SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
SECURITIES EXCHANGE ACT OF 1934
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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): July 8, 1997
SANTA FE ENERGY RESOURCES, INC.
(Exact name of Registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 1-7667 36-2722169
(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) Identification No.)
</TABLE>
1616 South Voss Road
Suite No. 1000
Houston, Texas 77057
(Address of principal executive offices) (Zip Code)
(713) 507-5000
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
Press Release. The information set forth in the press release of the
registrant dated July 8, 1997, which is filed as an exhibit hereto, is
incorporated herein by reference.
The press release contains forward-looking statements within the
meaning of and in reliance upon the "safe harbor" provisions of the Private
Securities Litigation Reform Act, as set forth in Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended, that involve risks and uncertainties, including price volatility,
exploration, development, operational, implementation, marketing and opportunity
risks, and other factors described from time to time in the registrant's
publicly available SEC reports, which could cause actual results to differ
materially.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits:
Exhibit
Number Description
- ------ -----------
99.1 Press release dated July 8, 1997
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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 thereunto duly authorized.
SANTA FE ENERGY RESOURCES, INC.
By: /s/ David Hicks
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David L. Hicks
Vice President--Law and General Counsel
Date: July 14, 1997
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INDEX TO EXHIBITS
Exhibit
Number Description
99.1 Press release dated July 8, 1997
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SANTA FE ENERGY
RESOURCES, INC.
(NYSE:SFR)
N E W S
1616 South Voss, Suite 1000
For further information, contact Houston, Texas 77057
Kathy E. Hager 713/507-5315 713/507-5000
SANTA FE ENERGY RESOURCES
DECLARES MONTEREY SPIN-OFF
Houston, Texas -- July 8, 1997
Following the approval by shareholders of Santa Fe Energy Resources (NYSE:SFR),
the Board of Directors of SFR today declared the distribution of all the common
stock of Monterey Resources (NYSE:MRC) owned by SFR to its common shareholders.
SFR shareholders of record on July 18, 1997, will be entitled to receive the
distribution which will occur on or about July 25, 1997.
James L. Payne, Chairman and CEO of Santa Fe Energy Resources, said, "We are
extremely pleased with the strong support shown today by our shareholders.
Management and the Board of Directors believes the separation of Santa Fe and
Monterey will allow each entity to optimize its operations and permit investors
to better evaluate the investment potential of each."
Santa Fe Energy owns 45,350,000 shares of Monterey's common stock. Thus, for
each share of Santa Fe Energy held on the distribution record date, SFR
shareholders will receive approximately .44 of a share of common stock in
Monterey Resources, with cash paid in lieu of fractional shares. The Internal
Revenue Service has previously ruled that the distribution will be tax-free to
Santa Fe and its shareholders.
Santa Fe Energy Resources is an independent oil and gas exploration and
production company with headquarters in Houston, Texas, and production in the
United States, Argentina and Indonesia with additional exploration activities in
other regions of the world. Its common stock is traded on the New York Stock
Exchange under the symbol SFR. Monterey Resources is an independent oil and gas
company engaged primarily in the production of California heavy crude oil. With
headquarters in Bakersfield, California, its common stock began trading on the
New York Stock Exchange in 1996 under the symbol MRC.
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