<SEC-DOCUMENT>0001299933-15-000049.txt : 20150112
<SEC-HEADER>0001299933-15-000049.hdr.sgml : 20150112
<ACCEPTANCE-DATETIME>20150112070110
ACCESSION NUMBER:		0001299933-15-000049
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150109
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150112
DATE AS OF CHANGE:		20150112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PATTERSON UTI ENERGY INC
		CENTRAL INDEX KEY:			0000889900
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				752504748
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22664
		FILM NUMBER:		15520599

	BUSINESS ADDRESS:	
		STREET 1:		4510 LAMESA HWY
		STREET 2:		P O DRAWER 1416
		CITY:			SNYDER
		STATE:			TX
		ZIP:			79549
		BUSINESS PHONE:		9155731104

	MAIL ADDRESS:	
		STREET 1:		P O DRAWER 1416
		CITY:			SNYDER
		STATE:			TX
		ZIP:			79550

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATTERSON ENERGY INC
		DATE OF NAME CHANGE:	19940228
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_51106.htm
<DESCRIPTION>LIVE FILING
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<TITLE> Patterson-UTI Energy, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	January 9, 2015
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	Patterson-UTI Energy, Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Delaware
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	0-22664
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	75-2504748
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	450 Gears Road, Suite 500, Houston, Texas
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	77067
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	281-765-7100
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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	Item 1.01 Entry into a Material Definitive Agreement.
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        On January 9, 2015, Patterson-UTI Energy, Inc. (the "Company"), entered into an Amendment No. 1 to Credit Agreement (the "Amendment"), which amends the Credit Agreement, dated as of September 27, 2012 (the "Credit Agreement"), among the Company, Wells Fargo Bank, N.A., as administrative agent, the issuer of letters of credit and swing line lender and each other lender party thereto.<br><br>        The Amendment, among other things:<br><br>&#x2022;	releases Patterson-UTI Drilling International, Inc., a subsidiary of the Company, from its obligations under the guaranty related to the Credit Agreement;<br><br>&#x2022;	exempts from the requirement to become additional guarantors under the Credit Agreement (i) U.S. subsidiaries that do not own any material assets other than equity interests of non-U.S. subsidiaries and indebtedness owed by a non-U.S. subsidiary to such U.S. subsidiary incurred in connection with the capitalization of such non-U.S. subsidiary; (ii) U.S. subsidiaries that do not own any material assets other than equity interests of entities described in clause (i) and indebtedness owed by an entity described in clause (i) to such U.S. subsidiary incurred in connection with the capitalization of such entity; and (iii) certain immaterial subsidiaries, in each case, so long as such U.S. subsidiary or immaterial subsidiary does not guarantee any indebtedness of the Company or of any subsidiary of the Company that guarantees indebtedness of the Company;<br><br>&#x2022;	replaces the definition of a Change of Control in the Credit Agreement so that the definition no longer (i) treats differently changes in the composition of the board of directors of the Company due to actual or threatened proxy solicitations or (ii) includes any acquisition by contract or otherwise by a person or two or more persons acting in concert that results in the acquisition of power to directly or indirectly exercise a controlling influence over the Company&#x2019;s management or policies or control over equity securities of the Company entitled to vote for member of the board of directors representing 25% or more of the combined voting power of such securities; and<br><br>&#x2022;	increases the amount of senior note indebtedness that subsidiaries of the Company are permitted to guarantee under the Credit Agreement from $600,000,000 to $1,000,000,000.<br><br>        The above description of the Amendment is qualified in its entirety by reference to the complete text of the Amendment filed as Exhibit 10.1 hereto, which is incorporated herein by reference.<br>
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	Item 9.01 Financial Statements and Exhibits.
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(d)	Exhibits.<br><br>10.1	Amendment No. 1 to Credit Agreement, dated as of January 9, 2015, by and among the Company, certain subsidiaries of the Company party thereto, Wells Fargo Bank, N.A., as administrative agent, issuer of letters of credit and swing line lender and the other lenders thereto. <br>
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	SIGNATURES
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	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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	Patterson-UTI Energy, Inc.
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<I>
	January 12, 2015
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	By:
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<I>
	John E. Vollmer III
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	Name: John E. Vollmer III
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<I>
	Title: Senior Vice President - Corporate Development, Chief Financial Officer and Treasurer
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	10.1
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Amendment No. 1 to Credit Agreement, dated as of January 9, 2015, by and among the Company, certain subsidiaries of the Company party thereto, Wells Fargo Bank, N.A., as administrative agent, issuer of letters of credit and swing line lender and the other lenders thereto
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<TYPE>EX-10.1
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>AMENDMENT NO. 1 TO CREDIT AGREEMENT</B></FONT>



