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) JULY 29, 1997
EQUITABLE RESOURCES, INC.
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 1-3551 25-0464690
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
420 BOULEVARD OF THE ALLIES, PITTSBURGH, PENNSYLVANIA 15219
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (412) 261-3000
NONE
(Former name or former address, if changed since last report)
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ITEM 5. Other Events
The Registrant's (ERI) subsidiary, Equitable Resources Energy Company,
has entered into sales agreements with five purchasers covering its oil
and natural gas properties in the Western United States and Canada. The
aggregate sales price will be approximately $174 million payable at
closings which are expected to occur on or before September 30, 1997.
The sales are subject to buyers' confirmation of title and site
inspection of the properties as well as certain other conditions.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) A press release announcing the sale of the western region properties is
filed as Exhibit 99 to this report.
SIGNATURE
Pursuant to the requirements of Section 12 of the Securities Exchange
Act of 1934, as amended, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereto duly authorized.
EQUITABLE RESOURCES, INC.
(Registrant)
By /s/ A. Mark Abramovic
A. Mark Abramovic
Senior Vice President and
Chief Financial Officer
July 29, 1997
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EXHIBIT INDEX
Exhibit No. Document Description Sequential Page No.
99 Press release announcing the sale of 4
the western region properties
EXHIBIT 99
DIANE WUYCHECK
OR
JILL GEYER
(412) 553-5911
JULY 28, 1997
EQUITABLE RESOURCES, INC. AGREES TO SELL
WESTERN REGION PROPERTIES FOR $174 MILLION
HOUSTON - Equitable Resources, Inc. (ERI) announced today that its
subsidiary, Equitable Resources Energy Company (EREC), has entered into sales
agreements with five purchasers covering its oil and natural gas properties in
the Western United States and Canada. The properties include proved reserves of
191 billion cubic feet of natural gas equivalent and over 700,000 undeveloped
acres as of December 31, 1996.
The aggregate cash sales price will be approximately $174 million payable
at closings which are expected to occur on or before September 30, 1997. EREC
retained a production payment interest in the exploration acreage. The sales are
subject to buyers' confirmation of title and site inspection of the properties
as well as certain other conditions.
Parties to the sale and the EREC properties they purchased include: Cabot
Oil & Gas, Greater Green River Basin, Wyoming; Inland Resources, Uinta Basin,
Utah; Big West Oil & Gas Inc., a wholly-owned subsidiary of Flying J Oil & Gas
Inc., Powder River Basin, Wyoming and a package of exploration properties;
Summit Resources, Williston Basin, Montana and North Dakota; and EBOC Energy
Ltd., Western Alberta Canada properties.
"We are extremely pleased with the sale of these properties," said R.
Gerald Bennett, president of ERI's Supply & Logistics business segment. "The
cash price achieved was in excess of $0.91 per Mcf of natural gas equivalent for
these predominantly Rocky Mountain properties. We believe the price reflects the
excellent quality of the properties and their fit with the respective buyers'
operations. These transactions are a part of ERI's strategy to focus on and grow
our exploration and production operations in our primary geographic areas."
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The sale of these ERI properties was pursuant to a process previously
announced on April 16, 1997. Batchelder & Partners, Inc. and First Energy
Capital Corporation (Calgary) represented Equitable in the transactions.
EREC is the exploration and production unit of ERI's Supply & Logistics
business segment. ERI Supply & Logistics explores for, produces and delivers
natural gas and oil, with primary operations in the Appalachian Basin and Gulf
of Mexico. It is also engaged in the transportation and storage of natural gas,
production of natural gas liquids and the bulk trading of natural gas and
electricity.
Equitable Resources is a fully-integrated energy exploration, distribution
and marketing company. It offers customized energy (natural gas, natural gas
liquids, crude oil and electricity) solutions to wholesale and retail customers
with innovative products and services from its three primary business
segments--ERI Supply & Logistics, ERI Utilities and ERI Services. ERI has
operations and customers throughout the United States.
Equitable Resources, Inc. is traded under the stock symbol, "EQT."
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AT HTTP://WWW.ERI2000.COM
