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Press Releases

  • 4/20/17 4:31 pm CDT
    PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) announced today that it has closed its merger with Seventy Seven Energy Inc.  Stockholders of Seventy Seven Energy are entitled to receive 1.7851 shares of newly issued Patterson-UTI common stock in exchange for each share of Seventy Seven Energy.  Patterson-UTI issued approximately 47.5 million shares pursuant to the merger. Concurrent with the closing of the merger, Patterson-UTI repaid all of the outstanding debt ofmore...
  • 4/10/17 7:48 pm CDT
    OKLAHOMA CITY & HOUSTON--(BUSINESS WIRE)--SEVENTY SEVEN ENERGY INC. (“SSE”) and PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) (“Patterson-UTI”) announced today that SSE was extending the deadline for holders of its outstanding warrants to exercise those warrants in advance of the consummation of the merger contemplated by the previously announced Agreement and Plan of Merger (the “Merger Agreement”) dated as of December 12, 2016, by and among SSE, Patterson-UTI, and Pyramid Merger Sub, Incmore...
  • 3/24/17 5:29 pm CDT
    To the Stockholders of Seventy Seven Energy Inc.: We are pleased to invite you to attend the special meeting of stockholders of Seventy Seven Energy Inc., a Delaware corporation (“SSE”), which will be held at SSE’s executive offices at 777 N.W. 63rd Street, Oklahoma City, Oklahoma 73116, on April 20, 2017, at 9:00 a.m., Central.Below you will find Seventy Seven Energy’s Proxy Statement and Sample Proxy Card:Proxy Statement / Notice of Special MeetingSample Proxy CardDate: April 20,more...
  • 3/22/17 5:07 pm CDT
    OKLAHOMA CITY--(BUSINESS WIRE)--SEVENTY SEVEN ENERGY INC. (“SSE”) announced today that it will hold a special meeting of its stockholders in connection with the proposed merger with Patterson-UTI Energy, Inc. (“Patterson UTI”) on April 20, 2017 at 9:00 a.m. Central Time, at SSE’s offices at 777 N.W. 63rd Street, Oklahoma City, Oklahoma 73116. At the special meeting, SSE’s stockholders will consider and vote upon (i) the proposal to adopt the previously announced Agreement andmore...
  • 2/22/17 5:00 pm CST
    OKLAHOMA CITY--(BUSINESS WIRE)--SEVENTY SEVEN ENERGY INC. (“SSE”) announced today that it has established a record date for the special meeting of its stockholders to consider and vote upon (i) the proposal to adopt the previously announced Agreement and Plan of Merger (the “Merger Agreement”) dated as of December 12, 2016, by and among SSE, Patterson-UTI Energy, Inc., and Pyramid Merger Sub, Inc. (the “Merger Agreement Adoption Proposal”), (ii) the proposal to approve, on anmore...
  • 2/13/17 8:11 am CST
    OKLAHOMA CITY--(BUSINESS WIRE)--Seventy Seven Energy Inc. (“SSE”) today reported financial and operational results for the five months and quarter ended December 31, 2016 for its Successor and the seven months ended July 31, 2016 for its Predecessor. Upon emergence from Chapter 11 bankruptcy on August 1, 2016, SSE adopted fresh-start accounting, which resulted in the Company becoming a new entity for financial reporting purposes. References to “Successor” relate to themore...
  • 12/12/16 9:13 pm CST
    PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) (“Patterson-UTI”) and SEVENTY SEVEN ENERGY INC. (OTCPK:SVNT) (“Seventy Seven Energy”) today jointly announced that the two companies have entered into a definitive merger agreement pursuant to which Patterson-UTI will acquire Seventy Seven Energy in an all-stock transaction.  Patterson-UTI and Seventy Seven Energy are both leaders in building and operating high-spec rigs, and the transaction will further solidify Patterson-UTI as a leader in the Umore...
  • 11/9/16 8:00 am CST
    OKLAHOMA CITY--(BUSINESS WIRE)--Seventy Seven Energy Inc. (“SSE”) today reported financial and operational results for the one month ended July 31, 2016 for its Predecessor and the two months ended September 30, 2016 for its Successor. Upon emergence from Chapter 11 bankruptcy on August 1, 2016, SSE adopted fresh-start accounting, which resulted in the Company becoming a new entity for financial reporting purposes. References to “Successor” relate to the financial position andmore...
  • 8/9/16 8:00 am CDT
    OKLAHOMA CITY--(BUSINESS WIRE)--Seventy Seven Energy Inc. (“SSE”) today reported financial and operational results for the second quarter of 2016. Key information related to SSE for the second quarter is as follows: Emerged from bankruptcy on August 1, 2016, which reduced debt by $1.115 billion Net Loss of $84.5 million Consolidated Adjusted EBITDA of $31.5 million 8 rigs currently operating in the Permianmore...
  • 8/1/16 3:16 pm CDT
    • Pre-Packaged Bankruptcy Process Successfully Completed with $1.1 Billion of Existing Debt Converted into New Common Equity
    OKLAHOMA CITY--(BUSINESS WIRE)--Seventy Seven Energy Inc. (the “Company”) today announced that it has successfully completed its prepackaged restructuring and recapitalization and emerged from Chapter 11 bankruptcy protection. The Company, whose Chapter 11 plan of reorganization was confirmed by the United States Bankruptcy Court for the District of Delaware on July 14, 2016, completed the process in less than two months. The Company’s execution of the balance sheetmore...