<P align="left" style="font-size: 11pt; text-indent: 4%">This AMENDMENT NO. 1 TO CREDIT AGREEMENT (&#147;<U>Agreement</U>&#148;) dated as of January&nbsp;9, 2015
(&#147;<U>Effective Date</U>&#148;) is by and among Patterson &#150; UTI Energy, Inc., a Delaware corporation
(&#147;<U>Borrower</U>&#148;), the subsidiaries of the Borrower party hereto (together with the Borrower,
the &#147;<U>Loan Parties</U>&#148;), the Lenders (as defined below), and Wells Fargo Bank, N.A., as
administrative agent (in such capacity, the &#147;<U>Administrative Agent</U>&#148;) for the Lenders, as the
issuer of letters of credit under the Credit Agreement referred to below (in such capacity, the
&#147;<U>L/C Issuer</U>&#148;), and as the swing line lender under the Credit Agreement referred to below
(in such capacity, the &#147;<U>Swing Line Lender</U>&#148;).


<P align="center" style="font-size: 11pt"><B>RECITALS</B>



<P align="left" style="font-size: 11pt; text-indent: 4%">A.&nbsp;Reference is hereby made to that certain (i)&nbsp;Credit Agreement dated as of September&nbsp;27,
2012 among the Borrower, the Administrative Agent, the L/C Issuer, the Swing Line Lender and the
financial institutions party thereto from time to time, as lenders (the &#147;<U>Lenders</U>&#148;), as
heretofore amended (as so amended, the &#147;<U>Credit Agreement</U>&#148;) and (ii)&nbsp;Continuing Guaranty
dated as of September&nbsp;27, 2012 and delivered by the Guarantors signatory thereto (the
&#147;<U>Guaranty</U>&#148;).


<P align="left" style="font-size: 11pt; text-indent: 4%">B.&nbsp;The Borrower has requested that the Lenders make certain amendments to the Credit Agreement
and the Guaranty as set forth below.


<P align="left" style="font-size: 11pt; text-indent: 4%">C.&nbsp;The Borrower also has requested that the Lenders consent to the release of Patterson-UTI
Drilling International, Inc. (&#147;<U>Patterson International</U>&#148;) from its obligations under the
Guaranty as it would qualify as an Excluded Subsidiary (as defined in Credit Agreement, as amended
hereby).


<P align="left" style="font-size: 11pt; text-indent: 4%">NOW<FONT style="font-variant: SMALL-CAPS"> </FONT>THEREFORE, in consideration of the premises and the mutual covenants,
representations and warranties contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:


<P align="left" style="font-size: 11pt; text-indent: 4%">Section&nbsp;1. <U><B>Defined Terms; Interpretation and Provisions</B></U>. As used in this Agreement,
each of the terms defined in the opening paragraph and the Recitals above shall have the meanings
assigned to such terms therein. Each term defined in the Credit Agreement, as amended hereby, and
used herein without definition shall have the meaning assigned to such term in the Credit
Agreement, as amended hereby, unless expressly provided to the contrary. Article, Section,
Schedule, and Exhibit references are to Articles and Sections of and Schedules and Exhibits to this
Agreement, unless otherwise specified. The words &#147;hereof&#148;, &#147;herein&#148;, and &#147;hereunder&#148; and words of
similar import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. The term &#147;including&#148; means &#147;including, without
limitation&#148;. Paragraph headings have been inserted in this Agreement as a matter of convenience
for reference only and it is agreed that such paragraph headings are not a part of this Agreement
and shall not be used in the interpretation of any provision of this Agreement


<P align="left" style="font-size: 11pt; text-indent: 4%">Section&nbsp;2. <U><B>Amendments to Credit Agreement</B></U>.


