Patterson UTI to Restate Financial Reports - KCBD NewsChannel 11 Lubbock

12/23/05

Patterson UTI to Restate Financial Reports

NewsChannel 11 learned Friday that Patterson UTI now believes its former CFO Jonathan Nelson embezzled $78 million, not $69 million as it first reported.

As a result, the oil drilling company, based out of Snyder, will file an amended annual 10-k report for the past three years. The restatement is expected to reduce stockholders equity by $42 million from its previously reported $1.3 billion.

Patterson says it hopes to recover most of the money from the federal courts, but they do not expect to receive that money until sometime in 2006.

get more>> Web Enhanced
Documents Reveal Big Assets in Lubbock Embezzlement Case
Read Robert Wilson's interim report on the Jonathan Nelson embezzlement.

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