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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) June 2, 2000
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 June 2, 2000 the Registrant issued the following press release:
PATTERSON ENERGY, INC. FINALIZES ACQUISITION OF EIGHT DRILLING RIGS
Snyder, Texas, June 2, 2000 --- PATTERSON ENERGY, INC. (NASDAQ: PTEN) announces
that the merger, as previously announced on February 7, 2000 between Patterson
Energy, Inc. ("Patterson") and High Valley Drilling, Inc. ("High Valley"), has
been consummated. The assets of High Valley consist of eight drilling rigs (four
diesel-electric and four mechanical) and other related drilling equipment. The
rigs range from 1,000 to 2,500 horsepower with three of the rigs having a depth
rating of 25,000 feet and the other five rigs having depth capabilities equal to
and greater than 15,000 feet. Consideration for the acquisition included
1,150,000 restricted shares of Patterson's common stock and three-year warrants
to acquire an additional 127,000 shares at an exercise price of $22.00 per
share. The former High Valley Shareholders have been granted certain demand and
piggy-back registration rights with regard to the Patterson shares and warrant
shares.
The eight drilling rigs require certain capital expenditures including, but not
limited to drill pipe. Patterson's management estimates that these expenditures
will approximate $8 to $10 million. One of the rigs is currently operable with
three additional rigs expected to be operational by the end of the year. The
remaining four rigs are expected to enter the Company's operable drilling fleet
by the end of the second fiscal quarter 2001.
Cloyce A. Talbott, Patterson's Chairman and CEO, stated "...The acquired assets
represent quality equipment with operational capabilities indicative of
Patterson's existing fleet. The rigs will further strengthen the Company's
operations in the South Texas and Gulf Coast regions as well as enhance its
operations in the Permian Basin and Mid-Continent areas."
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 131 drilling rigs (119
of which are currently operable) with operations in Texas, New Mexico, Utah,
Oklahoma 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 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 statements 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
these filings 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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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS.
2.1 Agreement and Plan of Merger among Patterson Energy, Inc.
and High Valley Drilling, Inc. dated April 3, 2000.
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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 21, 2000 By: /s/ CLOYCE A. TALBOTT
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Cloyce A. Talbott
Chairman and Chief Executive Officer
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EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
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<S> <C>
2.1 Agreement and Plan of Merger among Patterson Energy, Inc.
and High Valley Drilling, Inc. dated April 3, 2000.
</TABLE>
