<PAGE> 1
--------------------------------------------------------------------------------
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) November 20, 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.)
--------------------------------------------------------------------------------
<PAGE> 2
ITEM 5. OTHER EVENTS.
PATTERSON ENERGY, INC.
ADDS TWO MEMBERS TO BOARD OF DIRECTORS
Snyder, Texas, November 20, 2000 --- PATTERSON ENERGY, INC. (NASDAQ: PTEN)
announces today that on November 6, 2000 the Board of Directors unanimously
agreed to amend the By-Laws of Patterson Energy, Inc. to increase the number of
board members from five to seven. The Board then unanimously agreed to appoint
Mr. Kenneth Peak and Mr. Stephen DeGroat to the newly created positions.
Additionally Messrs. Peak and DeGroat will serve on the Company's audit and
compensation committees.
Mr. Peak is Chairman, President, Chief Executive Officer and Chief Financial
Officer of Contango Oil & Gas Company. Contango explores for and acquires oil
and gas properties primarily in the onshore Gulf Coast and offshore Gulf of
Mexico. Prior to becoming President of Contango in 1999, Mr. Peak was the
President of Peak Enernomics, Incorporated, a company formed in 1990 and engaged
in consulting activities to the oil and gas industry. His energy career began in
1973 as a commercial banker in First Chicago's energy group. In 1980, Mr. Peak
became Treasurer of Tosco Corporation and in 1982 Chief Financial Officer of
Texas International Company (T.I.). His tenure included serving as President of
TIPCO, the domestic operation subsidiary of T.I.'s oil and gas operations. Mr.
Peak has also served as an officer in the U.S. Navy from 1968-1971. Mr. Peak
received a B.S. in physics from Ohio University and a M.B.A. from Columbia
University. He currently serves as a director of NL Industries and Cellxion,
Inc.
Mr. DeGroat is President and Chief Executive Officer of Broadmark Capital
Corporation, a private equity investment bank with offices in New York, San
Francisco and Seattle. Mr. DeGroat is also a member of the Management Committee
of Broadmark Asset Management, a Registered Investment Advisor. Mr. DeGroat
began his career with Drexel Burnham Lambert in sales and prior to forming
Broadmark Capital Corporation, Mr. DeGroat was a Principal and Manager of the
New York office of Gilford Securities, a regional investment bank. Throughout
his career in finance, Mr. DeGroat has managed public underwritings, private
equity placements, and merger and acquisition transactions. Mr. DeGroat is
actively involved with assisting Broadmark's portfolio companies to develop and
execute financing strategies. Mr. DeGroat is a graduate of Fordham University
where he received a BA in Economics.
Cloyce A. Talbott, Patterson's Chairman and CEO, commented, "we are pleased with
the additions to our Board as both Messrs. Peak and DeGroat have extensive
experience and expertise in dealing with financial markets but have diverse and
different backgrounds relative to running a business."
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 (123
of which are currently operable) with drilling operations in Texas, New Mexico,
Utah, Oklahoma and Louisiana.
For further information, contact:
Patterson Energy, Inc.
Cloyce A. Talbott, Chairman and Chief Executive Officer
Jonathan D. Nelson, Vice President-Finance, Chief Financial Officer
(915) 573-1104
[email protected]
<PAGE> 3
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: November 20, 2000 By: /s/ CLOYCE A. TALBOTT
-------------------------------------
Cloyce A. Talbott
Chairman and Chief Executive Officer
