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): May 19, 1995
NEW JERSEY RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
New Jersey 1-8359 22-2376465
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1415 Wyckoff Road 07719
Wall, New Jersey (Zip Code)
(Address of principal executive offices)
(908)938-1480
(Registrant's telephone number, including area code)
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Item 5. Other Items
On May 19, 1995, New Jersey Resources Corporation announced that it will exit
the oil and natural gas production business and pursue the sale of the reserves
and related assets of its affiliates, NJR Energy Corporation and New Jersey
Natural Resources Company. The results of this business segment have been
hampered in recent years by high finding costs, relatively low commodity prices
and declining production.
The Company's oil and gas reserves consist of working interests in approximately
340 properties located in primarily three geographic regions, including the
Arkoma and Anadarko basins in Texas, Oklahoma, Arkansas and Kansas and the Uinta
basin in Utah. The Company operates approximately 100 of these wells. The
Company also owns non-operated interests in approximately 350 wells in the
Appalachian Basin. As of March 31, 1995, the Company had proved reserves of 20.3
billion cubic feet of natural gas and 1.8 million barrels of oil. The Company
will retain its equity interests in the Iroquois Gas Transmission System, L.P.
and Market Hub Partners, L.P.
The Company will account for this segment as a discontinued operation, and will
record a one-time, after-tax charge in the third quarter of approximately $8.7
million, or $.49 per share. This charge is based on estimates of the anticipated
loss from operations until the assets are sold, the estimated loss on the sale
of the remaining reserves and other costs related to closing of its offices in
Dallas and Tulsa. The Company expects to complete the sale of its reserves
within one year and will use the cash proceeds to reduce outstanding debt.
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.
NEW JERSEY RESOURCES CORPORATION
Date: May 19, 1995 By:
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Laurence M. Downes
Senior Vice President and
Chief Financial Officer
