Snyder, TX-based Patterson-UTI Energy Inc., the second-largest operator of land-based oil and natural gas drilling rigs in North America, said Wednesday that it has acquired 17 land-based drilling rigs from Cleere Drilling Co. The acquisition also included 28 rig-moving trucks as well as other equipment and inventory.

Patterson-UTI said that the additional rigs — which are located throughout Texas — increase the company’s total fleet to 319 land-based drilling rigs that operate in oil and natural gas producing regions of Texas, New Mexico, Oklahoma, Louisiana, Utah, Mississippi, Alabama and western Canada.

The company financed the deal through $13.5 million in cash, 450,000 shares of Patterson-UTI Energy common stock, and 325,000 warrants convertible into common shares at a price of $26.75.

“We are very pleased to complete our first post-merger acquisition at Patterson-UTI Energy,” said Mark S. Siegel, Patterson-UTI’s chairman. “With this acquisition, the combined entities have acquired a total of 44 drilling rigs in 2001, a total that is consistent with both Patterson’s and UTI’s acquisition strategies over the past few years.

“With our strong cash position and $100 million line of credit, we have positioned Patterson-UTI to be able to respond quickly and selectively to unique situations that may arise in the marketplace,” Siegel added. “We believe that the Cleere assets represent such an opportunity, and are a good fit with our current operations and market coverage.”

Cloyce A. Talbott, Patterson-UTI’s CEO, said, “We are particularly pleased that Kirk Cleere will be joining the Patterson-UTI team. We expect his expertise and many years of experience to enhance our organization and strengthen our competitive position in the marketplace.”

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