<PAGE> 1
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):June 13, 1997
WRT Energy Corporation
(Exact name of registrant as specified in its charter)
------------------------------------------------------------------
Texas 1-10753 72-1133320
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation or
organization)
------------------------------------------------------------------
5718 Westheimer, Suite 1201
Houston, Texas 77057
(Address of principal executive office)
Issuer's telephone number: 713-706-3295
Item 5.Other Events
On March 11, 1997, WRT Energy Corporation ("WRT" or the "Company") and
DLB Oil and Gas, Inc. and Wexford Management LLC, on behalf of its
affiliated investment funds, jointly filed a Second Amended Joint Plan of
Reorganization (the "Plan") and Second Amended Disclosure Statement
("Disclosure Statement") in WRT's Chapter 11 bankruptcy case before the
United States Bankruptcy Court for the Western District of Louisiana,
Lafayette-Opelousas Division (the "Court"). On May 5, 1997, an order
was entered in the Chapter 11 case confirming the Plan.
The Disclosure Statement, filed with the Court and distributed in
connection with the Plan, contained, in Exhibit "F" attached thereto, a
"Financial Analysis as of March 11, 1997" for WRT (the "Financial
Analysis"). The Financial Analysis contained both historical financial
statements for WRT and pro forma financial statements assuming
confirmation of the Plan. The Company has discovered that, due to an
arithmetic error, the pro forma statements of operations for the Company,
contained in the Financial Analysis, contained incorrect statements of the
Pro Forma Earnings (Loss)
1
<PAGE> 2
per Common Equivalent Share for each of the years ended December 31, 2000,
1999, and 1998, and for the six months ended December 31, 1997.
The Company is filing this Report on Form 8-K to report the correct Pro
Forma Earnings (Loss) per Common Equivalent Share for each of the pro
forma periods, as follows:
For the For the year ended
six December 31,
months
Ended Dec
31, 1997 1998 1999 2000
(Pro Forma) (Pro Forma) (Pro Forma (Pro Forma)
- ------------------------------------------------------------------------
Earnings (Loss) per
Common Equivalent
Share $0.00 $0.03 $0.12 $.18
Attached to this Report, as Exhibit 99.1, is the Company's amended
historical and projected Statement of Operations for the periods
ending in 1994 through 2000, as set forth in Exhibit F to the Disclosure
Statement, but with corrected information concerning Pro Forma Earnings
per Common Equivalent Share and Average Common Equivalent Shares
Outstanding as set forth above. The only changes from the Statement of
Operations filed with Exhibit F to the Disclosure Statement are the changes
in pro forma earnings per share and shares outstanding. This report is
made for the purpose of correcting the arithmetic error described
above and is not to be deemed an admission as to the materiality of any
the corrections contained herein.
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.
WRT ENERGY CORPORATION
Date:June 13, 1997 By: /s/RAYMOND P. LANDRY
Raymond P. Landry
Chairman and Chief
Executive Officer
2
<PAGE> 3
Exhibits to Current Report on Form 8-K
of WRT Energy Corporation
Exhibit No. Description
99.1 Company's Amended Historical and Projected Statement of
Operations for Periods Ending in 1994 through 2000
<PAGE>
<TABLE>
<CAPTION>
WRT ENERGY CORPORATION
STATEMENT OF OPERATIONS
FOR PERIODS ENDING IN 1994 THROUGH 2000
For the 6 Mo. For the 6 Mo.
<F1> <F1> <F2> Ended June 30 Ended Dec 31
1994 1995 1996 1997 1997 1998 1999 2000
Preliminary (Pro Forma) (Pro Forma) (Pro Forma) (Pro Forma) (Pro Forma)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES:
Oil and gas sales $11,034,000 $24,655,000 $22,624,000 $11,299,767 $17,273,170 $39,454,666 $44,630,999 $47,709,110
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
EXPENSES:
Production cost 3,077,000 9,534,000 8,503,000 3,235,000 4,376,654 9,135,881 9,626,474 10,038,582
Gross Production taxes 811,000 2,139,000 1,740,000 1,002,629 1,878,379 4,313,530 4,934,372 5,268,018
Field Operations costs - - - - - - - -
Depreciation and
depletion expense 3,201,000 12,645,000 7,684,000 4,594,664 9,292,364 21,114,789 22,482,258 23,294,206
General and adminis-
trative expense 3,038,000 4,882,000 2,966,000 1,496,000 1,170,000 2,3430,000 2,340,000 2,340,000
Provision for
doubtful receivables - 2,007,000 2,852,000 - - - - -
Restructuring charges - 1,433,000 - - - - - -
Minimum production
guarantee obligation - 3,591,000 2,819,000 - - - - -
Impairment of
long-lived assets - 103,266,000 - - - - - -
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
10,127,000 139,497,000 26,564,000 10,328,293 16,717,396 36,904,200 39,383,104 40,940,806
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
NET INCOME (LOSS)
FROM OPERATIONS 907,000 -114,842,000 -3,940,000 971,474 555,774 2,550,466 5,247,895 6,768,304
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
OTHER INCOME (EXPENSE):
Interest expense -19,000 -13,759,000 -4,133,000 -804,934 -743,593 -1,442,552 -1,063,699 -853,786
Gain oon sale of oil
and gas properties 3,033,000 - - - - - - -
Other income, net 344,000 426,000 356,000 168,527 71,748 81,136 63,310 63,964
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
3,358,000 -13,333,000 -3,777,000 636,407 671,845 -1,361,416 -1,000,389 -789,822
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
REORGANIZATION EXPENSES - - 3,095,000 15,977,799 - - - -
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
NET INCOME (LOSS)
BEFORE INCOME TAXES 4,265,000 -128,175,000 -10,812,000 335,067 116,071 1,189,050 4,247,506 5,978,482
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
PROVISION FOR (BENEFIT
FROM) INCOME TAXES: 36,000 - - - 46,429 475,619 1,699,002 2,391,393
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
NET INCOME (LOSS)
BEFORE DIVIDENDS ON
PREFERRED STOCK 4,229,000 -128,175,000 10,812,000 -15,642,732 69,642 713,431 2,548,504 3,587,089
DIVIDENDS ON
PREFERRED STOCK 2,846,000 -2,846,000 - - - - - -
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
NET INCOME (LOSS)
AVAILABLE TO
COMMON STOCK 1,383,000 -131,021,000 10,812,000 -15,642,732 -69,642 713,431 2,548,504 3,587,089
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
EXTRAORDINARY GAINS
(LOSSES)
Debt forgiveness
income 88,004,901
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
NET INCOME (LOSS) $ 1,383,000 -131,021,000 $-10,812,000 $72,362,169 $ 69,642 $ 713,431 $ 2,548,504 $ 3,587,089
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
PER COMMON SHARE
Earnings (Loss)
per Common and
Common Equivalent
Share $ 0.18 -13.84 -1.13 7.59 0.00 0.03 0.12 0.18
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Average Common and
Common Equivalent
Shares Outstanding 7,792,000 9,466,000 9,570,400 9,539,100 20,388,400 20,388,400 20,388,400 20,388,400
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<FN>
<F1>
Audited Financial Statements
</F1>
<F2>
Unaudited Financial Statements
</F2>
</TABLE>
