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UNITED STATES
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 the Securities Exchange Act of 1934
Date of Report June 16, 1998
Commission File Number 0-26662
PANACO, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction or incorporation)
43 - 1593374
(IRS Employer Identification No.)
1050 West Blue Ridge Boulevard, PANACO Building,
Kansas City, MO 64145-1216
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (816) 942 - 6300
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<PAGE>
Item 4. Change in Registrant's Certifying Accountant
(a) (i) On June 11, 1998, Arthur Andersen LLP informed the Company that it
has declined to stand for reelection as independent auditors of the Company at
its 1998 annual meeting.
(ii) The reports of Arthur Andersen LLP on the Company's consolidated
financial statements for each of the two fiscal years ended December 31, 1996
and December 31,1997, contained no adverse opinion or disclaimer of opinion, and
were not qualified or modified as to uncertainty, audit scope or accounting
principles.
(iii) N/A
(iv) During the two most recent fiscal years and through the date of this
report, the Company has had no disagreements with Arthur Andersen LLP on any
matter of accounting principles or practices, financial statement disclosure or
auditing scope or procedure, which disagreement (s), if not resolved would have
caused them to make reference thereto in their report on the consolidated
financial statement of the Company for such years.
(v) During the Company's two most recent fiscal years and through the date
of this report, the Company has had no reportable events as defined in Item 304
(1) (v) of Regulation S-K.
(vi) The Company has requested that Arthur Andersen LLP furnish it with a
letter addressed to the Securities and Exchange Commission stating whether it
agrees with the above statements. A copy of that letter dated June 15, 1998 is
filed as exhibit 16 to this form 8-K.
(b) During the Company's two fiscal years ended December 31, 1997 and
December 31, 1996, and the through date of this filing, the Company has not
consulted with a new independent accountant regarding any of the matters
specified in Item 304 (a) (2) of Regulation S-K.
Item 7. Financial Statements and Exhibits
(c) Exhibits
16. Letter from Arthur Andersen LLP to the Securities and Exchange
Commission dated June 15, 1998.
SIGNATURE
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.
PANACO, Inc.
/s/Todd R. Bart
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Todd R. Bart
Chief Financial Officer
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INDEX TO EXHIBITS
Exhibit Number Description
16 Letter from Arthur Andersen LLP
to the Securities and Exchange
Commission dated June 15, 1998
Exhibit 16
Arthur Andersen LLP
911 Main Street
Suite 1500
Kansas City, MO 64105-2009
June 15, 1998
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC 20549
Dear Sir/Madam:
We have read Item 4 included in the Form 8-K of PANACO, Inc. to be filed
with the Securities and Exchange Commission on June 16, 1998 and are in
agreement with the statements contained therein.
Very truly yours,
/s/ Arthur Andersen LLP
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Arthur Andersen LLP
cc: Mr. Todd Bart, CFO, Panaco, Inc.
