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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 (Date of earliest event reported): February 25, 2000
CROSS TIMBERS OIL COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-10662 75-2347769
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
810 Houston Street, Suite 2000, Fort Worth, Texas 76102
(Address of principal executive offices) (Zip Code)
(817) 870-2800
(Registrant's telephone number, including area code)
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Item 5. Other Events.
Sale of Producing Properties
On February 25, 2000, Cross Timbers entered into a definitive agreement
with a private company to sell $43 million of primarily gas-producing properties
located in Crockett County, Texas. Daily production from the Crockett County
properties currently averages 9.5 million cubic feet of gas and 160 barrels of
oil from 298 (103 net) wells. The property sale is anticipated to close at the
end of March, with an effective date of April 1, 2000 and is subject to typical
purchase price adjustments.
On February 28, 2000, Cross Timbers entered into a definitive agreement
with Falcon Creek Resources, Inc. to sell $25.3 million in oil- and gas-
producing properties located primarily in Lea County, New Mexico. Daily
production from the properties to be sold currently averages 3.6 million cubic
feet of gas and 400 barrels of oil. The property sale is anticipated to close at
the end of March, with an effective date of April 1, 2000 and is subject to
typical purchase price adjustments.
Common Stock Repurchase Program
On February 29, 2000, Cross Timbers announced that its Board of Directors
has authorized the repurchase of up to 2.5 million shares of the Company's
common stock, or about 5% of shares outstanding. The Company's three million
share repurchase, announced August 1998, has been completed. Shares under the
new authorization will be repurchased from time to time in open-market or
negotiated transactions.
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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 hereunto duly authorized.
CROSS TIMBERS OIL COMPANY
Date: March 9, 2000 By: BENNIE G. KNIFFEN
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Bennie G. Kniffen
Senior Vice President
and Controller
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