Patterson-UTI Acquires Three SCR Electric Drilling Rigs
Posted on: Wednesday, 10 October 2007, 09:00 CDT
SNYDER, Texas, Oct. 10 /PRNewswire-FirstCall/ -- PATTERSON-UTI ENERGY, INC. today announced that it has acquired three recently refurbished SCR electric land drilling rigs and spare drilling equipment for $29 million. The drawworks rating is 1,500 horsepower for two of the rigs and 1,000 horsepower for one rig. Major refurbishments of the rigs were completed in 2006 and 2007 and two of the rigs are currently working. The third rig is also currently marketable and we expect for it to be working shortly.
About Patterson-UTI
Patterson-UTI Energy, Inc. provides onshore contract drilling services to exploration and production companies in North America. The Company now has approximately 350 currently marketable land-based drilling rigs that operate primarily in the oil and natural gas producing regions of Texas, New Mexico, Oklahoma, Arkansas, Louisiana, Mississippi, Colorado, Utah, Wyoming, Montana, North Dakota, South Dakota, Pennsylvania and western Canada. Patterson-UTI Energy, Inc. is also engaged in the businesses of pressure pumping services and drilling and completion fluid services. Additionally, the Company has an exploration and production business.
Statements made in this press release which state the Company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to, declines in oil and natural gas prices that could adversely affect demand for the Company's services, and their associated effect on day rates, rig utilization and planned capital expenditures, excess availability of land drilling rigs, adverse industry conditions, difficulty in integrating acquisitions, demand for oil and natural gas, shortages of rig equipment and 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, which may be obtained by contacting the Company or the SEC. These filings are also available through the Company's web site at http://www.patenergy.com/ or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov/. We undertake no obligation to publicly update or revise any forward-looking statement.
Patterson-UTI Energy, Inc.
CONTACT: John E. Vollmer III, SVP & Chief Financial Officer ofPatterson-UTI Energy, Inc., +1-214-360-7800
Web site: http://www.patenergy.com/
Source: PRNewswire-FirstCall
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