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