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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: May 15, 1995
Commission File Number 1-8241
PRESIDIO OIL COMPANY
(Exact name of registrant as specified in its charter)
DELAWARE 95-3049484
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
5613 DTC PARKWAY, SUITE 750
ENGLEWOOD, COLORADO 80111-3065
(Address of principal executive offices)
(Zip Code)
(303) 773-0100
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
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Item 5. Other Events
As previously disclosed, the revenues and operating cash flows of
Presidio Oil Company (the "Company") declined significantly in
1994 and in the first quarter of 1995, resulting in substantial
uncertainties regarding the Company's ability to continue as a
going concern in its current financial structure and regarding
its ability to service its debt. Because of its deteriorating
financial condition, on May 15, 1995, the Company did not pay the
$3.317 million of interest that became due on that date on its
Senior Gas Indexed Notes Due 2002 (the "Senior GINs"). Although
the indenture (the "Senior GIN Indenture") governing the Senior
GINs provides a 30-day grace period in which the Company may cure
payment defaults before an "Event of Default" is declared
thereunder, the Company does not currently anticipate that it
will make such interest payment on or before June 14, 1995, and
thus expects an Event of Default under the Senior GIN Indenture
to occur at that time.
The Company, however, is continuing discussions with respect to a
restructuring ("Restructuring") of its 11.5% Senior Secured Notes
Due 2000, the Senior GINs and its 9% Convertible Subordinated
Debentures Due 2015 with a number of institutional holders (the
"Institutions") of such securities and with its bank lenders (the
"Banks"). The Restructuring is intended to eliminate the
Company's cash flow deficit and thereby improve its financial
condition. Moreover, the Company is seeking the agreement (the
"Forbearance Agreement") of the Institutions and of the Banks
that they will not take any action to accelerate the Company's
debt during the pendency of the Restructuring discussions,
whether as a result of the Event of Default described above or
otherwise. Although the Company has retained financial advisors
to assist with the Restructuring, no assurance can be given (i)
that the Forbearance Agreements will be obtained; (ii) that the
Company will be able to successfully conclude any of the
arrangements being considered as part of a Restructuring; or
(iii) as to the level or value of the equity interest in the
Company that would be retained by its existing shareholders in
the event of a successful Restructuring. If Forbearance
Agreements are not obtained or the Company is unable to
successfully complete a Restructuring, it is likely that defaults
under the Company's indebtedness such as the payment default
described above will have the adverse consequences described
under "Ability to Service Debt" in the Company's Quarterly Report
on Form 10-Q for the Quarter Ended March 31, 1995.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
PRESIDIO OIL COMPANY
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Registrant
DATE: May 15, 1995 /s/ Charles E. Brammeier
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Charles E. Brammeier
Controller
(Principal Accounting Officer)
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