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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) December 18, 1996
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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 December 18, 1996, the Registrant issued the following
press release:
PATTERSON ENERGY FILES REGISTRATION STATEMENT
FOR EQUITY OFFERING
SNYDER TEXAS, December 18, 1996--PATTERSON ENERGY, INC. (NASDAQ/NM: PTEN) today
announced that it has filed a registration statement with the Securities and
Exchange Commission concerning the proposed sale of 1,727,000 shares of common
stock (1,986,050 shares including the underwriters' over-allotment option). Of
the 1,727,000 shares, 1,500,000 shares will be issued by the Company and
227,000 shares will be sold by selling stockholders. Upon completion of the
offering, Patterson Energy, Inc. will have approximately 6.44 million shares
outstanding.
The net proceeds to the Company from the offering will be used to repay
indebtedness, fund drilling rig modifications and upgrades for 15 land rigs
(six of which are currently operable) acquired by the Company during November
and December 1996, and for general corporate purposes, including possible
drilling rig and equipment acquisitions. The Company will not receive any
proceeds from the sale of the common stock being sold by selling stockholders.
The common stock offering will be managed by Prudential Securities Incorporated
and co-managed by Morgan Keegan & Company, Inc. and Raymond James & Associates,
Inc.
Patterson Energy, Inc. 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 in the Permian Basin, the
Austin Chalk Trend, South Texas and the Hardeman Basin primarily in Texas.
A registration statement relating to these securities has been filed with the
Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This release shall not
constitute an offer to sell or a solicitation of an offer to buy, nor shall
there be any sale of these securities in any state in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
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
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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 thereunto duly authorized.
PATTERSON ENERGY, INC.
Date: January 6, 1997 /s/ James C. Brown
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James C. Brown
Vice President-Finance
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