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): November 1, 1999
TEXOIL, INC.
(Exact name of small business issuer as specified in its charter)
NEVADA 0-12633 88-0177083
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
110 Cypress Station Drive
Suite 220
Houston, Texas 77090
(Address or principal executive offices)
(281) 537-9900
(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 November 1, 1999 the Company closed the acquisition of operating interest in
the Eloi Bay Field located in state waters in St. Bernard Parish, Louisiana for
approximately $5.5 million, net of closing adjustments and credits resulting
from the exercise of certain preferential rights. The acquisition, which is
effective September 1, 1999, will add approximately 3.9 MMBbl of oil to the
Company's reserves. Texoil owns a 100% working interest in leases producing
1,400 barrels of oil per day and 25% working interest in leases producing about
400 barrels of oil per day. Net revenue interests vary by lease and by depth and
range from approximately 73% to 87.5% of the working interest. The addition of
this property increases the Company's total estimated reserves, to approximately
45 Bcf of gas and 14 MMBbl of oil. The properties were purchased as proved
producing assets with development potential. 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: NOVEMBER 10, 1999 TEXOIL, INC.
By: /S/ FRANK A. LODZINSKI
FRANK A. LODZINSKI
President and
Principal Financial Officer