<P align="left" style="font-size: 11pt; text-indent: 8%">(a)&nbsp;Section&nbsp;1.01 (<U>Defined Terms</U>) of the Credit Agreement is hereby amended by
replacing the defined term for &#147;Change of Control&#148; in its entirety with the following:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 11pt; text-indent: 4%"><I>"</I><U><I>Change of Control</I></U><I>&#148; means an event or series of events by which:</I>


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 11pt; text-indent: 8%">(a) <I>any &#147;person&#148; or &#147;group&#148; (as such terms are used in </I><U><I>Sections&nbsp;13(d)</I></U><I>
and </I><U><I>14(d)</I></U><I> of the Securities Exchange Act of 1934, but excluding any employee
benefit plan of such person or its subsidiaries, and any person or entity acting in
its capacity as trustee, agent or other fiduciary or administrator of any such plan)
becomes the &#147;beneficial owner&#148; (as defined in Rules&nbsp;13d-3 and 13d-5 under the
Securities Exchange Act of 1934, except that a person or group shall be deemed to
have &#147;beneficial ownership&#148; of all securities that such person or group has the
right to acquire (such right, an &#147;option right&#148;), whether such right is exercisable
immediately or only after the passage of time), directly or indirectly, of 25% or
more of the equity securities of the Borrower entitled to vote for members of the
board of directors or equivalent governing body of the Borrower on a fully-diluted
basis (and taking into account all such securities that such person or group has the
right to acquire pursuant to any option right); or</I>


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 11pt; text-indent: 8%">(b) <I>during any period of 12 consecutive months, a majority of the members of
the board of directors or other equivalent governing body of the Borrower cease to
be composed of individuals (i)&nbsp;who were members of that board or equivalent
governing body on the first day of such period, (ii)&nbsp;whose election or nomination to
that board or equivalent governing body was approved by individuals referred to in
clause (i)&nbsp;above constituting at the time of such election or nomination at least a
majority of that board or equivalent governing body or (iii)&nbsp;whose election or
nomination to that board or other equivalent governing body was approved by
individuals referred to in clauses (i)&nbsp;and (ii)&nbsp;above constituting at the time of
such election or nomination at least a majority of that board or equivalent
governing body.</I>


<P align="left" style="font-size: 11pt; text-indent: 8%">(b)&nbsp;Section&nbsp;1.01 (<U>Defined Terms</U>) of the Credit Agreement is hereby further amended by
replacing the defined term for &#147;Foreign Subsidiary&#148; in its entirety with the following:



<P align="left" style="margin-left:4%; font-size: 11pt"><I>"</I><U><I>Foreign Subsidiary</I></U><I>&#148; means any Subsidiary (other than a Domestic Subsidiary) that is
treated as a controlled foreign corporation under Section&nbsp;957 of the Code.</I>


<P align="left" style="font-size: 11pt; text-indent: 8%">(c)&nbsp;Section&nbsp;1.01 (<U>Defined Terms</U>) of the Credit Agreement is hereby further amended by
replacing the defined term for &#147;Guarantor&#148; in its entirety with the following:



<P align="left" style="margin-left:4%; font-size: 11pt"><I>"</I><U><I>Guarantor</I></U><I>&#148; means (a)&nbsp;as of the Closing Date, each of the Domestic Subsidiaries
identified on </I><U><I>Schedule&nbsp;5.13</I></U><I> other than Ambar Lone Star Fluid Services LLC, and (b)
after the Closing Date, any Subsidiary of the Company required to execute a Guaranty under</I>
<U><I>Section&nbsp;6.12</I></U><I> hereof; provided, however, any Person constituting a Guarantor as
described in the preceding portion of this definition shall cease to constitute a Guarantor
when it is released and discharged from its obligations under the Guaranty pursuant to the
terms hereof.</I>


<P align="left" style="font-size: 11pt; text-indent: 8%">(d)&nbsp;Section&nbsp;1.01 (<U>Defined Terms</U>) of the Credit Agreement is hereby further amended by
adding the following new terms to appear in alphabetical order therein:



<P align="left" style="margin-left:4%; font-size: 11pt"><I>&#147;</I><U><I>Commodity Exchange Act</I></U><I>&#148; means the Commodity Exchange Act (7 U.S.C. &#167; 1 et seq.), as
amended from time to time, and any successor statute.</I>



