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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Second_Titan who wrote (75428)	10/3/2000 12:08:05 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

Patterson Energy, Inc. Acquires Drilling and Completion Fluids Business SNYDER, Texas, Oct. 3 /PRNewswire/ -- Patterson Energy, Inc. (Nasdaq: PTEN) announces that it has acquired, through a wholly-owned subsidiary, the drilling and completion fluid operations of AMBAR, Inc., a non-affiliated entity with its principal operations in the Louisiana and Texas Gulf coasts and the Gulf of Mexico. Pursuant to the transaction, Patterson acquired working capital of approximately $7.8 million (current assets acquired $18.2 million and current liabilities assumed $10.4 million), fixed assets with an approximate fair market value of $15.7 million and other trademarks and intellectual property which are specific to the division's operations. Consideration included cash proceeds of $11.56 million after a $4.1 million credit attributable to a working capital adjustment. The drilling and completion fluid operations are supported by ten separate field facilities, including seven dock facilities and one barite grinding plant, variously located in southern Louisiana and Texas, a sales office in Houston, Texas and an administrative office in Lafayette, Louisiana. Cloyce A. Talbott, Patterson's Chairman and CEO, commented "we expect the acquisition of AMBAR to compliment our existing operations expanding our drilling and completion fluids services into the offshore markets of the Gulf of Mexico and further strengthening our presence in South Texas." 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 (120 of which are currently operable) with operations in Texas, New Mexico, Utah, Oklahoma and Louisiana. Statements made in this press release that state the Company or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward- looking statements. In addition to the factors set forth above, other important factors that could cause actual results to differ materially include, but are not limited to, the impact of declines in prices of oil and natural gas on the demand for the Company's services and the associated effect on day rates and rig utilization, industry conditions, integration of acquisitions, demand for oil and natural gas, and the 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, including but not limited to, the Company's report on Form 10-K for the year ended December 31, 1999. Copies of these filings may be obtained by contacting the Company or the SEC. SOURCE Patterson Energy, Inc. CO: Patterson Energy, Inc.; AMBAR, Inc. ST: Texas IN: OIL SU: TNM 10/03/2000 11:14 EDT prnewswire.com