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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q/A
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-26662
PANACO, Inc.
(Exact name of registrant as specified in its charter)
Delaware 43 - 1593374
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
1050 West Blue Ridge Boulevard, PANACO Building,
Kansas City, Missouri 64145-1216
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (816) 942 - 6300
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes ___X___ No _______ .
23,711,017 shares of the registrant's $.01 par value Common Stock were
outstanding at September 30, 1997.
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PART II
OTHER INFORMATION
Item 2. CHANGES IN SECURITITES AND USE OF PROCEEDS
On July 31, 1997, the Company issued 3,154,930 shares of PANACO, $0.01 par
value common shares to Leonard C. Tallerine, Jr. and Mark C. Licata, the sole
stockholders of The Union Companies, Inc., as partial consideration for a merger
into Goldking Acquisition Corp., a newly formed subsidiary of the Company. The
Company also paid $7,500,000 in cash to the stockholders, issued $6,000,000 in
notes to the stockholders, and assumed $13,000,000 in net liabilities. The
shares were issued under exemptions from registration provided by Section 4(2)
and 4(6) of the Securities Act of 1933 and there were no underwriters or
placement agents involved in the transaction. See the Company's Current Report
on Form 8-K, dated August 15, 1997, for additional information regarding this
transaction.
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.
PANACO, Inc.
Date: December 8, 1997 /s/ Todd R. Bart
Todd R. Bart, Chief Financial Officer