<P align="left" style="margin-left:4%; font-size: 11pt"><I>&#147;</I><U><I>Excluded Subsidiary</I></U><I>&#148; means (a)&nbsp;any Domestic Subsidiary that owns no material assets
other than the Equity Interests of one or more Foreign Subsidiaries and Indebtedness owed by
a Foreign Subsidiary to such Domestic Subsidiary incurred in connection with the
capitalization of such Foreign Subsidiary, (b)&nbsp;any Domestic Subsidiary that owns no material
assets other than the Equity Interests of one or more Subsidiaries that qualify as an
Excluded Subsidiary under the previous clause (a)&nbsp;and Indebtedness owed by such Excluded
Subsidiary to such Domestic Subsidiary incurred in connection with the capitalization of
such Excluded Subsidiary, and (c)&nbsp;any Immaterial Subsidiary, but, in any event under the
preceding clause (a), (b)&nbsp;and (c), only if such Domestic Subsidiary or Immaterial
Subsidiary, as applicable, does not Guarantee any Indebtedness of any Loan Party.</I>



<P align="left" style="margin-left:4%; font-size: 11pt"><I>&#147;</I><U><I>Excluded Swap Obligation</I></U><I>&#148; means, with respect to any Guarantor, any Hedge
Obligation if, and to the extent that, all or a portion of the guaranty of such Guarantor
of, or the grant by such Guarantor of a security interest to secure, such Hedge Obligation
(or any guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any
rule, regulation or order of the Commodity Futures Trading Commission (or the application or
official interpretation of any thereof) by virtue of such Guarantor&#146;s failure for any reason
to constitute an &#147;eligible contract participant&#148; as defined in the Commodity Exchange Act
and the regulations thereunder at the time the guaranty of such Guarantor or the grant of
such security interest becomes effective with respect to such Hedge Obligation. If a Hedge
Obligation arises under a master agreement governing more than one swap, such exclusion
shall apply only to the portion of such Hedge Obligation that is attributable to swaps for
which such guaranty or security interest is or becomes illegal.</I>



<P align="left" style="margin-left:4%; font-size: 11pt"><I>&#147;</I><U><I>Hedge Obligation</I></U><I>&#148; means, with respect to any Guarantor, any obligation to pay or
perform under any agreement, contract or transaction that constitutes a &#147;swap&#148; within the
meaning of section 1a(47) of the Commodity Exchange Act.</I>


<P align="left" style="font-size: 11pt; text-indent: 8%">(e)&nbsp;Section&nbsp;5.06 of the Credit Agreement is hereby amended by replacing in its entirety its
clause (a)&nbsp;with the following:



<P align="left" style="margin-left:4%; font-size: 11pt"><I>&#147;(a) other than as set forth on Schedule&nbsp;A to the Amendment No.&nbsp;1 to Credit Agreement, dated
as of January&nbsp;9, 2015, which amends this Agreement, purport to affect or pertain to this
Agreement or any other Loan Document, or any of the transactions contemplated hereby, or&#148;</I>


<P align="left" style="font-size: 11pt; text-indent: 8%">(f)&nbsp;Section&nbsp;6.12 (<U>Additional Guarantors</U>) of the Credit Agreement is hereby replaced in
its entirety with the following:



<P align="left" style="margin-left:4%; font-size: 11pt"><B><I>6.12 Additional Guarantors</I></B><I>. Notify the Administrative Agent within 10&nbsp;days after the date
that any Person becomes a Domestic Subsidiary other than an Excluded Subsidiary or any
Domestic Subsidiary that was previously an Excluded Subsidiary ceases to be an Excluded
Subsidiary, and within such 10-day period, also cause such Domestic Subsidiary to (a)&nbsp;become
a Guarantor by executing and delivering to the Administrative Agent a counterpart of the
Guaranty or such other document as the Administrative Agent shall deem appropriate for such
purpose, and (b)&nbsp;deliver to the Administrative Agent documents of the types referred to in
clauses (iii)&nbsp;and (iv)&nbsp;of Section&nbsp;4.</I><I>01(a)</I><I> and favorable opinions of counsel to such Person
(which shall cover, among other things, the legality, validity, binding effect and
enforceability of the documentation referred to in clause (a)), all in form, content and
scope reasonably satisfactory to the Administrative Agent.</I>


<P align="left" style="font-size: 11pt; text-indent: 8%">(g)&nbsp;Section&nbsp;7.03 (<U>Indebtedness of Subsidiaries</U>) of the Credit Agreement is hereby
amended by replacing in its entirety its clause&nbsp;(e) with the following:



<P align="left" style="margin-left:4%; font-size: 11pt"><I>&#147;(e) Guarantees in respect of Senior Notes Indebtedness in an aggregate principal amount of
up to $1,000,000,000;&#148;</I>


