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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 (Date of earliest event reported): October 29, 1999
SOUTHERN MINERAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
NEVADA 0-8043 36-2068676
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1201 Louisiana Street,
Suite 3350 77002-5609
Houston, Texas (Zip Code)
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (713) 658-9444
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On October 29, 1999, the Registrant and its wholly owned, direct and indirect
subsidiaries, SMC Production Company, Amerac Energy Corporation, BEC Energy,
Inc., and SMC Ecuador, Inc., (collectively with the Registrant, the "Debtors"),
jointly filed for protection under Chapter 11 of the United States Bankruptcy
Reform Act of 1978, as amended, in the United States Bankruptcy Court, Southern
District of Texas, Victoria Division (jointly administered under Case No. 99-
60359-V2-11). No receiver has been appointed as the Debtors intend to remain as
debtors-in-possession. A press release of the Registrant, attached hereto as
Exhibit 99.1, contains more information regarding the bankruptcy proceeding and
is incorporated by reference herein.
ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS
Three members of the Registrant's Board of Directors have informed the
Registrant of their resignation. On October 22, 1999, E. Ralph Hines, Jr.
resigned as a director. On October 26, 1999, each of James E. Nielson and
Michael D. Watford resigned as a director.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
99.1 Press Release, dated October 29, 1999.
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.
SOUTHERN MINERAL CORPORATION
Date: November 1, 1999 By: /s/ MICHAEL E. LUTTRELL
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Michael E. Luttrell
Vice President-Finance and
Chief Financial Officer
1
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INDEX TO EXHIBITS
EXHIBIT
NUMBER
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99.1 Press Release, dated October 29, 1999.
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Exhibit 99.1
SOUTHERN MINERAL SEEKS BANKRUPTCY PROTECTION
Houston, Texas - Southern Mineral Corporation (SMIN.OB) announced that the
Company filed a petition for Chapter 11 bankruptcy protection today in Federal
Bankruptcy Court, Houston, Texas. The decision to seek protection was taken by
the Company and certain subsidiaries because the Company now believes that a
restructuring of its indebtedness cannot be completed without the protection and
assistance of the bankruptcy court. Timing of the bankruptcy filing was imposed
by several factors, including the possible acceleration of the Company's $16.1
million of indebtedness by its domestic bank creditors and the inability of the
Company and its debenture holders to reach a satisfactory compromise regarding
the consideration to be received in a restructuring. The lack of liquidity
during the restructuring period has made the process of working through this
problem significantly more difficult. The Company is continuing to discuss a
solution to its capital needs with its lenders, its debenture holders and other
potential investors. The Company expects to file a plan of reorganization with
the bankruptcy court in the near future that is fair to both its creditors and
shareholders.
Southern Mineral Corporation is an oil and gas acquisition, exploration and
production company that owns interests in oil and gas properties located along
the Texas Gulf Coast Canada and Ecuador. The Company's principal assets include
interests in the Big Escambia Creek field in Alabama and the Pine Creek field in
Alberta, Canada. The Company's common stock is quoted on the OTC Bulletin Board
under the trading symbol "SMIN.OB".
This news release contains forward-looking statements within the meaning of the
Securities Litigation Reform Act. The projections and statements reflect the
Company's current views with respect to future events and financial performance
that involve risks and uncertainties including uncertainties related to
successful negotiations with other parties, price volatility, production levels,
closing of transactions, capital availability, operational and other risks,
uncertainties and factors described from time to time in the Company's publicly
available SEC reports. Actual results may differ materially from those
projected.
