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UNITED STATES
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) August 5, 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.)
P.O. BOX 1416, 4510 LAMESA HIGHWAY, SNYDER, TEXAS 79549
(Address of principal executive offices) (Zip Code)
(915) 573-1104
(Registrant's telephone number, including area code)
No Change
(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
On August 5, 1997 the Registrant issued the following press release:
PATTERSON ENERGY COMPLETES ACQUISITION OF THREE RIGS
SNYDER, TEXAS, AUGUST 5, 1997-PATTERSON ENERGY, INC. (NASDAQ/NM:PTEN) today
announced the purchase of three oil and gas contract drilling rigs and related
assets through the acquisition of McGee Drilling Corporation, Inc., a contract
drilling company based in Midland, Texas. The purchase price was $4.25 million.
A portion of the purchase price is related to long term management non-compete
agreements. G.H. (Mac) McGee, President of McGee Drilling Corporation will be
employed by Patterson.
The rigs are mechanical and are capable of drilling to depths of up to 15,000
feet. All three rigs are fully operational and currently working in the Permian
Basin.
With the completion of the McGee acquisition, Patterson Energy has a total of
90 land-based drilling rigs, making it the third largest onshore drilling rig
fleet in the United States.
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 now
has 90 land-based drilling rigs (85 of which are currently operable) 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
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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 hereunto duly authorized.
PATTERSON ENERGY, INC.
Date: August 20, 1997 By: /s/ JAMES C. BROWN
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James C. Brown
Vice President-Finance