<P align="left" style="font-size: 11pt; text-indent: 8%">(h)&nbsp;Section&nbsp;9.10 (<U>Guaranty Matters</U>) of the Credit Agreement is hereby amended by
replacing in its entirety its initial paragraph with the following:



<P align="left" style="margin-left:4%; font-size: 11pt"><I>&#147;The Lenders and the L/C Issuers irrevocably authorize the Administrative Agent, at its
option and in its discretion, to release and discharge any Guarantor from its obligations
under the Guaranty if such Person (i)&nbsp;ceases to be a Subsidiary as a result of a transaction
permitted hereunder, (ii)&nbsp;becomes an Excluded Subsidiary or (iii)&nbsp;is released and discharged
as otherwise agreed by the Required Lenders or all Lenders, as the case may be.&#148;</I>


<P align="left" style="font-size: 11pt; text-indent: 4%">Section&nbsp;3. <U><B>Loan Parties&#146; Representations and Warranties</B></U><B>. </B>The Borrower acknowledges,
represents, warrants and agrees as to itself and all other Loan Parties, and each other Loan Party
acknowledges, represents, warrants and agrees as to itself, that: (a)&nbsp;after giving effect to this
Agreement, the representations and warranties contained in the Credit Agreement, as amended hereby,
and the representations and warranties contained in the other Loan Documents are true and correct
in all material respects on and as of the Effective Date and on the date hereof as if made on as
and as of such date except to the extent that any such representation or warranty expressly relates
solely to an earlier date, in which case such representation or warranty is true and correct in all
material respects as of such earlier date; (b)&nbsp;the execution, delivery and performance of this
Agreement are within the limited liability company or corporate power and authority of such Loan
Party and have been duly authorized by appropriate limited liability company and corporate action
and proceedings; (c)&nbsp;this Agreement constitutes the legal, valid, and binding obligation of such
Loan Party enforceable in accordance with its terms, except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally
and general principles of equity, and no portion of the Obligations are subject to avoidance,
subordination, recharacterization, recovery, attack, offset, counterclaim, or defense of any kind;
(d)&nbsp;there are no governmental or other third party consents, licenses and approvals required to be
made or obtained by it in connection with its execution, delivery, performance, validity and
enforceability of this Agreement; and (e)&nbsp;no Defaults or Events of Default exist. The Borrower
acknowledges, represents, warrants and agrees that Patterson International is an Excluded
Subsidiary as defined in this Agreement.


<P align="left" style="font-size: 11pt; text-indent: 4%">Section&nbsp;4. <U><B>Conditions to Effectiveness</B></U><B>. </B>This Agreement shall become effective on the
Effective Date and enforceable against the parties hereto upon the receipt by the Administrative
Agent of multiple original counterparts of this Agreement executed and delivered by duly authorized
officers of the Borrower, the Guarantors, the Administrative Agent, and the Required Lenders.


<P align="left" style="font-size: 11pt; text-indent: 4%">Section&nbsp;5. <U><B>Acknowledgments and Agreements</B></U><B>.</B>


<P align="left" style="font-size: 11pt; text-indent: 4%"><FONT style="font-size: 12pt">(a) </FONT><FONT style="font-size: 11pt">Each Loan Party acknowledges that on the date hereof all outstanding Obligations
are payable in accordance with their terms and each Loan Party waives any defense, offset,
counterclaim or recoupment with respect thereto. The Administrative Agent, the L/C Issuer Lender,
the Swing Line Lender and the Lenders hereby expressly reserve all of their rights, remedies, and
claims under the Loan Documents. Nothing in this Agreement shall constitute a waiver or
relinquishment of (i)&nbsp;any Default or Event of Default under any of the Loan Documents, (ii)&nbsp;any of
the agreements, terms or conditions contained in any of the Loan Documents, (iii)&nbsp;any rights or
remedies of the Administrative Agent, the Issuing Lender, the Collateral Agent or any Lender with
respect to the Loan Documents, or (iv)&nbsp;the rights of the Administrative Agent, the L/C Issuer
Lender, the Swing Line Lender or any Lender to collect the full amounts owing to them under the
Loan Documents.
</FONT>

