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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 - SEPTEMBER 1, 1998
(DATE OF EARLIEST EVENT REPORTED)
HS RESOURCES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
COMMISSION FILE NO. 0-18886
DELAWARE 94-303-6864
(STATE OF INCORPORATION) (I.R.S. EMPLOYER
IDENTIFICATION NO.)
ONE MARITIME PLAZA, 15TH FLOOR, SAN FRANCISCO, CALIFORNIA 94111
(ADDRESS OF PRINCIPAL (ZIP CODE)
EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (415) 433-5795
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FORM 8-K
HS RESOURCES, INC.
September 1, 1998
ITEM 2. DISPOSITION OF ASSETS.
On September 1, 1998, HS Resources, Inc., a Delaware corporation ("HSR"
or the "Company"), consummated the previously announced sale of its wholly-owned
subsidiary, HSRTW, Inc. to Universal Resources Corporation, a subsidiary of
Questar Corp. A copy of the press release by the Company is attached hereto as
Exhibit 99.1 and incorporated herein by reference. Pro Forma Financial
Information concerning the disposition will be filed as an amendment to this
Report within the required time period.
ITEM 7(C). EXHIBITS FILED.
Exhibit Number Description
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99.1 Press Release, dated September 1, 1998.
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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.
HS RESOURCES, INC.
By: /s/ James M. Piccone
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James M. Piccone
Vice President
Dated: September 1, 1998.
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EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release, dated September 1, 1998.
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Exhibit 99.1
FOR IMMEDIATE RELEASE
September 2, 1998
HS RESOURCES CLOSES SALE OF MID-CONTINENT PROPERTIES
San Francisco, California - HS Resources, Inc. (NYSE: HSE) today reported that
it closed on the previously announced sale of its Mid-Continent oil and gas
subsidiary, HSRTW, Inc., to Universal Resources Corp., a subsidiary of Questar
Corp. (NYSE: STR). Cash proceeds of the transaction amounted to $155.0 million
after the $157.5 million sales price was subject to routine adjustments. Net
proceeds have been applied to the repayment of bank debt. HS Resources retained
ownership of HS Energy Services, Inc., its Tulsa-based gas trading,
transportation and marketing subsidiary.
Chief Financial Officer James E. Duffy commented, "We believe that this is a
strong positive development for our shareholders. As we have previously noted,
our successful activities in the D-J Basin and the Gulf Coast region currently
command our capital focus. The reduction of bank debt from this transaction is
very favorable in relation to the $8.2 million of net cash flow, after overhead,
that we received from these properties in the first half of this year."
HS Resources, Inc. is an independent oil and gas exploration and development
company with active projects in the Rocky Mountain and Gulf Coast regions. The
common stock of HS Resources, Inc. is traded on the New York Stock Exchange
under the symbol "HSE".
Contact: Theodore Gazulis
Vice President - Treasury, Capital Markets and Investor Relations
415-433-5795
