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Thursday, 12/27/2001 8:00:47 AM

Thursday, December 27, 2001 8:00:47 AM

Post# of 17
acq news for PTEN:



SNYDER, Texas (CBS.MW) -- Patterson-UTI Energy said it has agreed to buy 17 land-based drilling rigs located throughout Texas from Cleere Drilling Company.

Under terms of the agreement, Patterson (PTEN: news, chart, profile) will pay $13.5 million in cash, 450,000 shares of its common stock and issue 325,000 warrants convertible into common stock at a price of $26.75 for the rigs, 28 rig-moving trucks and other equipment and inventory.

The acquisition brings the company's total to 319 land-based oil and natural-gas drilling rigs.

Shares of the drilling contract service provider rose $2.16, or 9.8 percent, to close at $24.26.

Mark S. Siegel, Patterson-UTI's chairman also pointed out that the company has a "strong cash position" and $100 million line of credit.


imho, Jerome

imho, Jerome

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