<P align="left" style="font-size: 11pt; text-indent: 4%"><FONT style="font-size: 12pt">(b) </FONT><FONT style="font-size: 11pt">The Borrower, each Guarantor, Administrative Agent, L/C Issuer Lender, Swing
Line Lender and each Lender does hereby adopt, ratify, and confirm the Credit Agreement, as amended
hereby, and acknowledges and agrees that the Credit Agreement, as amended hereby, is and remains in
full force and effect, and the Borrower and the Guarantors acknowledge and agree that their
respective liabilities and obligations under the Credit Agreement, as amended hereby, and the
Guaranty, are not impaired in any respect by this Agreement.
</FONT>

<P align="left" style="font-size: 11pt; text-indent: 4%"><FONT style="font-size: 12pt">(c) </FONT><FONT style="font-size: 11pt">From and after the Effective Date, all references to the Credit Agreement and
the Loan Documents shall mean the Credit Agreement and such Loan Documents as amended by this
Agreement.
</FONT>

<P align="left" style="font-size: 11pt; text-indent: 4%"><FONT style="font-size: 12pt">(d) </FONT><FONT style="font-size: 11pt">This Agreement is a Loan Document for the purposes of the provisions of the
other Loan Documents.
</FONT>

<P align="left" style="font-size: 11pt; text-indent: 4%">Section&nbsp;6. <U><B>Reaffirmation of and Amendment to the Guaranty</B></U>.


<P align="left" style="font-size: 11pt; text-indent: 8%">(a)&nbsp;Each Guarantor party hereto (which, for the avoidance of doubt, excludes Patterson
International) hereby ratifies, confirms, acknowledges and agrees that its obligations under the
Guaranty are in full force and effect and that such Guarantor continues to unconditionally and
irrevocably guarantee the full and punctual payment, when due, whether at stated maturity or
earlier by acceleration or otherwise, all of the Guaranteed Obligations (as defined in the
Guaranty) as such Guaranteed Obligations may have been amended by this Agreement, and its execution
and delivery of this Agreement does not indicate or establish an approval or consent requirement by
such Guarantor under the Guaranty, in connection with the execution and delivery of amendments,
consents or waivers to the Credit Agreement or any of the other Loan Documents.


<P align="left" style="font-size: 11pt; text-indent: 8%">(b)&nbsp;The Guaranty is hereby amended by inserting the following new sentence at the end of
Section&nbsp;2(a):



<P align="left" style="margin-left:8%; font-size: 11pt"><I>&#147;Notwithstanding anything contained herein to the contrary, in no event shall the
Guaranteed Obligations include Excluded Swap Obligations.&#148;</I>


<P align="left" style="font-size: 11pt; text-indent: 4%">Section&nbsp;7. <U><B>Release from Guaranty</B></U>. The Lenders consent to the release and discharge
of, and the Administrative Agent hereby releases and discharges, Patterson International from all
obligations and liabilities under the Guaranty. The foregoing is a release and discharge of
Patterson International only, and nothing in this Agreement shall be construed to be a release of
any obligations of the Borrower, any other Guarantor or any other Person under the Credit Agreement
or any other Loan Document to, or for the benefit of the Administrative Agent, the L/C Issuer, the
Swing Line Lender or any other Lender. Furthermore, nothing in this Agreement shall be deemed or
construed to in any manner be a permanent release and discharge of Patterson International from
hereafter being required timely to become, and the Borrower from being required to cause Patterson
International hereafter timely to become, a Guarantor pursuant to the terms of the Credit
Agreement, as amended and in effect, whether for failure to qualify as an Excluded Subsidiary (as
defined in Credit Agreement, as amended hereby) or otherwise.


<P align="left" style="font-size: 11pt; text-indent: 4%">Section&nbsp;8. <U><B>Counterparts</B></U><B>. </B>This Agreement may be signed in any number of counterparts,
each of which shall be an original and all of which, taken together, constitute a single
instrument. This Agreement may be executed by facsimile signature or other electronic imaging
means, and all such signatures shall be effective as originals.


<P align="left" style="font-size: 11pt; text-indent: 4%">Section&nbsp;9. <U><B>Successors and Assigns</B></U><B>. </B>This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns permitted pursuant to
the Credit Agreement.


<P align="left" style="font-size: 11pt; text-indent: 4%">Section&nbsp;10. <U><B>Severability</B></U>. In case one or more provisions of this Agreement or the
other Loan Documents shall be invalid, illegal or unenforceable in any respect under any applicable
Legal Requirement, the validity, legality, and enforceability of the remaining provisions contained
herein or therein shall not be affected or impaired thereby.


