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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 16, 1997
CASTLE ENERGY CORPORATION
(Exact Name of Registrant as Specified in Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation or Organization)
0-10990 76-0035225
(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
(Registrant's telephone number, including area code)
(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 May 16, 1997, the Registrant entered into agreements to sell its
Texas oil and gas properties and pipeline to Union Pacific Resources Company. A
copy of the news release issued by the Registrant on May 19, 1997 is attached as
Exhibit 99.1 to this report.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibit Page
Number Description No.
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99.1 Castle Energy Corporation Press Release, dated May 19, 1997 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: May 23, 1997 By: /s/ RICHARD E. STAEDTLER
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Richard E. Staedtler
Chief Financial Officer
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EXHIBIT 99.1
NEWS Contact: Joseph L. Castle II
Castle Energy Corporation
(610) 995-9400
CASTLE ENERGY ANNOUNCES SALE
OF EAST TEXAS ASSETS TO
UNION PACIFIC RESOURCES COMPANY
RADNOR, PA, May 19, 1997 -- Castle Energy Corporation*
(Nasdaq-NNM:CECX) (the "Company") announced today that it has entered into an
agreement to sell its Rusk County, Texas oil and gas properties and pipeline to
Union Pacific Resources Company for a purchase price totaling approximately $54
million. Closing is expected before the end of the month but is subject to
customary consents and conditions.
Joseph L. Castle II, Chairman and Chief Executive Officer, indicated
that Castle would still retain two operating segments after the sale: the gas
marketing operations relating to the Lone Star Contract and its non-Texas
exploration and production operations. Mr. Castle also indicated that the
Company expects to use a portion of the sale proceeds to retire bank debt and
that the Board is considering alternatives for the use of the proceeds remaining
from the sale and the cash to be generated from the Lone Star Contract which
terminates at May 31, 1999.
Prior to closing, the Company, through its various subsidiaries, owns a
gas sales contract with Lone Star Gas Company, a 77-mile intrastate pipeline in
Rusk County, Texas, and related gas contracts and interests. The Company also
owns interests in over 425 wells and is the operator of approximately 350 wells
throughout the United States.
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*Castle Energy Corporation is not affiliated with Castle Oil Corporation.
