UNITED STATES
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): December 17, 1998
HOWELL CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware 1-8704 74-1223027
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
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1111 Fannin, Suite 1500, Houston, Texas 77002
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (713)658-4000
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Item 5. Other Events.
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On December 17, 1998, Howell Corporation ("Howell") issued the press
release filed herewith.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
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The following materials are filed as exhibits to this Current Report
on Form 8-K.
Exhibit
Number Description
99.1 Press release of Howell Corporation dated December 17,
1998.
<PAGE>
S I G N A T U R E
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.
HOWELL CORPORATION
Dated: December 29, 1998 By:
Robert T. Moffett
Vice President, General Counsel
and Secretary
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
99.1 Press release of Howell Corporation dated December 17,
1998.
EXHIBIT NO. 99.1
Press Release
NEWS RELEASE
For Immediate Release Contact: John E.Brewster, Jr.
Vice President, Corporate
Development & Planning
(713) 658-4084
HOWELL CLOSES SALE OF MINERALS
HOUSTON, TEXAS, DECEMBER 17, 1998 C HOWELL CORPORATION (HWL: NYSE; HWLLP:
NASDAQ) closed on its previously announced sale of mineral estates and royalty
interests located in the states of Alabama, Mississippi, and Louisiana for
$13,000,000. The minerals properties were acquired by Howell in 1993 from the
Federal Intermediate Credit Bank of Jackson. In addition to the cash
consideration, Howell retained a Net Profits Interest of 10% after payout.
The proceeds of the transaction will be used by Howell to retire debt.
Richard K. Hebert, President of Howell, commented, "We are pleased to consummate
this sale. A primary short-term financial goal is to prepay the non-conforming
tranche of our debt. This sale represents significant progress as the net
proceeds will reduce that portion of our debt by more than 25%. We are
continuing to investigate other recapitalization alternatives including
additional asset sales."
Howell Corporation, based in Houston, Texas, is an independent energy company
engaged in the acquisition, exploitation, and exploration of producing oil and
gas properties.
This press release includes forward looking statements within the meaning of
Section 27A of the Securities Exchange Act of 1934. Although Howell believes
that its expectations are based upon reasonable assumptions, it can give no
assurance that its goals will be achieved. Important factors that could cause
actual results to differ materially from those in the forward looking statements
herein include the timing and extent of changes in commodity prices for oil and
gas, the need to develop and replace reserves, uninsured risks, environmental
risks, drilling and operating risks, risks related to exploration and
development, the availability of capital resources, uncertainties about the
estimates of reserves, competition, government regulation, and the ability of
the company to meet its stated business goals.
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