<P align="left" style="font-size: 11pt; text-indent: 4%">Section&nbsp;11. <U><B>Governing Law</B></U><B>. This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of New York; provided that, the Administrative
Agent, the L/C Issuer, the Swing Line Lender and each Lender shall retain all rights arising under
applicable federal law.</B>


<P align="left" style="font-size: 11pt; text-indent: 4%">Section&nbsp;12. <U><B>ENTIRE AGREEMENT</B></U><B>. THIS WRITTEN AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.</B>


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.</B>


<P align="center" style="font-size: 11pt">&#091;Signature pages follow.&#093;



<P align="left" style="font-size: 11pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their respective officers thereunto duly authorized effective as of the Effective Date.


<P align="left" style="font-size: 11pt"><U><B>BORROWER:</B></U>


<P align="left" style="font-size: 11pt"><B>PATTERSON-UTI ENERGY, INC.</B>


<P align="left" style="font-size: 11pt">By: <U>/s/ John E. Vollmer III</U><BR>
John E. Vollmer III<BR>
Senior Vice President&#151;Corporate Development, Chief Financial Officer and Treasurer<BR>


<P align="left" style="font-size: 11pt"><U><B>GUARANTORS:</B></U>


<P align="left" style="font-size: 11pt"><B>PATTERSON PETROLEUM LLC</B>


<P align="left" style="font-size: 11pt"><BR>
<B>PATTERSON-UTI DRILLING COMPANY LLC</B>
<BR>
<B>PATTERSON-UTI MANAGEMENT SERVICES, LLC</B>
<BR>
<B>UNIVERSAL WELL SERVICES, INC.</B>
<BR>
<B>UNIVERSAL PRESSURE PUMPING, INC.</B>


<P align="left" style="font-size: 11pt">Each by: <U>/s/ John E. Vollmer III</U>
<BR>
Senior Vice President&#151;Corporate Development, Chief Financial Officer and Treasurer


<P align="center" style="font-size: 10pt; display: none">1
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<P align="left" style="margin-left:20%; font-size: 11pt"><U><B>ADMINISTRATIVE AGENT/LENDER/L/C ISSUER/SWING LINE
LENDER/LENDERS:</B></U>



<P align="left" style="margin-left:20%; font-size: 11pt"><B>WELLS FARGO BANK, N.A.,</B>
<BR>
as the Administrative Agent, the L/C Issuer and the Swing
Line Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By: <U>/s/ Christina Faith</U><BR>
Name: Christina Faith<BR>
Title: Director<BR>


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.</B>,



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By: <U>/s/ Maria Ferradas</U><BR>
Name: Maria Ferradas<BR>
Title: Vice President<BR>


<P align="center" style="font-size: 10pt; display: none">3
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>REGIONS BANK,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By: <U>/s/ Richard S. Kaufman</U><BR>
Name: Richard S. Kaufman<BR>
Title: Senior Vice President<BR>


<P align="center" style="font-size: 10pt; display: none">4
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>COMERICA BANK,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By: <U>/s/ Evan Elsea </U><BR>
Name: Evan Elsea<BR>
Title: Relationship Manager<BR>


<P align="center" style="font-size: 10pt; display: none">5
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>U.S. BANK, NATIONAL ASSOCIATION,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By: <U>/s/ Patrick Jeffrey</U><BR>
Name: Patrick Jeffrey<BR>
Title: Vice President<BR>


<P align="center" style="font-size: 10pt; display: none">6
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>BANK OF AMERICA, N.A.,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender and an L/C Issuer



<P align="left" style="margin-left:20%; font-size: 11pt">By: <U>/s/ Anthony A. Eastman</U><BR>
Name: Anthony A. Eastman<BR>
Title: Vice President<BR>


<P align="center" style="font-size: 10pt; display: none">7
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>HSBC BANK USA, N.A.,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By: <U>/s/ Michael Bustios</U><BR>
Name: Michael Bustios<BR>
Title: Vice President 20556<BR>


<P align="center" style="font-size: 10pt; display: none">8
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>SUMITOMO MITSUI BANKING CORPORATION,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By: <U>/s/ James D. Weinstein</U><BR>
Name: James D. Weinstein<BR>
Title: Managing Director<BR>


