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| TBI > SEC Filings for TBI > Form 8-K on 20-Feb-2004 | All Recent SEC Filings |
20-Feb-2004
Other Events
Tom Brown, Inc. press release dated February 19, 2004, entitled "Tom Brown, Inc. Announces Potential Sale of Sauer Drilling Company"
TOM BROWN, INC.
ANNOUNCES POTENTIAL SALE OF SAUER DRILLING COMPANY
DENVER, February 19, 2004—Tom Brown, Inc. (NYSE: TBI) today announced it
has retained an advisor to evaluate the potential sale of Sauer Drilling Company
its wholly-owned drilling subsidiary. Sauer Drilling is a Rocky Mountain
drilling company headquartered in Casper, Wyoming which owns and operates nine
drilling rigs. The rigs' average depth ratings range from 5,000 to 16,000 feet
with drawworks ratings from 500 to 1,500 horsepower.
Tom Brown, Inc.'s Chairman, CEO and President, Jim Lightner, commented, "TBI originally bought the five rig Sauer Drilling Company in 1998 in order to maintain a drilling program on the Wind River Indian Reservation. The business has been performing very well; however, owning drilling rigs is not the core business of TBI. Today only two out of the 20 TBI operated drilling rigs are Company owned. Our manpower and capital resources are better focused on growing our reserves and production than on running a drilling company. We are confident that we will be able to contract with the purchaser of Sauer Drilling Company or other drilling contractors to meet our drilling needs."
Petrie Parkman & Co. has been retained by the Company as advisors regarding the potential sale of Sauer Drilling Company.
For inquires about the potential sale process please contact:
Petrie Parkman & Co. 600 Travis, Suite 7400 Houston, TX 77002 (713) 221-2888
For Inquires about Tom Brown, Inc. please contact:
Tom Brown, Inc. Mark Burford Director of Investor Relations (303) 260-5146
Tom Brown, Inc. is a Denver, Colorado based independent energy company engaged in the exploration for, and the acquisition, development, production and marketing of natural gas, natural gas liquids and crude oil in North America. The Company's common stock is traded on the NYSE under the symbol TBI.
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