On July 29, 1996, at 0903 central daylight time, a Beech 95-B55B, N8576R, owned and operated by Perry Tire & Alignment Inc., sustained substantial damage during landing near Kingfisher, Oklahoma. The private pilot was not injured. Visual meteorological conditions prevailed for the Title 14 CFR Part 91 personal flight. A flight plan was not filed for the local flight that originated near Oklahoma City, Oklahoma, at 0845. According to the pilot, during his first attempt for landing, he approached the 2,000 foot runway too fast and performed a go-around. On the second approach, the airplane entered "ground effect [which] caused extended float." The pilot reported that the airplane touched down approximately 1/3 of the way down the wet grass runway. The airplane began to "slide" and overran the end of the runway. The airplane crossed a paved road and entered a ditch before coming to a stop. The left main landing gear and nose landing gear collapsed, and the left wing and fuselage were both wrinkled.