SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): January 8, 1997
United Trans-Western, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-9249 75-1519286
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
3625 N. Hall Street, Suite 620, Dallas, TX 75219
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 214-520-8177
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Item 5. Other Events
On January 8, 1997, United Trans-Western, Inc. issued a press release to
announce its plan to initiate, through its Hong Kong based subsidiary, UTW
China Ltd. (collectively, the "Company"), a program to enhance, exploit and
develop seven existing Chinese oil fields with Huayang Petroleum Exploration
and Development Corporation ("HYPC") of Jiangsu Province, China. The Company
is negotiating with HYPC to form an operating company which will design,
implement and manage all aspects of the production enhancement and exploitation
program aimed at increasing production from the seven oil fields in Jiangsu
Province, onshore China. The Company will share in the proceeds from all
increased oil and gas production stemming from the program. UTW China Ltd.
and HYPC plan to commence, through the operating company, technical
assessment of the oil fields during the first quarter of 1997, and then enter
into a definitive, binding Joint Venture Contract ("JVC") with a goal of
initiating field operations by the third quarter of 1997. The Company
believes the JVC, when executed, will be the first of its type to be entered
into between a foreign oil and gas company and an onshore provincial oil and
gas company in China.
Item 7. Financial Statements and Exhibits
(c) Exhibits
10.1 Press release dated January 8, 1997 issued by United
Trans-Western, Inc.
Signatures
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report on its behalf by the undersigned
hereunto duly authorized.
UNITED TRANS-WESTERN, INC.
By:
J. W. Brown
Treasurer (Chief Financial Officer)
Date: January 9, 1997
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Exhibit Index
No. Description Page
10.1 Press release dated January 8, 1997 4
issued by United Trans-Western, Inc.
<PAGE>
UNITED TRANS-WESTERN, INC.
PRESS RELEASE
January 8, 1997
United Trans-Western, Inc. is pleased to announce its plans to initiate,
through its Hong Kong based subsidiary, UTW China Ltd. (collectively the
"Company"), a program to enhance and develop seven existing Chinese oil
fields with Huayang Petroleum Exploration and Development Corporation (HYPC)
of Jiangsu Province, China.
The Company is negotiating with the Chinese energy company to form a joint
operating company which will design, implement and manage all aspects of a
production enhancement program targeted at increasing oil and gas production
from seven oil fields located in Jiangsu Province, onshore China. The
Company will share in the proceeds from all increased oil and gas
production stemming from the program.
The joint operating company, managed by UTW China Ltd., plans to commence
technical assessment of the fields during the first quarter of 1997, and then
enter into a definitive Joint Venture Contract with HYPC with a goal of
initiating field operations by the third quarter of 1997.
The Company believes the Joint Venture Contract, when executed, will be the
first of its type entered into between a foreign oil and gas company and an
onshore Provincial China company.
United Trans-Western is currently traded on the Canadian Dealing Network
under the stocksymbol UTWI and it is a NASDAQ Bulletin Board company with the
stock symbol UTWC.
