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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) March 31, 2000
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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)
(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 March 31, 2000, the Registrant issued the following press release:
PATTERSON ENERGY, INC. COMPLETES
ACQUISITION OF FOUR CONTRACT DRILLING RIGS
Snyder, Texas, March 31, 2000 --- PATTERSON ENERGY, INC. (NASDAQ:PTEN) announces
the Company's consummation of the stock purchase agreement with the owners of
100% of the outstanding stock of WEK Drilling Co., Inc., a privately held,
non-affiliated drilling company with its principal operations in Southeast New
Mexico. The purchase agreement included the acquisition of four fully operable
contract drilling rigs with complete labor crews, other related equipment and
working capital of $1.2 million for a purchase price of $7.2 million. Three of
the operable rigs have depth capacities greater than 12,000 feet with the other
rig having a depth rating of 10,500 feet. The acquisition was funded using $5.66
million of proceeds from the Company's existing credit facility and 53,000
shares of the Company's common stock valued at $29.0625. Immediately following
the closing, certain assets, unrelated to the oil and natural gas industry were
sold back to one of the previous owners for a cash payment of $1.0 million.
The Company's management was pleased with the acquisition commenting
that...."the rigs, fully operational with complete crews, provide the Company
with increased market share in a geographic area which is anticipated to provide
significant operating leverage in the future should the underlying commodity
prices remain strong."
Patterson Energy, Inc., a Snyder, Texas based energy company, is one of the
leading providers of domestic, land-based drilling services to major independent
oil and natural gas companies. Patterson currently owns 123 drilling rigs (118
of which are currently operable) with operations in Texas, New Mexico, Oklahoma,
Utah and Louisiana.
Statements made in this press release that state the Company or management's
intentions, beliefs, expectations or predictions for the future are
forward-looking statements. It is important to note that the Company's actual
results could differ materially from those projected in such forward-looking
statements. In addition to the factors set forth above, other important factors
that could cause actual results to differ materially include, but are not
limited to, the impact of declines in the prices of oil and natural gas on the
demand for the Company's services and the associated effect on day rates and rig
utilization, industry conditions, integration of acquisitions, demand for oil
and natural gas, and the ability to retain management and field personnel.
Additional information concerning factors that could cause actual results to
differ materially from those in the forward-looking statement is contained from
time to time in the Company's SEC filings, including but not limited to, the
Company's report on Form 10-K for the year ended December 31, 1999. Copies of
this filing may be obtained by contacting the Company or the SEC.
For further information, contact:
Patterson Energy, Inc.
Cloyce A. Talbott, Chairman and Chief Executive Officer
Jonathan D. (Jody) Nelson, Vice President - Finance, Chief Financial Officer
(915) 573-1104
[email protected]
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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: April 3, 2000 By: /s/ Jonathan D. Nelson
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Jonathan D. (Jody) Nelson
Vice President-Finance
