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): July 1, 1999
TEXOIL, INC.
(Exact name of small business issuer as specified in its charter)
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NEVADA 0-12633 88-0177083
(State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
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110 CYPRESS STATION DRIVE
SUITE 220
HOUSTON, TEXAS 77090
(Address of principal executive offices)
(281) 537-9920
(Issuer's telephone number)
(NOT APPLICABLE)
(Former name or former address, if changed since last report)
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Texoil - Page 2
ITEM 2. ACQUISITION OF PRODUCING PROPERTIES
On July 22, 1999 the Company acquired Range Resources Corporation's interest in
the Hagist Ranch Field located in Duval and McMullen Counties, Texas for
approximately $5.4 million. The acquisition, which is effective July 1, 1999,
will add approximately 10.1 Bcf of gas and 238 Mbbl of condensate to the
Company's reserves. The acquired wells currently produce approximately 2,400 Mcf
gas per day and 60 barrels of condensate per day. Texoil operates the field and
has 100% working interest with net revenue interest ranging from 81.2% to
87.5%.The addition of this property increases the Company's total estimated
reserves, as of July1, 1999, to 48.4 Bcf of gas and 11.3 MMBbl and of oil with
an estimated discounted present value (SEC PV10%) of $95.3 million, based on
Nymex prices on June 30, 1999, adjusted for differentials. The properties were
purchased as proved producing assets. The transaction was financed entirely with
bank debt under an existing credit agreement. Participating banks are Comerica
Bank - Texas and First Union National Bank.
This Form 8-K contains forward-looking statements within the meaning of Section
27A of The Securities Act of 1933 and Section 21E of The Securities Act of 1934.
Texoil believes that its expectations are based on reasonable business
assumptions, however, no assurance can be given that the Company's goals will be
achieved.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements of business acquired - Not Required
(b) Pro forma financial information - Not Required
(c) Exhibits - None
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SIGNATURES
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 thereunder duly authorized.
DATE: JULY 27, 1999 TEXOIL, INC.
By: /s/ FRANK A. LODZINSKI
FRANK A. LODZINSKI
President and
Principal Financial Officer
