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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) January 7, 1998
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 January 7, 1998, the Registrant issued the following press release:
PATTERSON ENERGY, INC. EXECUTES DEFINITIVE AGREEMENT TO
ACQUIRE LONE STAR MUD, INC.
SNYDER, Texas-(BUSINESS WIRE)-January 7, 1998-PATTERSON ENERGY, INC.
(NASDAQ:PTEN) today announced that on January 5, 1998 the Company has executed a
definitive agreement to acquire 100% of the stock of Lone Star Mud, Inc., a
privately-owned Midland, Texas based oil field drilling fluids company. The
purchase price consisted of $1.43 million in cash and 285,664 shares of
Patterson common stock.
Lone Star Mud is a rapidly growing supplier of drilling muds for oil and gas
drilling in Texas. Patterson intends to retain Lone Star's principals and most
of its employees. Cloyce A. Talbott, Patterson's Chairman and Chief Executive
Officer, stated, "Lone Star represents an attractive growth opportunity in a
business closely related to Patterson's land-based drilling operations. Lone
Star has a capable management and staff that will continue to oversee the
company's activities."
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 natural gas companies and, to a lesser extent, is engaged in the
development, exploration, acquisition and production of oil and natural gas.
Patterson now has 99 land-based drilling rigs (92 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
New York, NY
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: January 7, 1998 By: /s/ JAMES C. BROWN
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James C. Brown
Vice President-Finance
