SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
January 9, 1997
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Date of Report (Date of earliest event reported)
AMERICAN RESOURCES OF DELAWARE, INC.
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(Exact name of Registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-21472 86-0713506
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(Commission File Number) (IRS Employer
Identification No.)
160 Morgan Street
P. O. Box 87
Versailles, Kentucky 40383
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(Address of principal executive offices) (Zip Code)
(606) 873-5455
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(Registrant's Telephone Number, including Area Code)
Not Applicable
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(Former name or former address, if changed since last report)
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Item 1. Changes in Control of Registrant. Not applicable.
Item 2. Acquisition or Disposition of Assets. Not applicable.
Item 3. Bankruptcy Receivership. Not applicable.
Item 4. Change in Registrant's Certified Accountant. Not
applicable.
Item 5. Other Events.
On January 9, 1998, the Company entered into a letter
agreement to purchase all of the offshore Gulf of Mexico assets
of TECO Oil & Gas, Inc., as more particularly described in
Exhibit 10.88 which is attached hereto and incorporated herein by
reference.
Item 6. Resignation of Registrant=s Directors. Not applicable.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements. Not applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Exhibits:
Exhibit 10.88 Press release announcing agreement
to acquire offshore Gulf of Mexico
assets from TECO Oil & Gas, Inc.
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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.
AMERICAN RESOURCES OF DELAWARE, INC.
By: /s/ Ralph A. Currie
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Ralph A. Currie
Its: Chief Financial Officer
Dated: January 16, 1998
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<PAGE>
Exhibit 10.88
AMERICAN RESOURCES OF DELAWARE
160 Morgan Street
P.O. Box 87
Versailles, KY 403833
Telephone: (606) 873-5455
Facsimile: (606) 873-4689
BUSINESS WIRE
RELEASED JANUARY 14, 1998, AT 8:00 A.M. E.S.T.
(BW) (AMERICAN RESOURCES OF DELAWARE, INC.) (NASDAQ:GASS)
American Resources of Delaware, Inc. announces acquisition of
offshore Texas and Louisiana properties.
VERSAILLES, KY--(BUSINESS WIRE)--January 14, 1998--American
Resources of Delaware, Inc. ("ARI") today announced that its
wholly owned subsidiary, American Resources Offshore, Inc.
("ARO") has entered into an agreement to acquire all of the
offshore Gulf of Mexico assets of TECO Oil & Gas, Inc. ("TECO"),
a subsidiary of TECO Energy, Inc., for $57.5 million. ARI
anticipates that the closing of the transaction will occur on or
before February 16, 1998.
The properties to be acquired include 40 federal lease
blocks and 1 Texas state lease block in the offshore Gulf of
Mexico covering a total of 197,468 acres with four currently
producing wells and one additional well awaiting connection to
production facilities. ARO will also be acquiring access to
approximately 12,500 square miles of 3-D seismic data with a
substantial value and the interest of TECO in two limited
partnerships. Additionally, 27 initial drilling locations have
been identified on structural closures with 3-D amplitude support
and/or positive AVO responses. TECO has an average working
interest of approximately 30% in each of the blocks with reserves
which have been estimated to be in excess of 80 billion cubic
feet of gas equivalents. ARO would also become a participant in
an ongoing exploration program in which a team of geoscientists
uses state-of-the-art equipment and technology.
President and C.E.O. of ARI, Rick Avare, commented: "This
is the acquisition we have been looking for. With four
substantial wells already producing and one more to be hooked up
in the near future, we should start out with respectable cash
flows; but the real excitement comes from the potential in these
properties. In addition, we are scheduled to participate in 3
"bright spot" prospects to be drilled in the first quarter of
1998. We are very pleased that the first acquisition to be
credited to Bill Gray and the staff at ARO will nearly double the
size of our company."
American Resources of Delaware, Inc. is a fully integrated
producer of oil and gas. The Company owns pipelines and
production in the Gulf Coast and Appalachian regions.
For more information, contact the Company's Investor
Relations Department at (606) 873-5455.
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