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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
FEBRUARY 3, 1998
FREEPORT-MCMORAN OIL AND GAS ROYALTY TRUST
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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TEXAS 1-8581 72-6108468
(STATE OR OTHER JURISDICTION (COMMISSION FILE NUMBER) (IRS EMPLOYER
OF INCORPORATION) IDENTIFICATION NO.)
CHASE BANK OF TEXAS, NATIONAL ASSOCIATION
CORPORATE TRUST DIVISION
712 MAIN STREET
HOUSTON, TEXAS 77002
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
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(713) 216-5712
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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ITEM 5. OTHER EVENTS
Exhibit 99 is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND
EXHIBITS
(c) Exhibits
99 Press Release dated February 4, 1998
SIGNATURE
Pursuant to the requirements 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 hereunto duly authorized.
FREEPORT-MCMORAN OIL AND GAS
ROYALTY TRUST
BY: CHASE BANK OF TEXAS, NATIONAL ASSOCIATION,
TRUSTEE
By: /s/ Pete Foster
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Pete Foster
Senior Vice President & Trust Officer
Dated: February 5, 1998
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EXHIBIT INDEX
EXHIBIT
NUMBER EXHIBIT DESCRIPTION
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99 Press Release dated February 4, 1998
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EXHIBIT 99
FREEPORT-McMoRAN OIL AND GAS
ROYALTY TRUST
CHASE BANK OF TEXAS, TRUSTEE
NEWS RELEASE
TEXAS CIRCUIT - FOR IMMEDIATE RELEASE
FREEPORT-McMoRan OIL AND GAS ROYALTY TRUST ANNOUNCES
PRODUCTION FROM ITS WEST CAMERON BLOCK 498 PROPERTY
Houston, TX, February 4, 1998-Freeport-McMoRan Oil & Gas Royalty Trust
(NYSE:FMR) announced that, as reported today by an affiliate of Coastal Oil &
Gas Corporation (Coastal), Coastal has completed six development wells in West
Cameron Block 498 in the Gulf of Mexico, offshore Louisiana. The block is
located 110 miles southeast of Galveston, Texas, in approximately 160 feet of
water.
In its announcement Coastal reported that, "The block is currently
producing 52 million cubic feet (MMcf/d) of gas and 7,800 barrels (Bbl/d) of
oil per day from six wells. A seventh well which was drilled, and an eighth
well which is now being sidetracked and drilled horizontally, should both be
completed in February. The wells encountered from 236 to 723 net feet of pay in
multiple reservoirs of Lower Pleistocene Lentic to Basal Nebraskan sands".
Coastal stated that "The platform currently bing used for drilling
operations and from which the development wells were drilled is a 12-slot,
four-pile drilling platform which was set in March, 1997. An auxiliary platform
was set in October, 1997, with oil sales having commenced in January, 1998."
Coastal also reported that, "Future development plans for the block include
drilling and completing four additional wells to use the remaining slots on the
platform currently being used for drilling and then setting a six-well
satellite platform in the fourth quarter of 1998. This additional platform is
targeted for further development of the block's oil reserves and, when
completed, should significantly increase the daily oil production from the
block."
Coastal is the operator of the West Cameron 498 property with a
68.7-percent working interest. Other working interest owners in the block
include Energy Development Corporation, a wholly owned indirect subsidiary of
Noble Affiliates Inc., with an 8.2-percent working interest and IMC Global
Inc. with a 23.1-percent working interest and a 19.2 percent net revenue
interest. Freeport-McMoRan Oil and Gas Royalty Trust holds a 90-percent net
profits interest in IMC Global's interest.
As discussed in the Trust's September 30, 1997 Form 10-Q quarterly report,
on December 22, 1997 Freeport-McMoRan Inc. (FTX) merged into IMC-Global Inc. As
a result of the merger, IMC Global Inc. has assumed the duties and
responsibilities of the Working Interest Owner formerly held by FTX. As of
January 1998, the Trust had a cumulative Class A cost carry-forward of
$18,771,487, which must be recouped by the Working Interest Owner out of future
Net Proceeds before distributions to the Trust can occur. As discussed in the
September 30, 1997 Form 10-Q, if cash receipts of the Trust do not total at
least $3 million during 1998, then the Trust will be terminated by one of the
means described in the Form 10-Q. Based on current circumstances, there is a
reasonable possibility that distributions to the Trust will not total $3
million or more in 1998.
CONTACT: FREEPORT-McMoRAN OIL AND GAS ROYALTY TRUST
CHASE BANK OF TEXAS, NATIONAL ASSOCIATION, TRUSTEE
DEBBIE MILLER
(713) 216-5712
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