<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934*
BAYARD DRILLING TECHNOLOGIES, INC.
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
072700 10 7
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(CUSIP Number)
*The remainder of this cover page should be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 19
The Exhibit Index is located on Page 17.
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CUSIP NO. 072700 10 7 13 G PAGE 2 OF 19 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Energy Spectrum LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
5956 Sherry Lane, Suite 600, Dallas, Texas 75225
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0 shares
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BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,100,000 shares
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EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0 shares
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PERSON 8 SHARED DISPOSITIVE POWER
WITH 1,100,000 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,100,000 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[X]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.0%
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12 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE> 3
CUSIP NO. 072700 10 7 13 G PAGE 3 OF 19 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Energy Spectrum Capital LP
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
5956 Sherry Lane, Suite 600, Dallas, Texas 75225
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0 shares
----------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,100,000 shares
----------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0 shares
----------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 1,100,000 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,100,000 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[X]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.0%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE> 4
CUSIP NO. 072700 10 7 13 G PAGE 4 OF 19 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Energy Spectrum Partners LP
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
5956 Sherry Lane, Suite 600, Dallas, Texas 75225
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0 shares
----------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,100,000 shares
----------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0 shares
----------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 1,100,000 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,100,000 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[X]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.0%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE> 5
CUSIP NO. 072700 10 7 13 G PAGE 5 OF 19 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James W. Spann
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0 shares
----------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,100,000 shares
----------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0 shares
----------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 1,100,000 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,100,000 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[X]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.0%
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE> 6
CUSIP NO. 072700 10 7 13 G PAGE 6 OF 19 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sidney L. Tassin
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0 shares
----------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,100,000 shares
----------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0 shares
----------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 1,100,000 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,100,000 shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[X]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.0%
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE> 7
STATEMENT ON SCHEDULE 13G
This statement on Schedule 13G relates to the common stock, par value
$.01 per share ("Common Stock"), of Bayard Drilling Technologies, Inc., a
Delaware corporation (the "Company"), and is filed (i) by Energy Spectrum LLC
as the indirect (as to 988,000 shares held directly by Energy Spectrum Partners
LP and as to 112,000 shares deemed to be held pursuant to immediately
exercisable common stock warrants) beneficial owner of the shares of Common
Stock reported as beneficially owned in this statement, and (ii) Energy
Spectrum Capital LP as the indirect (as to 988,000 shares held directly by
Energy Spectrum Partners LP and as to 112,000 shares deemed to be held pursuant
to immediately common stock warrants) beneficial owner of the shares of Common
Stock reported as beneficially owned in this statement, and (iii) Energy
Spectrum Partners LP as the direct (as to 988,000 shares and as to 112,000
shares deemed to be held pursuant to immediately exercisable common stock
warrants) beneficial owner of the shares of Common Stock reported as
beneficially owned in this statement, and (iv) James W. Spann ("Mr. Spann") as
the indirect (as to 988,000 shares held directly by Energy Spectrum Partners LP
and as to 112,000 shares deemed to be held pursuant to immediately exercisable
common stock warrants) beneficial owner of the shares of Common Stock reported
as beneficially owned in this statement, and (v) Sidney L. Tassin ("Mr.
Tassin") as the indirect (as to 988,000 shares held directly by Energy Spectrum
Partners LP and as to 112,000 shares deemed to be held pursuant to immediately
exercisable common stock warrants) beneficial owner of the shares of Common
Stock reported as beneficially owned in this statement.
ITEM 1. NAME OF ISSUER.
(a) The name of the issuer is Bayard Drilling Technologies, Inc.
(b) The address of the principal executive office of the
issuer is 4005 Northwest Expressway, Suite 550E,
Oklahoma City, Oklahoma 73116.
ITEM 2. NAME OF PERSON FILING.
(a) This statement on Schedule 13G is filed jointly by Energy
Spectrum LLC, Energy Spectrum Capital LP, Energy Spectrum
Partners LP, Mr. Spann and Mr. Tassin.
(b) The address of the principal business office of
Energy Spectrum LLC, Energy Spectrum Capital LP,
Energy Spectrum Partners LP, Mr. Spann and Mr.
Tassin is 5956 Sherry Lane, Suite 600, Dallas, Texas
75225.
(c) Energy Spectrum LLC is formed under the laws of
Texas. Energy Spectrum Capital LP is formed under
the laws of Texas. Energy Spectrum Partners LP is
formed under the laws of Delaware. Mr. Spann is a
United States citizen. Mr. Tassin is a United States
citizen.
Page 7 of 19
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(d) The class of securities to which this statement relates is
the Common Stock of the Company.
(e) The CUSIP number for the Common Stock is 072700 10 7.
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), OR 13d-2(b),
CHECK WHETHER THE PERSON FILING IS A:
This item is inapplicable.
ITEM 4. OWNERSHIP.
