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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): April 14, 1995
CASTLE ENERGY CORPORATION
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(Exact Name of Registrant as Specified in Charter)
DELAWARE
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(State or Other Jurisdiction of Incorporation or Organization)
0-10990 76-0035225
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(Commission File Number) (I.R.S. Employer Identification No.)
One Radnor Corporate Center, Suite 250, 100 Matsonford Road, Radnor, PA 19087
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(Address of Principal Executive Offices) (Zip Code)
(610) 995-9400
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(Registrant's telephone number, including area code)
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(Former Name or Former Address, if Changed Since Last Report)
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Castle Energy Corporation (the "Registrant") submits the following
information:
ITEM 5. Other Events
On April 14, 1995, the Registrant reported that its wholly-owned
subsidiary, Powerine Oil Company, fully repaid its working capital loan facility
due to MG Trade Finance Company. A copy of the news release issued by the
Registrant on April 17, 1995 is attached as Exhibit 99.1 to this report.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibit Number Description Page No.
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99.1 Castle Energy Corporation Press Release,
dated April 17, 1995 4
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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 thereunto duly authorized.
CASTLE ENERGY CORPORATION
Date: April 20, 1995 By: /s/ Richard E. Staedtler
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Richard E. Staedtler
Chief Financial Officer
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EXHIBIT 99.1
NEWS
RELEASE DATE: Immediate CONTACT: Joseph L. Castle II
(610) 995-9400
CASTLE ENERGY CORPORATION ANNOUNCES
REFINANCING OF METALLGESELLSCHAFT LOANS
TO POWERINE REFINERY AND STATUS OF OTHER MATTERS
RELATING TO METALLGESELLSCHAFT
RADNOR, Pa, April 17, 1995 -- Castle Energy Corporation *(Nasdaq-
NNM:CECX)(the "Company") announced that its subsidiary, Powerine
Oil Company ("Powerine"), owner of 49,500 B/D Powerine Refinery in
Santa Fe Springs, California, has fully repaid the working capital
loan facility provided by MG Trade Finance Company, a subsidiary of
Metallgesellschaft Corp.("MG"). The repayment was effected by a set
of purchase/sale transactions with Wickland Oil Company with
respect to Powerine's crude oil inventory/requirements
and its refined product output. The transactions with Wickland Oil
are intended to allow Powerine continued operation and thereby
facilitate the sale of the refinery. The Company is currently in
the process of conducting active negotiations for such a sale.
The Company also announced the following:
1. Powerine and MG have agreed to arbitrate claims exceeding
$10 million which Powerine has asserted against MG Refinery
and Marketing Inc. ("MGRM") under the terms of the prior
offtake arrangement between Powerine and MGRM.
** Castle Energy Corp. is not affiliated with Castle Oil Corp.
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2. Indian Refinery Limited Partnership ("IRLP"), owner of
86,600 B/D Indian Refinery in Lawrenceville, Illinois
continues to take steps to reduce the outstanding balances under
its separate working capital loan facility with MG Trade Finance
(advances under which were due as of March 31, 1995). The Company
has provided Metallgesellschaft with business plans in this
regard, and expects to be able to fully repay MG within the next
30 days, assuming a reasonable level of cooperation from MG.
Outstanding balances have been reduced by more then 50% during
March and April, and the value of the liquid collateral assets of
IRLP is substantially in excess of the remaining balances of
the loans. IRLP will continue to internally finance limited
refining operations with the intent to sell the operations in
an orderly manner. IRLP is in the process of conducting active
negotiations concerning the sale of the refinery, and is also in
the process of attempting to structure certain interim
arrangements.
3. The Texas Railroad Commission has approved a reduction
in spacing to 80 acres at the Oak Hill field in Rusk County,
Texas. As a result, the Company will add an estimated 67.8 bcf
to its proved/undeveloped reserves with future net income of
$14.7 million discounted at 10%.
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The Company owns two refining subsidiaries, IRLP and Powerine.
The Company, through various subsidiaries and affiliates, also owns
a gas sales contract with Lone Star Gas Company, a 77-mile
interstate pipeline in Rusk County, Texas and related gas contracts
and interests, and operates approximately 450 oil and gas wells
nationwide.
CAS678.45
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