<PAGE> 1
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) May 7, 1997
PATTERSON ENERGY, INC.
---------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-22664 75-2504748
--------- -------- -----------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
4510 Lamesa Highway, Snyder, Texas 79549
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (915) 573-1104
----------------
No Change
---------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE> 2
ITEM 5. OTHER EVENTS
On May 7, 1997, the Registrant issued the following press
release:
PATTERSON ENERGY, INC. ANNOUNCES AGREEMENT IN PRINCIPLE TO ACQUIRE
CONTRACT DRILLING OPERATIONS OF WES-TEX DRILLING COMPANY
SNYDER, TEXAS, May 7, 1997--PATTERSON ENERGY, INC. (NASDAQ/NM: PTEN) today
announced that the Company and Wes-Tex Drilling Company ("Wes-Tex"), a
privately owned Abilene, Texas based company, have entered into an agreement in
principle relating to the acquisition by Patterson of the contract drilling
operations of Wes-Tex.
Under the terms of the agreement in principle, Patterson has agreed to purchase
21 drilling rigs, rig hauling trucks and trailers, and a yard and shop located
in Abilene, Texas in consideration for $25 million in cash, 283,000 shares of
Patterson common stock and 200,000 warrants to purchase Patterson common stock
exercisable at $32.00 per share. Consummation of the acquisition is subject
to, among other matters, execution of a mutually agreeable definitive
agreement.
Wes-Tex's drilling rigs, all of which are fully equipped and operable, are
located primarily in West Texas and have drilling depth capacities of 8,000 to
15,000 feet. After this acquisition, Patterson's fleet will total 87 land
drilling rigs (81 of which are being marketed), which would make Patterson's
fleet the third largest in the United States based on fleet size.
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
66 land-based drilling rigs (60 of which are currently being marketed) and
focuses its operations primarily in Texas and southeast New Mexico.
For further information, contact:
Patterson Energy, Inc.
Cloyce A. Talbott, Chairman and Chief Executive Officer
James C. Brown, Vice President Finance and Chief Financial Officer
915-573-1104
Shimmerlik Corporate Communications, Inc.
Warren M. Shimmerlik
212-247-5200
4510 Lamesa Highway Snyder, Texas 79549 915-573-1104
2
<PAGE> 3
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: May 16, 1997 /s/ JAMES C. BROWN
---------------------------
James C. Brown
Vice President-Finance
3
