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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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)
April 13, 1995
ENSERCH EXPLORATION INC.
(Exact name of Registrant as specified in its charter)
Texas 1-11413 75-2556975
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
4849 Greenville Avenue, Suite 1500 75206
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including Area Code: 214-987-7878
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ITEM 5. Other Events
Set forth below in its entirety is a news release issued by
Enserch Exploration, Inc. on April 13, 1995:
DALLAS, TEXAS (April 13, 1995) -- Enserch
Exploration, Inc. (NYSE-"EEX") has concluded a definitive
agreement to acquire for cash 100% of the capital stock
of DALEN Corporation, a Dallas-based affiliate of Pacific
Gas & Electric Company (NYSE-"PCG"). Closing, which is
subject to due diligence procedures and review under the
Hart-Scott-Rodino Act, is expected by June 1.
The purchase price is $340 million plus the
assumption or refinancing of $115 million of bank debt.
The purchase price will be funded initially through EEX
bank lines. The company intends to repay this debt with
a combination of a reserves-based financing and the
issuance of EEX common stock in a public offering later
in the year.
In announcing the agreement, David W. Biegler, EEX
chairman, said, "DALEN's properties and potential are an
excellent fit with our short and long-range needs. We
are excited by the potential offered by further
exploitation work on these properties. DALEN currently
has a 5 1/2 year proved reserves to production ratio.
This transaction will result in a reduction in EEX's high
reserve to production ratio. We expect an increase in
cash flow and accretion in earnings per common share.
The proposed offering of EEX common stock later this year
is in keeping with our desire to establish a meaningful
level of liquidity for EEX shareholders."
DALEN's activities are focused in three regions: the
Gulf Coast, Gulf of Mexico and Mid-Continent areas.
At January 1, 1995 the DALEN properties had proved
reserves, as estimated by Netherland, Sewell &
Associates, Inc., independent petroleum engineers, of
307.4 billion cubic feet of natural gas and 11.7 million
barrels of oil. Gary J. Junco, Enserch Exploration
President and Chief Operating Officer said, "We see an
excellent opportunity to enhance DALEN's reserves through
exploitation and development projects in many of the
fields to be acquired."
Enserch Exploration, Inc. is a natural gas and oil
exploration and production company; activities are
focused primarily in Texas and the Gulf of Mexico.
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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 thereunto duly authorized.
Enserch Exploration, Inc.
Date: April 13, 1995 By /s/ J. W. Pinkerton
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J. W. Pinkerton,
Vice President
