions of the Board or the
Committee made or taken pursuant to grants of authority under the Plan shall be
made or taken in the sole discretion of the Board or the Committee and shall be
final, conclusive and binding on all persons for all purposes.

         (c) The Board or the Committee shall have full power, discretion and
authority to interpret, construe and administer the Plan and any part thereof,
and its interpretations and constructions thereof, and actions taken thereunder
shall be, except as otherwise determined by the Board, final, conclusive and
binding on all persons for all purposes.

         (d) The Board's or the Committee's decisions and determinations under
the Plan need not be uniform and may be made selectively among Directors,
Officers and Employees, whether or not such Directors, Officers and Employees
are similarly situated.

         (e) The act of a majority of the members of the Board or the Committee
(as the case may be) present at a meeting of the Board or the Committee (as the
case may be) duly called and held shall be the act of the Board or the Committee
(as the case may be). Any decision or determination reduced to writing and
signed by all members of the Board or the Committee shall be as fully effective
as if made by unanimous vote at a meeting duly called and held.


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<PAGE>   10
8.       Amendment or Discontinuance

         The Board may, at any time and for any reason, amend or terminate the
Plan. No amendment or termination shall retroactively impair the rights of any
person with respect to an Option.

9.       Adjustment in Event of Change in Common Stock

         (a) Subject to Section 9(b), if the outstanding shares of Stock of the
Company are increased, decreased, or exchanged for a different number or kind of
shares or other securities, or if additional shares or new or different shares
or other securities are distributed with respect to such shares of Stock or
other securities, through merger, consolidation, sale of all or substantially
all of the property of the Company, reorganization, recapitalization,
reclassification, stock dividend, stock split, reverse stock split or other
distribution with respect to such shares of Stock or other securities, an
appropriate and proportionate adjustment shall be made in (i) the maximum number
and kind of shares provided in Section 3 and in clause C of Section 4(a), (ii)
the number and kind of shares or other securities subject to the outstanding
Options, and (iii) the price for each share or other unit of any other
securities subject to outstanding Options without change in the aggregate
purchase price or value as to which such Options remain exercisable or subject
to restrictions. Any adjustment under this Section 9(a) will be made by the
Board or the Committee, whose determination as to what adjustments will be made
and the extent thereof will be final, binding and conclusive. No fractional
interests will be issued under the Plan resulting from any such adjustment.

         (b) Notwithstanding anything else herein to the contrary, the Board or
the Committee, in its sole discretion at the time of grant of an Option or
otherwise may, in an Option Agreement, in a notice of the grant of an Option or
otherwise, provide that, with an Optionee's consent, upon the occurrence of
certain events, including a change in control of the Company (as determined by
the Board), any outstanding Options not theretofore exercisable shall
immediately become exercisable in their entirety and that any such Option may be
purchased by the Company for cash at a price to be determined by the Board.


10.      Miscellaneous

         (a) Nothing in this Plan or any Option Agreement entered into or notice
of grant given pursuant hereto shall confer upon any employee any right to
continue in the employ of any Participating Company or interfere in any way with
the right of any Participating Company to terminate his or her employment at any
time.

         (b) No Option granted under the Plan shall be deemed salary or
compensation for the purpose of computing benefits under any employee benefit
plan or other arrangement of any Participating Company for the benefit of its
employees unless the Company shall determine otherwise.


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<PAGE>   11
         (c) No person shall have any claim to an Option until it is actually
granted under the Plan. To the extent that any person acquires a right to
receive payments from the Company under this Plan, such right shall be no
greater than the right of an unsecured general creditor of the Company.

         (d) Absence on leave approved by a duly constituted officer of a
Participating Company shall not be considered interruption or termination of
employment for any purposes of the Plan; provided, however, that no Option that
is an incentive stock option may be granted to an employee while he or she is
absent on leave.

         (e) If the Board or the Committee shall find that any person to whom
any Option, or portion thereof, is granted under the Plan is unable to care for
his or her affairs because of illness or accident, or is a minor, then any
payment due him or her (unless a prior claim therefor has been made by a duly
appointed legal representative) may, if the Board or the Committee so directs
the Company, be paid to his or her spouse, a child, a relative, an institution
maintaining or having custody of such person deemed by the Board or the
Committee to be a proper recipient on behalf of such person otherwise entitled
to payment. Any such payment shall be a complete discharge of the liability of
the Company therefor.

         (f) The right of any Optionee or other person to any Option or Stock
under the Plan may not be assigned, transferred, pledged or encumbered, except
as provided herein or as may otherwise be required by law. If, by reason of any
attempted assignment, transfer, pledge, or encumbrance or any bankruptcy or
other event happening at any time, any amount payable under the Plan would be
made subject to the debts or liabilities of the Optionee or his or her
Beneficiary or would otherwise devolve upon anyone else and not be enjoyed by
the Optionee or his or her Beneficiary, then the Board or the Committee may
terminate such person's interest in any such payment and direct that the same be
held and applied to or for the benefit of the Optionee, his or her Beneficiary
or any other persons deemed to be the natural objects of his or her bounty,
taking into account the expressed wishes of the Optionee (or, in the event of
his or her death, those of his or her Beneficiary) in such manner as the Board
or the Committee may deem proper.

         (g) Copies of the Plan and all amendments, administrative rules and
procedures and interpretations shall be made available to all Optionees at all
reasonable times at the Company's headquarters.

         (h) The Board or the Committee may cause to be made, as a condition
precedent to the grant of any Option, or otherwise, appropriate arrangements
with the Optionee or his or her Beneficiary, for the withholding of any federal,
state, local or foreign taxes.

         (i) The Plan and the grant of Options shall be subject to all
applicable federal and state laws, rules, and regulations and to such approvals
by any government or regulatory agency as may be required.

         (j) All elections, designations, requests, notices, instructions and
other communications from an Optionee, Beneficiary or other person to the Board
or the Committee,


                                        9
<PAGE>   12
required or permitted under the Plan, shall be in such form as is prescribed
from time to time by the Board or the Committee and shall be mailed by first
class mail or delivered to such location as shall be specified by the Board or
the Committee in an Option Agreement, a notice of grant or otherwise.

         (k) The terms of the Plan shall be binding upon the Company and its
successors and assigns.

         (l) Captions preceding the sections hereof are inserted solely as a
matter of convenience and in no way define or limit the scope or intent of any
provision hereof.


11.      Effective Date and Stockholder Approval

         The original effective date of the Plan was March 16, 2000, subject to
approval by the Company's stockholders, which approval was obtained on March 16,
2000. The effective date of the amendment and restatement of the Plan shall be
December 1, 2000, subject to approval by the Company's stockholders.
Notwithstanding anything in the Plan to the contrary, Options may be granted as
provided herein on the effective date of the amendment and restatement of the
Plan or at any time thereafter subject to such subsequent stockholder approval.
If the amendment and restatement of the Plan is not approved by the Company's
stockholders within the time required by the Code, the amendment and restatement
of the Plan and all Options granted hereunder that could not have been granted
pursuant to the terms and conditions of the Plan as originally adopted shall
thereupon become null and void; provided, that, irrespective of any failure to
obtain requisite stockholder approval of the amendment and restatement of the
Plan within the time prescribed by the Code, any and all Options granted prior
to the date hereof or after the date hereof, in either case, in accordance with
the terms and conditions of the Plan as originally adopted and approved by the
stockholders, shall be or remain (as the case may be) duly and validly issued.


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