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PATTERSON ENERGY REPORTS THIRD QUARTER AND NINE-MONTH RESULTS

 SNYDER, Texas, Dec. 3 /PRNewswire/ -- Patterson Energy, Inc. (NASDAQ: PTEN) today reported financial results for the third quarter and nine months ended Sept. 30, 1993.
 Third Quarter Results
 Net income for the third quarter ended Sept. 30, 1993 was $331,000 or $0.22 per share compared with $128,000 or $0.08 per share for the same three-month period in 1992. Revenues were $6.5 million compared with $5.6 million for the quarter ended Sept. 30, 1992. In comparing the third quarter to the same quarter of the previous year, contract drilling revenues increased 13 percent because of higher rig utilization. The average rig utilization rate for the three months ended Sept. 30, 1993 was 90 percent compared with 72 percent for the prior year three-month period. Oil and gas revenues rose 49 percent, primarily a result of greater sales volumes. Also included in 1993 third quarter results was a noncash charge to earnings of approximately $356,000 associated with a doubtful account receivable. Third quarter results for 1992 reflect a charge of approximately $186,000 related to professional costs associated with an abandoned securities offering.
 Nine-Month Results
 For the nine months ended Sept. 30, 1993, the company reported net income of $964,000 or $0.63 per share compared with $768,000 or $0.48 per share for the nine-month period in 1992. Revenues were $17.3 million compared with $15.4 million for the previous year. Contributing to increased profitability for the current nine-month period was a seven percent increase in contract drilling revenues and an 85 percent increase in oil and gas sales. The rig utilization rate for the current nine-month period averaged 76 percent vs. 68 percent for the same period a year ago.
 Cloyce A. Talbott, chairman of the board and chief executive officer of the company, commented: "Financial results represent Patterson's operations before becoming a public company in November 1993. The results do not take into account the effect of Patterson's initial public offering and may not be comparable in all respects to future operating results."
 On November 9, 1993, the company completed its initial public offering of 745,000 shares of common stock and 745,000 redeemable warrants which were priced at $6.75 per common share and $0.25 per redeemable warrant. Net proceeds to the company totaled approximately $4.2 million, of which $1.5 million was used to repay certain notes payable and approximately $2.0 million will be used for oil and gas leasehold acquisition, exploration and development. The remainder of the net proceeds will be used to pay accrued accounts payable and for general corporate purposes.
 Patterson Energy, Inc., headquartered in Snyder, is engaged in contract drilling and the exploration, development and production of oil and natural gas. Patterson operates 13 fully equipped land-based drilling rigs and owns producing oil and gas interests and undeveloped leasehold acreage located primarily in Texas. Its common stock and redeemable warrants are traded on the NASDAQ National Market System under the symbols PTEN and PTENW, respectively.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (unaudited)
 Three months ended Nine months ended
 September 30, September 30,
 1993 1992 1993 1992
 Revenues:
 Drilling $5,543,000 $4,899,000 14,619,000 13,637,000
 Oil and gas sales 745,000 499,000 2,021,000 1,090,000
 Other 215,000 201,000 681,000 649,000
 Total revenues $6,503,000 $5,599,000 $17,321,000 $15,376,000
 Operating income $334,000 $174,000 $1,084,000 $218,000
 Net Income $331,000 $128,000 $964,000 $768,000
 Net income per share $0.22 $0.08 $0.63 $0.48
 -0- 12/3/93
 /CONTACT: Cloyce A. Talbott or James C. Brown, Patterson Energy, 915-573-1104/
 (PTEN)


CO: Patterson Energy, Inc. ST: Texas IN: OIL SU: ERN

LG -- NY019 -- 0145 12/03/93 10:22 EST
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Publication:PR Newswire
Date:Dec 3, 1993
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