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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
DECEMBER 19, 2000
EEX CORPORATION
(Exact name of Registrant as specified in its charter)
TEXAS 1-12905 75-2421863
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
2500 CityWest Boulevard, Suite 1400, Houston, Texas 77042
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including Area Code (713)243-3100
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ITEM 5. Other Events
A. Set forth below is the text of a News Release issued by EEX Corporation on
December 19, 2000:
EEX DRILLS SUCCESSFUL WELL AT JASON PROSPECT
HOUSTON, TEXAS (December 19, 2000) -- EEX Corporation (NYSE: EEX) announced
that the Garden Banks Block 344 Well No. 3, an exploratory well on the Jason
Prospect, has encountered hydrocarbon-bearing sands. The well was drilled to a
total depth of approximately 21,000 feet and encountered hydrocarbon-bearing
intervals totaling approximately 100 net feet of pay. Early evaluation of the
information gathered by well logs, bottom hole pressure tests, fluid samples and
side-wall cores indicates that the Jason discovery warrants appraisal. To
further evaluate this find, the Company is considering a sidetrack from the
existing well bore or another well at a drilling location elsewhere on the
block. EEX owns a 100% working interest and approximately 80% net revenue
interest in Block 344.
"The well at Jason added greatly to our understanding of the regional
reservoir potential as it relates to Llano and the additional exploration
prospects in the area. In addition, this discovery, should it be commercial,
may provide another opportunity to utilize our infrastructure assets, including
the nearby sub-sea pipeline and the Enserch Garden Banks floating production
system," said Tom Hamilton, Chairman and President, Chief Executive Officer.
Following operations to prepare the discovery well for re-entry as a side-
track or to complete as a development well in the future, the semi-submersible
rig, Glomar Arctic I, will remain on location while appraisal options are
considered.
The Greater Llano Area, which includes the Jason Prospect, is located in
waters offshore Louisiana in the Gulf Of Mexico and lies approximately 200 miles
southeast of the city of Houston. The Jason Prospect is located approximately
six miles east-northeast from the previously announced deep-water discoveries in
the Llano field.
B. On December 22, 2000, EEX Corporation sold its interests in approximately
100 offshore lease blocks located in the shallower waters of the Gulf of Mexico
to W & T Offshore, Inc. These properties contain estimated proved reserves of
58 billion cubic feet equivalent (of which 33% are proved producing) as of
October 1, 2000 and had average daily production of 32 million cubic feet
equivalent (net) during the third quarter 2000. EEX retained the rights to
deeper, non-producing horizons in ten of the blocks. The effective date of the
sale was October 1, 2000.
At closing, EEX received $42.7 million, subject to a final, post-closing
adjustment. The agreed purchase price of $60.3 million was adjusted for
estimated net revenues after October 1 of $16.3 million and preferential
purchase rights exercised by others of $1.3 million. This sale eliminated
approximately $26 million of accrued abandonment liabilities from EEX's
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balance sheet. EEX estimates that, after all final adjustments, it will incur a
loss on sale of approximately $3 million.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Purchase and Sale Agreement, dated November 20, 2000, between EEX
Corporation, a Texas corporation and EEX E&P Company, L.P., by and through
EEX Exploration and Production Company, L.L.C., a Delaware limited
liability company, as General Partner, and W & T Offshore, Inc., a Nevada
corporation (without schedules and exhibits).
SIGNATURE
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 thereunto duly authorized.
EEX Corporation
By: /s/ T. E. Coats
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T. E. Coats
Vice President and
Controller
Date: January 16, 2001
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Exhibit Index
Exhibit No. Description
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99.1 Purchase and Sale Agreement, dated November 20, 2000, between
EEX Corporation, a Texas corporation and EEX E&P Company, L.P.,
by and through EEX Exploration and Production Company, L.L.C., a
Delaware limited liability company, as General Partner, and
W & T Offshore, Inc., a Nevada corporation (without schedules
and exhibits).
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