-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QN5irBsjqORzIaG0SEhwbIxZq9RvU6n2C08v6nsx72I0lxHm/XXxT0tpsJ4d2Wby t+5mVB5U3arBqzX5meCh6g== 0000950129-01-000059.txt : 20010122 0000950129-01-000059.hdr.sgml : 20010122 ACCESSION NUMBER: 0000950129-01-000059 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010105 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UTI ENERGY CORP CENTRAL INDEX KEY: 0000912899 STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389] IRS NUMBER: 232037823 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12542 FILM NUMBER: 1503015 BUSINESS ADDRESS: STREET 1: 16800 GREENSPOINT PARK STREET 2: SUITE 225N CITY: HOUSTON STATE: TX ZIP: 77060 BUSINESS PHONE: 2818734111 MAIL ADDRESS: STREET 1: 16800 GREENSPOINT PARK STREET 2: SUITE 225N CITY: HOUSTON STATE: TX ZIP: 77060 8-K 1 h83081e8-k.txt UTI ENERGY CORP. - DATED JANUARY 5, 2001 1 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (Date of earliest event reported): JANUARY 5, 2001 UTI ENERGY CORP. (Exact name of registrant as specified in charter) DELAWARE 1-12542 23-2037823 (State of Incorporation) (Commission File No.) (I.R.S. Employer Identification No.) 16800 GREENSPOINT PARK DRIVE, SUITE 225N HOUSTON, TEXAS 77060-2390 (Address of Principal Executive Offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (281) 873-4111 ================================================================================ 2 ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE. On January 5, 2001, UTI Energy Corp. announced that it had entered into three separate agreements to acquire a total of six additional drilling rigs for a total purchase price of $13.6 million cash. The six rigs have an average depth capacity of approximately 15,000 feet, and will bring UTI's total rig count to 150 drilling rigs. The three transactions are expected to close by the end of January. Four of the new rigs are currently in service - three in Oklahoma, and one in south Texas. The remaining two, including an "SCR" electric rig capable of drilling to a depth greater than 20,000 feet, will be refurbished at a cost of approximately $2.5 million, excluding drill pipe. It is expected that the SCR rig will be marketed beginning in the second quarter of the year and the other rig is expected to be marketed during the first quarter. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits. 99.1 - Press Release dated January 5, 2001 relating to the acquisition by UTI Energy Corp. of six additional drilling rigs. Page 2 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UTI ENERGY CORP. Dated as of January 5, 2001 /s/ John E. Vollmer III -------------------------------------------- John E. Vollmer III Senior Vice President, Chief Financial Officer, Secretary and Treasurer Page 3 4 INDEX TO EXHIBITS Number Exhibit ------ ------- 99.1 Press Release dated January 5, 2001 relating to the acquisition by UTI Energy Corp. of six additional drilling rigs. EX-99.1.1 2 h83081ex99-1_1.txt PRESS RELEASE - DATED JANUARY 5, 2001 1 EXHIBIT 99.1 Contact: John Vollmer Jack Leone Chief Financial Officer Sitrick And Company UTI Energy Corp. (310) 788-2850 (281) 873-4111 FOR IMMEDIATE RELEASE: UTI ENERGY TO ACQUIRE SIX ADDITIONAL DRILLING RIGS; WILL INCREASE UTI'S LAND RIG FLEET TO 150 HOUSTON -- JANUARY 5, 2001 -- UTI ENERGY CORP. (AMEX: UTI) today announced that it has entered into three separate agreements to acquire a total of six additional drilling rigs for a total purchase price of $13.6 million cash. The six rigs have an average depth capacity of approximately 15,000 feet, and will bring UTI's total rig count to 150 drilling rigs. The three transactions are expected to close by the end of the month. Four of the new rigs are currently in service -- three in Oklahoma, and one in south Texas. The remaining two, including an "SCR" electric rig capable of drilling to a depth greater than 20,000 feet, will be refurbished at a cost of approximately $2.5 million, excluding drill pipe. It is expected that the SCR rig will be marketed beginning in the second quarter of the year and the other rig is expected to be marketed during the first quarter. "AT UTI Energy, our strategy has been to grow the company through selective acquisitions," said Mark S. Siegel, UTI's Chairman. "We are constantly seeking those acquisition opportunities that we identify as providing exceptional value, in terms of both the quality of the equipment and the purchase price." Mr. Siegel continued, "Over the last three years we have added approximately 20 drilling rigs per year through the consistent implementation of this growth strategy, and today's announcement represents a continuation of this commitment. We believe that these six drilling rigs are particularly well suited to provide UTI with flexibility and additional capacity to meet the growing demand in today's marketplace." UTI Energy Corp. is a leading provider of contract drilling and pressure pumping services in North America. Upon closing of the acquisitions of the drilling rigs described above, the company's subsidiaries will own 150 drilling rigs that provide drilling services primarily in Texas, Oklahoma, New Mexico, and western Canada. The company's pressure pumping subsidiary provides stimulation and cementing services in the Northeast United States. 2 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, adverse industry conditions, difficulty in integrating acquisitions, demand for oil and natural gas, 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, including but not limited to, the Company's report on Form 10-K for the year ended December 31, 1999 and Forms 10-Q for fiscal 2000 reporting periods. Copies of these filings may be obtained by contacting the Company or the SEC. ### -----END PRIVACY-ENHANCED MESSAGE-----