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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 (Date of earliest event reported) January 7, 1997
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PATTERSON ENERGY, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-22664 75-2504748
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
4510 Lamesa Highway, Snyder, Texas 79549
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (915) 573-1104
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No Change
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On January 7, 1997, the Registrant issued the following press release:
PATTERSON ENERGY ANNOUNCES TWO WELL COMPLETIONS
SNYDER, TEXAS, JANUARY 7, 1997 -- PATTERSON ENERGY, INC. today announced the
completion of two wells.
In Wharton County, Texas, Patterson owns a 14.25% working interest in the
Jackson Williams No. 2 well, which was completed in January 1997 in the Wilcox
Sands formation. The well tested 5.2 million cubic feet of natural gas per day
with 6,540 pounds of flowing tubing pressure on a 13/64 inch choke. The
Jackson Williams No. 2 well was originally drilled in August 1996 to deeper
Wilcox formations. Sales of natural gas from the well should commence in
approximately one week. Patterson owns a 14.25% working interest in
approximately 1,700 acres surrounding the well and an offsetting confirmation
well is planned in the first half of 1997.
In Robertson County, Texas, Patterson is operator and owns a 17.25% interest in
the Georgette Smith No. 1 well and approximately 25,000 gross acres surrounding
the well. The Georgette Smith well was completed in November 1996 in the
Georgetown formation with a 4,700 foot horizontal lateral completion. Through
December 31, 1996, the well has produced almost 65,000 barrels of crude oil and
is currently flowing naturally at a rate of approximately 1,000 barrels of oil
per day on a 30/64 inch choke with 240 pounds of flowing tubing pressure. The
Company plans to put the well on artificial lift in the near future. A
confirmation well was spudded on December 26, 1996, and is currently being
drilled.
Cloyce A. Talbott, Chairman and Chief Executive Officer, commented that while
the Company was encouraged by these results, additional drilling and future
production rates will determine the significance of these wells.
Patterson Energy, Inc. a Snyder, Texas based energy company, is one of the
leading providers of domestic land drilling services to major independent oil
and gas companies and, to a lesser extent, is engaged in the development,
exploration, acquisition and production of oil and natural gas. Patterson has
61 land-based drilling rigs (52 of which are currently operable) and focuses
its operations primarily in Texas in the Permian Basin, the Austin Chalk Trend,
South Texas and the Hardeman Basin.
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 by the
undersigned thereunto duly authorized.
PATTERSON ENERGY, INC.
Date: January 8, 1997 /s/ JAMES C. BROWN
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James C. Brown
Vice President-Finance
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