SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 8 - K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (date of earliest event reported) February 23, 2000
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COLUMBUS ENERGY CORP.
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(Exact name of registrant as specified in its charter)
Colorado 1-9872 84-0891713
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1660 Lincoln Street, Denver Colorado 80264
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(Address of Principal executive offices) (Zip Code)
(303) 861-5252
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(Registrant's telephone number, including area code)
No Change
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On February 17, 2000 the Columbus Energy Corp. Board of Directors
selected Arthur Andersen LLP to assist it with exploring strategic alternatives
to maximize shareholder value which will include consideration of possibly
selling the Company or finding a merger partner. A letter agreement to retain
Arthur Andersen LLP was executed by the Company on February 28, 2000.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(C) Exhibits:
No. 28 - Columbus Energy Corp. press release dated
February 23, 2000.
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.
COLUMBUS ENERGY CORP.
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(Registrant)
DATE: March 1, 2000 BY: /s/ Ronald H. Beck
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Ronald H. Beck
Vice President
EXHIBIT 28
(COLUMBUS ENERGY CORP. LETTERHEAD)
FOR IMMEDIATE RELEASE FEBRUARY 23, 2000
Confirmation: Michael Logan - (303) 861-5252
COLUMBUS ENERGY BOARD APPROVES HIRING OF INVESTMENT ADVISORS
Denver, Colorado, February 23, 2000 -- Columbus Energy Corp. announced
today that its Board of Directors has selected Arthur Andersen LLP to assist it
with exploring strategic alternatives to maximize shareholder value which will
include consideration of possibly selling the Company or finding a merger
partner, according to Harry A. Trueblood, Jr., President.
Trueblood said, "Shareholders had previously been told by management in
recent reports that with the accelerated pace of domestic energy industry
consolidation and the lack of institutional investor interest in the shares of
small public companies, it was highly likely that most companies such as
Columbus would probably disappear within the year." Trueblood added, "Management
had also previously indicated in its reports that several major shareholders had
expressed their preference for a tax free stock swap versus a cash sale, but the
Board of Directors will give serious consideration to any proposal after
appropriate review by its financial advisor."
Columbus indicated that it expects that the Global Energy Corporate Finance
team from Arthur Andersen will begin their review in March, but no time
limitation has been self-imposed for achieving the objective of maximizing
shareholder value. In the meantime, the Company will continue its exploration
and development drilling activities in core areas of operations along the Texas
Gulf Coast and South Texas near Laredo.
The Company has no pending offers, and there is no assurance that any
offers acceptable to the Company will be forthcoming.
Columbus Energy Corp. is a U.S. independent energy company involved in the
exploration, development and production of crude oil and natural gas and is
listed on the American Stock Exchange under the trading symbol EGY.
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This release may contain certain forward looking statements which are based on
assumptions that are subject to a wide range of uncertainties due to several
factors which are discussed more fully in the Company's periodic filings with
the Securities and Exchange Commission.
