May 11, 2010 (FinancialWire) — Patterson-UTI Energy, Inc. (NASDAQ: PTEN) said it has sold certain oil and gas working interest rights for $22.3 million, which resulted in an estimated net of tax gain of  $13 million, or $0.08 per share.  

The interests sold included rights to explore and develop zones deeper than depths it generally targeted for such properties.  Additionally, the purchaser acquired the right to participate 20% in future wells drilled at the shallower depths.  The sale did not include any producing wells, according to the company.

Texas-based Patterson-UTI Energy’s subsidiaries provide onshore contract drilling and pressure pumping services to exploration and production companies in North America.

The firm has around 350 marketable land-based drilling rigs that operate primarily in the oil and natural gas producing regions of Texas, New Mexico, Oklahoma, Arkansas, Louisiana, Mississippi, Colorado, Utah, Wyoming, Montana, North Dakota, Pennsylvania, West Virginia and western Canada.

Its Universal Well Services unit provides pressure pumping services primarily in the Appalachian Basin.

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