Managed Pressure Drilling now at the pinnacle of the 'Oil Well Drilling' evolution tree, has itself been coined in 2003. It is an umbrella term for a few new drilling techniques and some preexisting drilling techniques, all of them aiming to solve several drilling problems, including non-productive time and/or drilling flat time issues. These techniques, now sub-classifications of Managed Pressure Drilling, are referred to as 'Variations' and 'Methods' of Managed Pressure Drilling. Although using Managed Pressure Drilling for drilling wells has several benefits, not all wells that seem a potential candidate for Managed Pressure Drilling, need Managed Pressure Drilling. The drilling industry has numerous simulators and software models to perform drilling hydraulics calculations and simulations. Most of them are designed for conventional well hydraulics, while some can perform Underbalanced Drilling calculations, and a select few can perform Managed Pressure Drilling calculations. Most of the few available Managed Pressure Drilling models are modified Underbalanced Drilling versions that fit Managed Pressure Drilling needs. However, none of them focus on Managed Pressure Drilling and its candidate selection alone. An 'Managed Pressure Drilling Candidate Selection Model and software' that can act as a preliminary screen to determine the utility of Managed Pressure Drilling for potential candidate wells are developed as a part of this research dissertation. The model and a flow diagram identify the key steps in candidate selection. The software performs the basic hydraulic calculations and provides useful results in the form of tables, plots and graphs that would help in making better engineering decisions. An additional Managed Pressure Drilling worldwide wells database with basic information on a few Managed Pressure Drilling projects has also been compiled that can act as a basic guide on the Managed Pressure Drilling variation and project frequencies and aid in Managed Pressure Drilling candidate selection.