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 9, 1998
TECO ENERGY, INC.
(Exact name of registrant as specified in its charter)
FLORIDA 1-8180 59-2052286
(State or other jurisdiction (Commission file (IRS Employer
of incorporation) Number) Identification
No.)
702 North Franklin Street, Tampa Florida 33602
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (813) 228-4111
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Item 5. Other Events
See the Press Release dated January 14, 1998, filed as
Exhibit 99.1 and incorporated herein by reference, announcing
an agreement to sell the offshore Gulf of Mexico assets of the
registrant's wholly owned subsidiary, TECO Oil & Gas, Inc.
Item 7. Financial Statements and Exhibits
(C) Exhibits
99.1 Press Release dated January 14, 1998.
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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 hereunto duly authorized.
Dated: January 16, 1998 TECO Energy, Inc.
By:/s/ J. B. Ramil
J. B. Ramil
Vice President-Finance,
and Chief Financial Officer
(Principal Financial Officer)
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INDEX TO EXHIBITS
Exhibit No. Description of Exhibits Page No.
99.1 Press Release dated January 14, 1998 5
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Exhibit 99.1
[TECO Energy, Inc. letterhead]
FOR IMMEDIATE RELEASE
Contact: Mitch Lubitz
Office: 813-228-4281
Internet: http://www.tecoenergy.com
Home: 813-521-1202
TECO ENERGY ANNOUNCES SALE OF OIL & GAS ASSETS
TAMPA, Jan. 14, 1998 -- TECO Energy, Inc. today announced
that it has entered into an agreement to sell the offshore Gulf
of Mexico assets of TECO Oil & Gas for $57.5 million. The
purchaser is American Resources Offshore, a wholly-owned
subsidiary of American Resources of Delaware (NASDAQ: GASS).
TECO Energy expects to report a pre-tax gain reflecting this
transaction in the first quarter. Closing is scheduled for the
middle of February, subject to the buyer s due diligence.
Said TECO Energy President and Chief Executive Officer,
Girard F. Anderson, All along, we felt we had built good value
in this business, and this transaction certainly confirms that.
-more-
TECO Energy -- 2
Initial sales efforts were focused on offshore assets which
constitute the majority of the TECO Oil & Gas holdings. The
company now will turn its attention to the sale of onshore
assets.
Said Anderson, TECO Energy s separate coalbed methane gas
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Exhibit 99.1
production business will not be a part of this sale, and we
continue to be pleased with it.
TECO Energy is a diversified, energy-related holding company
headquartered in Tampa. Its principal businesses include Tampa
Electric, Peoples Gas, TECO Transport, TECO Coal, TECO Coalbed
Methane, TECO Power Services, Bosek, Gibson and Associates and
TeCom, which currently is marketing an advanced, commercial and
residential, interactive energy management system.
-30-
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