Patterson-UTI to Sell Stakes
Patterson-UTI Energy announced the sale of certain oil and gas working interest rights for $22.3 million, which resulted in an estimated net of tax gain of $13 million, or $0.08 per share. The interests sold included rights to explore and develop zones deeper than depths it generally targeted for such properties. Additionally, the purchaser acquired the right to participate 20% in future wells drilled at the shallower depths. The sale did not include any producing wells.
- Walking Oil Rigs Spur Cheaper, Quicker Drilling in Supply Glut (Sep 01)
- Patterson-UTI to Sell Stakes (May 10)
- Patterson-UTI Reports Rig Count for March (Apr 02)