(a) (i) Amount beneficially owned by Energy Spectrum LLC as
of December 31, 1997: 1,100,000 shares
(ii) Amount beneficially owned by Energy Spectrum Capital
LP as of December 31, 1997: 1,100,000 shares
(iii) Amount beneficially owned by Energy Spectrum
Partners LP as of December 31, 1997: 1,100,000
shares
(iv) Amount beneficially owned by Mr. Spann as of
December 31, 1997: 1,100,000 shares
(v) Amount beneficially owned by Mr. Tassin as of
December 31, 1997: 1,100,000 shares
(b) (i) Percent of class beneficially owned by Energy
Spectrum LLC as of December 31, 1997: 6.0%
(ii) Percent of class beneficially owned by Energy
Spectrum Capital LP as of December 31, 1997: 6.0%
(iii) Percent of class beneficially owned by Energy
Spectrum Partners LP as of December 31, 1997: 6.0%
(iv) Percent of class beneficially owned by Mr. Spann as
of December 31, 1997: 6.0%
(v) Percent of class beneficially owned by Mr. Tassin as
of December 31, 1997: 6.0%
(c) Number of shares as to which the reporting person has:
Page 8 of 19
<PAGE> 9
(i) sole power to vote or direct the vote:
(a) Energy Spectrum LLC: 0
(b) Energy Spectrum Capital LP: 0
(c) Energy Spectrum Partners LP: 0
(d) Mr. Spann: 0
(e) Mr. Tassin: 0
(ii) shared power to vote or direct the vote:
(a) Energy Spectrum LLC: 1,100,000
(b) Energy Spectrum Capital LP: 1,100,000
(c) Energy Spectrum Partners LP: 1,100,000
(d) Mr. Spann: 1,100,000
(e) Mr. Tassin: 1,100,000
(iii) sole power to dispose or to direct the disposition of:
(a) Energy Spectrum LLC: 0
(b) Energy Spectrum Capital LP: 0
(c) Energy Spectrum Partners LP: 0
(d) Mr. Spann: 0
(e) Mr. Tassin: 0
(iv) shared power to dispose or to direct the disposition of:
(a) Energy Spectrum LLC: 1,100,000
(b) Energy Spectrum Capital LP: 1,100,000
(c) Energy Spectrum Partners LP: 1,100,000
Page 9 of 19
<PAGE> 10
(d) Mr. Spann: 1,100,000
(e) Mr. Tassin: 1,100,000
The number of shares of Common Stock beneficially owned by Energy
Spectrum LLC, Energy Spectrum Capital LP, Energy Spectrum Partners LP,
Mr. Spann and Mr. Tassin includes 112,000 shares that are subject to
immediately exercisable stock options. Although Energy Spectrum LLC,
Energy Spectrum Capital LP, Energy Spectrum Partners LP, Mr. Spann and
Mr. Tassin currently do not have the right to vote or dispose of these
shares, they are deemed to be the beneficial owner thereof pursuant to
Rule 13d-3 under the Securities Exchange Act of 1934, as amended.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
This item is inapplicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
This item is inapplicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
This item is inapplicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Energy Spectrum is the sole general partner of Energy Spectrum Capital
LP. Energy Spectrum Capital LP is the sole general partner of Energy
Spectrum Partners LP which is a party to the Second Amended and
Restated Stockholders and Voting Agreement (the "Stockholders'
Agreement"), dated as of October 16, 1997, by and among the Company,
Anson Partners Limited Partnership, Energy Spectrum Partners LP, and
DLB Oil and Gas, Inc., as amended, which agreement is filed as Exhibit
2 hereto.
Page 10 of 19
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Under the terms of the Stockholders' Agreement, the parties have agreed
(i) the Board of Directors shall consist of no more than ten members,
(ii) Energy Spectrum shall have the right to designate one nominee for
director as long as it owns at least (a) 5% of the outstanding Common
Stock of the Company, (b) 50% in principal amount of the Subordinated
Notes purchased in the May Financing or (c) 600,000 shares of Common
Stock, (iii) Anadarko shall have the right to designate one nominee for
director as long as it owns at least (a) 5% of the outstanding Common
Stock of the Company or (b) 600,000 shares of Common Stock, and (iv)
DLB shall have the right to designate one nominee for director as long
as it owns at least 5% of the outstanding Common Stock of the Company.
The parties to the Stockholders' Agreement are obligated to vote all of
their voting securities (including certain Common Stock Equivalents) of
the Company for these designees. The parties to the Stockholders'
Agreement in the aggregate own approximately 29.3% of the outstanding
shares of the Common Stock.
Energy Spectrum LLC, Energy Spectrum Capital LP, Energy Spectrum
Partners LP, Mr. Spann and Mr. Tassin disclaim beneficial ownership of
the shares of Common Stock held by any other party to the Stockholders'
Agreement.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
This item is inapplicable.
ITEM 10. CERTIFICATION.
