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SECURITIES EXCHANGE COMMISSION
WASHINGTON, DC 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) September 20, 1999
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PETROMINERALS CORPORATION
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(Exact Name of Registrant)
STATE OF DELAWARE
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(State of Incorporation)
1-6336 NO. 95-2573652
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(Commission File Number) ( I. R. S. Employer Identification)
27241 BURBANK FOOTHILL RANCH 92610-2500
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(Address of Principal Executive Offices) (Zip Code)
(626) 284-8842
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(Registrant's Telephone Number, Including Area Code)
(Former Address, if Changed Since Last Report)
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT
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N/A
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
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Petrominerals Corporation has completed the acquisition of a 25% interest
in a natural gas field in southwest Wyoming. Current production from the field
is 700 mcfd (155 mcfd net) from two active wells. The Company has committed to
participate in the drilling of two additional wells by year end, and has
identified two shut-in wells that it plans to return to production later in the
year.
The Company is purchasing a significant acreage position (1500 net) and the
operator is currently adding to that lease position.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
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N/A
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
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N/A
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ITEM 5. OTHER EVENTS
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CHANGE IN OFFICERS AND DIRECTORS
Daniel H. Silverman has joined the company as Executive Vice President of
Business Development and Chief Operating Officer. He will be responsible for
managing all of Petrominerals' acquisition, corporate finance and operating
activities. Most recently, Silverman was Managing Director of Acquisitions and
Divestitures and a member of the Board of Directors of Torch Energy Advisors.
David H. Davidson has resigned as a Director of the company stating that
his trips to California are becoming less frequent and his ability to make a
contribution will be diminished.
ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS
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See Item 5
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(a) Financial Statements.
N/A
(b) Exhibits
Press release Dated September 20, 1999 Page 4
Press release Dated September 22, 1999 Page 5
ITEM 8. CHANGE IN FISCAL YEAR
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N/A
ITEM 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S
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N/A
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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 by the undersigned hereunto
duly authorized.
PETROMINERALS CORPORATION
Dated: October 5, 1999 By /s/ Morris V. Hodges
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Morris V. Hodges, President
and Chief Financial Officer
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Petrominerals Corporation
27241 Burbank
Foothill Ranch, California 92610-2500
Telephone (949) 588-2645 Fax (949) 588-2647
For Immediate Release
PETROMINERALS ANNOUNCES THE ACQUISITION OF INTEREST IN WYOMING GAS FIELD
Foothill Ranch, CA, September 20, 1999 - Petrominerals Corporation (NASDAQ:
PTRO) announced that it has completed the acquisition of a 25% interest in a
natural gas field in southwest Wyoming. Current production from the field is 700
mcfd (155 mcfd net) from two active wells. The Company has committed to
participate in the drilling of two additional wells by year-end, and has
identified two shut-in wells that it plans to return to production later in the
year.
The Company is purchasing a significant acreage position (1500 net) and the
operator is currently adding to that lease position. The acquisition also
includes a field-wide gas gathering system with significant excess capacity.
Estimated net reserves are 130 mmcf and 80 mmcf for the two producing wells and
the two shut-in wells respectively.
The field is located in a prolific gas-producing region. Based on new geologic
mapping and modern completion technology, the Company expects that it could have
a total of six to eight additional drilling locations beyond the required
initial two wells. The Company estimates gross recoveries from these formations
of 1.1 BCF (250 mmcf net) per well based on offsetting production information.
"This acquisition is the first step in Petrominerals' strategy to grow the
Company through well placed, strategic acquisitions with development potential,"
said Morris Hodges, President and Chief Executive Officer of Petrominerals. "It
is our plan to complete additional transactions of this nature in our bid to
re-deploy the proceeds from last year's property sale."
Petrominerals is a California-based company engaged in the exploration for, and
the acquisition, exploitation, development and production of crude oil and
natural gas.
Contact: Petrominerals Corporation Phone: (949) 588-2645
Morris V. Hodges, President Fax: (949) 588-2647
This press release includes "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934. All statements other than statements of
historical facts included in this press release, including without limitation,
business strategies, estimated reserves and production volumes, plans and
objectives of management of the Company for future operations, and capital
expenditures are forward-looking statements. Although the Company believes that
the assumptions upon which such forward-looking statements are based are
reasonable, it can give no assurances that such assumptions will prove to have
been correct. Important factors that could cause actual results to differ
materially from the Company's expectations ("Cautionary Statements") and
projections include volatility in oil and gas prices, operating risks, the risks
associated with reserve replacement, competition from other companies and other
factors set forth in the Company's Annual Report on Form 10-X filed with the SEC
and incorporated herein. All subsequent written and oral forward-looking
statements and projections attributable to the Company or to persons acting on
its behalf are expressly qualified by the Cautionary Statements.
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Petrominerals Corporation
27241 Burbank
Foothill Ranch, California 92610-2500
Telephone (949) 588-2645 Fax (949) 588-2647
For Immediate Release
DANIEL SILVERMAN NAMED EXECUTIVE VICE PRESIDENT OF
PETROMINERALS CORPORATION
Foothill Ranch, California- September 22, 1999 - Petrominerals Corporation
(NASDAQ: PTRO) announced today that Daniel H. Silverman has joined the company
as Executive Vice President of Business Development and Chief Operating Officer.
He will be responsible for managing all of Petrominerals' acquisition, corporate
finance
and operating activities.
Most recently, Silverman was Managing Director of Acquisitions and Divestitures
and a member of the Board of Directors of Torch Energy Advisors. Silverman
joined Torch in 1995 and managed the completion of $700 million in acquisitions,
including Nuevo's $492 million purchase of UNOCAL's upstream California assets
and Bellwether's $182 million purchase of the Torch managed institutional
partnerships. From 1992 to 1995, Silverman was Manager of Acquisitions and
Divestitures at Apache Corporation. At Apache. he was involved in over $1
billion of transactions, including the $102 million purchase of Crystal Oil, the
$250 million purchase of Dekalb and the $494 million purchase of assets from
Texaco. Silverman holds a B.S. in Petroleum Engineering from the University of
Texas at Austin and a M.S. in Mineral Economics from the Colorado School of
Mines.
"With his extensive experience in identifying, evaluating and closing
transactions, Dan is a perfect choice to implement Petrominerals' strategy to
redeploy the proceeds of last year's asset sale though strategic acquisitions",
said Morris Hodges, President and Chief Executive Officer of Petrominerals.
"Dan also brings corporate finance and management expertise that the company
will need in order to grow beyond its current asset base."
Petrominerals is a California-based Company engaged in the exploration for,
and the acquisition, exploration, development and production of crude oil and
natural gas.