<P align="center" style="font-size: 10pt; display: none">9
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>THE BANK OF NOVA SCOTIA,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By: <U>/s/ John Frazell</U><BR>
Name: John Frazell<BR>
Title: Director<BR>


<P align="center" style="font-size: 10pt; display: none">10
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>AMEGY BANK NATIONAL ASSOCIATION,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By: <U>/s/ James Day</U><BR>
Name: James Day<BR>
Title: Vice President<BR>


<P align="center" style="font-size: 10pt; display: none">11
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>BOKF, NA dba BANK OF TEXAS,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By: <U>/s/ Marian Livingston</U><BR>
Name: Marian Livingston<BR>
Title: Senior Vice President<BR>


<P align="center" style="font-size: 10pt; display: none">12
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>MERCANTIL COMMERCEBANK N.A.,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By:<U> </U><BR>
Name:<BR>
Title:<BR>


<P align="center" style="font-size: 10pt; display: none">13
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>UMB BANK, N.A.,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By:<U> </U><BR>
Name:<BR>
Title:<BR>


<P align="center" style="font-size: 10pt; display: none">14
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>BANK OF TAIWAN, LOS ANGELES BRANCH,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By:<U> </U><BR>
Name:<BR>
Title:<BR>


<P align="center" style="font-size: 10pt; display: none">15
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>CHANG HWA COMMERCIAL BANK LTD., LOS ANGELES BRANCH,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By:<U> </U><BR>
Name:<BR>
Title:<BR>


<P align="center" style="font-size: 10pt; display: none">16
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>E.SUN COMMERCIAL BANK, LTD., LOS ANGELES BRANCH,</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By:<U> </U><BR>
Name:<BR>
Title:<BR>


<P align="center" style="font-size: 10pt; display: none">17
<!-- PAGEBREAK -->


<P align="left" style="margin-left:20%; font-size: 11pt"><B>MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD. NEW YORK</B>



<P align="left" style="margin-left:20%; font-size: 11pt"><B>BRANCH,</B>
<BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By:<U> </U><BR>
Name:<BR>
Title:<BR>


<P align="center" style="font-size: 10pt; display: none">18
<!-- PAGEBREAK -->


<P align="left" style="margin-left:19%; font-size: 11pt"><B>MEGA INTERNATIONAL COMMERCIAL BANK, CO., LTD. SILICON VALLEY</B>



<P align="left" style="margin-left:19%; font-size: 11pt"><B>BRANCH,</B>
<BR>
as a Lender



<P align="left" style="margin-left:20%; font-size: 11pt">By:<U> </U><BR>
Name:<BR>
Title:<BR>


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<P align="right" style="font-size: 11pt"><FONT style="font-size: 16pt"><B><I>SCHEDULE A</I></B></FONT>



<P align="center" style="font-size: 16pt"><FONT style="font-size: 10pt"><B>CERTAIN LITIGATION</B></FONT>



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 10pt"><I>Ironworkers Local No.&nbsp;25 Pension Fund</I>, Plaintiff, v <I>Marc. S. Siegel, Kenneth N.
Berns, Charles O. Buckner, Curtis W. Huff, Terry H. Hunt, Michael W. Conlon, Cloyce
A. Talbott</I>, and <I>Wells Fargo Bank, N.A.</I>, Defendants, <I>and Patterson-UTI Energy, Inc</I>.,
Nominal Defendant, filed in the Court of Chancery of the State of Delaware,
Plaintiff, on behalf of itself and all other similarly situated public stockholders
of Patterson-UTI Energy, Inc. (the &#147;<B><I>Company</I></B>&#148;), has brought a verified class and
derivative complaint alleging that members of the Company&#146;s board of directors
breached their fiduciary duties by allowing &#147;Dead Hand Proxy Put&#148; language in the
Company&#146;s Credit Agreement, and that Wells Fargo Bank, N.A., the administrative
agent under the Company&#146;s Credit Agreement, aided and abetted the directors&#146; breach
of fiduciary duties. Plaintiff seeks a declaration that the &#147;Dead Hand Proxy Put&#148;
language in the Company&#146;s Credit Agreement is invalid, unenforceable and severable;
a declaration that the directors breached their fiduciary duties by allowing such
language; an injunction against Wells Fargo Bank, N. A. from enforcing the &#147;Dead
Hand Proxy Put&#148; language; and attorney&#146;s fees and other relief.



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