This item is inapplicable.
EXHIBITS
Exhibit 1 Joint Filing Agreement dated February 10, 1998 between Energy
Spectrum LLC, Energy Spectrum Capital LP, Energy Spectrum
Partners LP, Mr. Spann and Mr. Tassin.
Exhibit 2 Stockholders' Agreement, dated as of October 16, 1997, by and
among the Company, AnSon Partners Limited Partnership, Energy
Spectrum Partners LP and DLB Oil and Gas, Inc., (Incorporated
by reference to Exhibit 9.1 to the Company's Registration
Statement on Form S-1 (Registration No. 333- 34451)). First
Amended to the Stockholders' Agreement, dated as of November
4, 1997, by and among the Company, AnSon Partners Limited
Partnership, Energy Spectrum Partners LP and DLB Oil and Gas,
Inc., (Incorporated by reference to Exhibit 9.2 to the
Company's Registration Statement on Form S-1 (Registration No.
333-34451)).
Page 11 of 19
<PAGE> 12
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 10, 1998
ENERGY SPECTRUM LLC
/s/ SIDNEY L. TASSIN
--------------------------------------
Sidney L. Tassin, President
Page 12 of 19
<PAGE> 13
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 10, 1998
ENERGY SPECTRUM CAPITAL LP
By: Energy Spectrum LLC, its
general partner
/s/ SIDNEY L. TASSIN
--------------------------------------
Sidney L. Tassin, President
Page 13 of 19
<PAGE> 14
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 10, 1998
ENERGY SPECTRUM PARTNERS LP
By: Energy Spectrum Capital LP,
its general partner
By: Energy Spectrum LLC,
its general partner
/s/ SIDNEY L. TASSIN
--------------------------------------
Sidney L. Tassin, President
Page 14 of 19
<PAGE> 15
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 10, 1998
JAMES W. SPANN
/s/ JAMES W. SPANN
--------------------------------------
James W. Spann
Page 15 of 19
<PAGE> 16
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 10, 1998
SIDNEY L. TASSIN
/s/ SIDNEY L. TASSIN
--------------------------------------
Sidney L. Tassin
Page 16 of 19
<PAGE> 17
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT Page No.
<S> <C> <C>
Exhibit 1 Joint Filing Agreement dated February 10, 1998 between Energy 18
Spectrum LLC, Energy Spectrum Capital LP, Energy Spectrum
Partners LP, James W. Spann and Sidney L. Tassin.
Exhibit 2 Stockholders' Agreement, dated as of October 16, 1997, by and 11
among the Company, AnSon Partners Limited Partnership, Energy
Spectrum Partners LP and DLB Oil and Gas, Inc., (Incorporated by
reference to Exhibit 9.1 to the Company's Registration Statement
on Form S-1 (Registration No. 333-34451)). First Amended
Stockholders' Agreement, dated as of November 4, 1997, by and
among the Company, AnSon Partners Limited Partnership, Energy
Spectrum Partners LP and DLB Oil and Gas, Inc., (Incorporated by
reference to Exhibit 9.2 to the Company's Registration Statement
on Form S-1 (Registration No. 333-34451)).
</TABLE>
Page 17 of 19
<PAGE> 1
Exhibit 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of 1934,
as amended, the undersigned agree to the joint filing on behalf of each of them
of a Statement on Schedule 13G (including any and all amendments thereto) with
respect to the Common Stock, par value $.01 per share, of Bayard Drilling
Technologies, Inc., and further agree that this Joint Filing Agreement shall be
included as an Exhibit to such joint filings.
The undersigned further agree that each party hereto is responsible for
timely filing of such Statement on Schedule 13G and any amendments thereto, and
for the accuracy and completeness of the information concerning such party
contained therein; provided, however, that no party is responsible for the
accuracy or completeness of the information concerning any other party, unless
such party knows or has reason to believe that such information is inaccurate.
This Joint Filing Agreement may be signed in counterparts with the same
effect as if the signature on each counterpart were upon the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
February 10, 1998
ENERGY SPECTRUM LLC
/s/ SIDNEY TASSIN
--------------------------------------
Sidney Tassin, President
ENERGY SPECTRUM CAPITAL LP
By: Energy Spectrum LLC, its
general partner
/s/ SIDNEY TASSIN
--------------------------------------
Sidney Tassin, President
Page 18 of 19
<PAGE> 2
ENERGY SPECTRUM PARTNERS LP
By: Energy Spectrum Capital LP,
its general partner
By: Energy Spectrum LLC,
its general partner
/s/ SIDNEY TASSIN
--------------------------------------
Sidney Tassin, President
JAMES W. SPANN
/s/ JAMES W. SPANN
--------------------------------------
James W. Spann
SIDNEY L. TASSIN
/s/ SIDNEY L. TASSIN
--------------------------------------
Sidney L. Tassin
Page 19 of 19
