Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
FEARS DOUGLAS E
  2. Issuer Name and Ticker or Trading Symbol
HELMERICH & PAYNE INC [HP]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Vice President & CFO
(Last)
(First)
(Middle)
1437 SOUTH BOULDER AVE.
3. Date of Earliest Transaction (Month/Day/Year)
02/13/2008
(Street)

TULSA, OK 74119
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/13/2008   M   3,600 A $ 12.08 54,451 D (1)  
Common Stock 02/13/2008   S   100 D $ 43.13 54,351 D (1)  
Common Stock 02/13/2008   S   1,000 D $ 43.12 53,351 D (1)  
Common Stock 02/13/2008   S   300 D $ 43.115 53,051 D (1)  
Common Stock 02/13/2008   S   200 D $ 43.1125 52,851 D (1)  
Common Stock 02/13/2008   S   500 D $ 43.11 52,351 D (1)  
Common Stock 02/13/2008   S   200 D $ 43.105 52,151 D (1)  
Common Stock 02/13/2008   S   1,300 D $ 43.1 50,851 D (1)  
Common Stock 02/14/2008   M   32,519 A $ 12.08 83,370 D (1)  
Common Stock 02/14/2008   S   300 D $ 43.59 83,070 D (1)  
Common Stock 02/14/2008   S   900 D $ 43.56 82,170 D (1)  
Common Stock 02/14/2008   S   1,175 D $ 43.55 80,995 D (1)  
Common Stock 02/14/2008   S   1,000 D $ 43.54 79,995 D (1)  
Common Stock 02/14/2008   S   900 D $ 43.52 79,095 D (1)  
Common Stock 02/14/2008   S   300 D $ 43.5 78,795 D (1)  
Common Stock 02/14/2008   S   3 D $ 43.49 78,792 D (1)  
Common Stock 02/14/2008   S   1,297 D $ 43.48 77,495 D (1)  
Common Stock 02/14/2008   S   1,500 D $ 43.47 75,995 D (1)  
Common Stock 02/14/2008   S   600 D $ 43.46 75,395 D (1)  
Common Stock 02/14/2008   S   1,900 D $ 43.45 73,495 D (1)  
Common Stock 02/14/2008   S   1,200 D $ 43.44 72,295 D (1)  
Common Stock 02/14/2008   S   400 D $ 43.43 71,895 D (1)  
Common Stock 02/14/2008   S   500 D $ 43.42 71,395 D (1)  
Common Stock 02/14/2008   S   1,400 D $ 43.41 69,995 D (1)  
Common Stock 02/14/2008   S   3,100 D $ 43.4 66,895 D (1)  
Common Stock 02/14/2008   S   900 D $ 43.35 65,995 D (1)  
Common Stock 02/14/2008   S   3,400 D $ 43.33 62,595 D (1)  
Common Stock 02/14/2008   S   8,700 D $ 43.32 53,895 D (1)  
Common Stock 02/14/2008   S   2,744 D $ 43.315 51,151 D (1)  
Common Stock 02/14/2008   S   300 D $ 43.3125 50,851 D (1)  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) $ 12.08 02/13/2008   M     3,600 12/03/2004(2) 12/03/2013 Common Stock 3,600 $ 0 56,400 D  
Stock Option (right to buy) $ 12.08 02/14/2008   M     32,519 12/03/2004(2) 12/03/2013 Common Stock 32,519 $ 0 23,881 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
FEARS DOUGLAS E
1437 SOUTH BOULDER AVE.
TULSA, OK 74119
      Vice President & CFO  

Signatures

 Jonathan M. Cinocca, by Power of Attorney for Douglas E. Fears   02/15/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes 457 shares held indirectly in the reporting person's 401(k) account.
(2) The options were granted under the Helmerich & Payne, Inc. 2000 Stock Incentive Plan on 12/03/03 at an exercise price of $24.16, becoming $12.08 post stock-split in July of 2006. The options vested over 4 years in 25% increments. The noted date represents the first date options vest and become exercisable.

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