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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report Filed Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported): March 21, 1999
FORCENERGY INC
(Exact name of registrant as specified in its charter)
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Delaware 0-26444 65-0429338
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
incorporation or organization)
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2730 S.W. 3rd Avenue, Suite 800
Miami, Florida 33129-2356
(Address of principal
executive offices
and zip code)
(305) 853-8500
(Registrant's telephone number,
including area code)
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On March 21, 1999, Forcenergy Inc and its subsidiary Forcenergy
Resources, Inc. filed voluntary petitions for reorganization under Chapter 11 of
the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern
District of Louisiana in New Orleans. These petitions were styled as In re
Forcenergy Inc and In re Forcenergy Resources Inc., respectively. Forcenergy and
Forcenergy Resources will be operated as debtors-in-possession under the
Bankruptcy Code. A copy of the the press release issued by Forcenergy on March
21, 1999 to report the Chapter 11 filings is attached as an exhibit hereto.
ITEM 7. EXHIBITS
Exhibit 99.1 -- Press Release
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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.
FORCENERGY INC
Date: March 22, 1999
By: /s/ E. Joseph Grady
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E. Joseph Grady
Vice President, Treasurer and
Chief Financial Officer
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Exhibit 99.1
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MIAMI--(BUSINESS WIRE)--March 22, 1999--On March 21, 1999 Forcenergy Inc
(NYSE:FEN - news) and its subsidiary Forcenergy Resources, Inc. filed petitions
for reorganization under Chapter 11 of the United States Bankruptcy Code.
This voluntary action by the Company was precipitated by the prolonged impact of
severely reduced oil and gas prices.
Concurrent with this action, the management of Forcenergy is initiating efforts
to achieve a comprehensive restructuring with all creditors. The objective of
the restructuring will be to position the Company to emerge from Chapter 11 with
an improved capital structure and adequate resources to realize maximum value
for all stakeholders.
Based on conversations with the Company's agent bank, Forcenergy anticipates
that it will have adequate capital and liquidity to fund operating activities
during this restructuring period.
Forcenergy Inc is an independent oil and gas company engaged in the exploration,
acquisition, development, exploitation and production of oil and natural gas.
Forcenergy's primary areas of operations are the Gulf of Mexico and Cook Inlet,
Alaska.
Certain statements in this news release regarding future expectations and plans
for future activities may be regarded as "forward looking statements" within the
meaning of the Securities Litigation Reform Act. They are subject to various
risks, such as financial market conditions, operating hazards, drilling risks,
and the inherent uncertainties in interpreting engineering data relating to
underground accumulations of oil and natural gas, as well as other risks
discussed in detail in the Company's SEC filings, including the Annual Report
and Form 10-K for the year ended December 31, 1997. Actual results and outcomes
may vary materially.
Contact:
Forcenergy Inc, Miami
J. Russell Porter or E. Joseph Grady
305/856-8500
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