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): July 2, 2004 (July 1, 2004)
SUPERIOR ENERGY SERVICES, INC.
(Exact name of registrant as specified in its charter)
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Delaware (State or other jurisdiction) |
0-20310 (Commission File Number) |
75-2379388 (IRS Employer Identification No.) |
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1105 Peters Road, Harvey, Louisiana (Address of principal executive offices) |
70058 (Zip Code) |
(504) 362-4321
(Registrant's telephone number, including area code)
Item 5. Other Events and Regulation FD Disclosure.
On July 1, 2004, Superior Energy Services, Inc. issued the press release attached hereto as Exhibit 99.
Item 7. Financial Statements and Exhibits.
| (c) | Exhibits. | ||
| 99.1 | Press release issued by Superior Energy Services, Inc. on July 1, 2004, announcing agreement signed by subsidiary SPN Resources to purchase producing properties | ||
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.
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SUPERIOR ENERGY SERVICES, INC. |
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By: |
/s/ Robert S. Taylor |
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Robert S. Taylor |
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Chief Financial Officer |
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Dated: July 2, 2004
EXHIBIT 99.1
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1105 Peters Road Harvey, Louisiana 70058 (504) 362-4321 Fax (504) 362-4966 NYSE: SPN |
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FOR IMMEDIATE RELEASE
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FOR FURTHER INFORMATION CONTACT:
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Terence Hall, CEO; Robert Taylor, CFO; |
Superior Energy Services, Inc. Announces Subsidiary SPN Resources Signs Agreement to Purchase Producing Properties
(Harvey, La., Thursday, July 1, 2004) Superior Energy Services, Inc. (NYSE: SPN) today announced that its subsidiary SPN Resources has signed a purchase and sale agreement to purchase South Pass 60 Field from BP America Production Company.
The sale includes 100% working interest in nine leases on seven shallow water Gulf of Mexico blocks, nine structures, several pipelines, and 125 producing wells. Current net production is estimated at 4,100 barrels of oil per day and 5,100 mcf per day. SPN Resources will operate the properties. BP is retaining deep drilling rights.
Service work identified for Superior companies involved with operating, maintaining, enhancing, and abandoning the field for SPN Resources has a market value estimated at $121 million over approximately the next six to eight years. "This transaction is consistent with our strategy of increasing utilization of our product and service lines through the acquisition of mature properties," said Terry Hall, President and CEO of Superior Energy Services, Inc. "The acquisition more than doubles our inventory of work for production-related, plugging and abandonment, and decommissioning work."
This transaction is expected to close by mid-July.
Superior Energy Services, Inc. provides a broad range of specialized oilfield services and equipment primarily to major and independent oil and gas companies engaged in the exploration, production and development of oil and natural gas properties offshore in the Gulf of Mexico and throughout the Gulf Coast region. These services and equipment include the rental of liftboats, rental of specialized oilfield equipment, electric and mechanical wireline services, well plug and abandonment services, well control, coiled tubing services and engineering services. Additional services provided include contract operating and supplemental labor, offshore construction and maintenance services, offshore and dockside environmental cleaning services, the manufacture and sale of drilling instrumentation and the manufacture and sale of oil spill containment equipment.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which involve known and unknown risks, uncertainties and other factors. Among the factors that could cause actual results to differ materially are: volatility of the oil and gas industry, including the level of exploration, production and development activity; risks associated with the Company’s rapid growth; changes in competitive factors and other material factors that are described from time to time in the Company’s filings with the Securities and Exchange Commission. Actual events, circumstances, effects and results may be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Consequently, the forward-looking statements contained herein should not be regarded as representations by Superior or any other person that the projected outcomes can or will be achieved.