SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: March 26, 1997
READING & BATES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-5587 73-0642271
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
901 Threadneedle, Suite 200, Houston, TX 77079
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (281) 496-5000
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99 - Press Release dated March 25, 1997 - Reading & Bates
announces completion of its first well in the East
Breaks 688 "East Boomvang" prospect in the U.S. Gulf
of Mexico.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned thereunto duly authorized.
READING & BATES CORPORATION
By /s/T. W. Nagle
------------------------
T. W. Nagle
Executive Vice President,
Finance and Administration
(Principal Financial and
Accounting Officer)
Dated: March 26, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281) 496-5000
Reading & Bates Development Co. Completes Drilling on East Breaks 688
March 25, 1997, Houston, Texas....Reading & Bates Corporation (RB-NYSE)
announced that its wholly owned subsidiary, Reading & Bates Development
Co., recently completed drilling operations on its East Breaks 688 "East
Boomvang" prospect in the U.S. Gulf of Mexico. The well was drilled
subsequent to the previously announced joint venture agreement with Shell
Deepwater Development, Inc.
The well was successfully drilled to a total depth of 10,833 feet
measured depth, plugged back and sidetracked to 10,350 feet for
geological reasons. The sidetrack encountered approximately 220 net feet
of hydrocarbon pay in the target sands. The wellbore was logged and
fluid samples and cores obtained. The well has been suspended as a
potential producer. The Company is presently evaluating the data gathered
and is conducting engineering and technical work on a preliminary
development plan for the prospect.
Reading & Bates now intends to proceed with additional drilling in the
prospect area under terms of the joint venture agreement with Shell
Deepwater Development, Inc. This prospect area consists of an eight
block area contiguous to "East Boomvang" and includes the "North
Boomvang" and "East Bequia" prospects.
Paul B. Loyd, Jr., Reading & Bates Chairman, Chief Executive Officer and
President of Reading & Bates Corporation, stated, "We are pleased to have
encountered potentially commercial amounts of hydrocarbons in the 'East
Boomvang' well, and we are hopeful that the additional prospects within
the area could enhance the 'East Boomvang' discovery."
Reading & Bates Corporation is a New York Stock Exchange listed company,
providing offshore drilling services throughout the world. Its wholly
owned subsidiary, Reading & Bates Development Co., engages in the
business of acquiring interests in offshore oil and gas properties and
thereby participates in reservoir risk sharing. Through its TOPS joint
venture, a full range of field development contracting alternatives is
offered to oil and gas companies, including such services as drilling,
marine and subsea construction and production facilities.
# # #
