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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 5, 2001
UTI ENERGY CORP.
(Exact name of registrant as specified in charter)
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DELAWARE 1-12542 23-2037823
(State of Incorporation) (Commission File No.) (I.R.S. Employer Identification No.)
16800 GREENSPOINT PARK DRIVE, SUITE 225N
HOUSTON, TEXAS 77060-2390
(Address of Principal Executive Offices) (Zip Code)
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REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (281) 873-4111
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ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE.
On January 5, 2001, UTI Energy Corp. announced that it had entered into
three separate agreements to acquire a total of six additional drilling rigs for
a total purchase price of $13.6 million cash. The six rigs have an average depth
capacity of approximately 15,000 feet, and will bring UTI's total rig count to
150 drilling rigs. The three transactions are expected to close by the end of
January.
Four of the new rigs are currently in service - three in Oklahoma, and
one in south Texas. The remaining two, including an "SCR" electric rig capable
of drilling to a depth greater than 20,000 feet, will be refurbished at a cost
of approximately $2.5 million, excluding drill pipe. It is expected that the SCR
rig will be marketed beginning in the second quarter of the year and the other
rig is expected to be marketed during the first quarter.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99.1 - Press Release dated January 5, 2001 relating to the
acquisition by UTI Energy Corp. of six additional drilling
rigs.
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SIGNATURES
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.
UTI ENERGY CORP.
Dated as of January 5, 2001 /s/ John E. Vollmer III
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John E. Vollmer III
Senior Vice President, Chief Financial Officer,
Secretary and Treasurer
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INDEX TO EXHIBITS
Number Exhibit
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99.1 Press Release dated January 5, 2001 relating to the
acquisition by UTI Energy Corp. of six additional drilling
rigs.
