SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
Amendment No. 1
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
June 24, 1996
(Date of Earliest Event Reported)
SEITEL, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-14488 76-0025431
(Commission File Number) (IRS Employer Identification No.)
50 Briar Hollow Lane, West 7th Floor
Houston, Texas 77027
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code
(713) 627-1990
Page 1 of 2
<PAGE>
Item 2. ACQUISITION OR DISPOSITION OF ASSETS
On June 24, 1996, DDD Energy, Inc. ("DDD"), a wholly owned subsidiary of
the Registrant, along with certain general partnerships (the "DDD Partnerships")
for which DDD acts as managing partner and in which certain officers, directors,
and employees of the Registrant and members of their immediate families are
partners, acquired for $26.5 million in cash an additional 30% working interest
in mineral properties in Wharton County, Texas (the "Properties") from Cox &
Perkins Exploration, Inc. ("Cox & Perkins"). DDD acquired a working interest of
approximately 28.5%, and the DDD Partnerships acquired a working interest of
approximately 1.5%. DDD previously owned a 19% working interest in the
Properties and the DDD Partnerships owned a 1% working interest. On the same
date, DDD sold a production payment interest in the oil and gas production from
the Properties to The ReSourceFund, L.P. I, RIMCO Partners, L.P., RIMCO
Partners, L.P. II, RIMCO Partners, L.P. III, and RIMCO Partners, L.P. IV (the
"RIMCO Partnerships") for $20 million cash. Proceeds from this disposition were
applied to the acquisition cost of the additional working interest in the
Properties, and the remaining $6.5 million of purchase price was paid from
working capital of DDD and the DDD Partnerships. The purchase price for the
acquired working interests and the sales price for the disposed production
payment interest were determined by arms length negotiations. There is no
material relationship between either Cox & Perkins or the RIMCO Partnerships and
the Registrant or any of its affiliates, any director or officer of the
Registrant, or any associate of any such director or officer, except that Cox &
Perkins acts as operator for several mineral properties in which DDD has a
working interest, including the Properties. The Properties were used by Cox &
Perkins in the exploration and production of oil and gas, and will continue to
be so used by DDD.
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.
Date: August 16, 1996
SEITEL, INC.
BY: /s/ Paul A. Frame
----------------------------------------
PAUL A. FRAME
President and Chief Executive Officer
Page 2 of 2
