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): January 22, 1996
TEL OFFSHORE TRUST
(Exact name of registrant as specified in its charter)
0-6910
(Commission File Number)
TEXAS 76-6004064
(State or other jurisdiction (IRS Employer Identification Number)
of incorporation)
Texas Commerce Bank National Association
Corporate Trust Division
712 Main Street
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
(713) 216-5712
(Registrant's telephone number, including area code)
HOU04:22394.1 -1-
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Item 7. Exhibits.
99.1 -- News Release dated January 22, 1996
HOU04:22394.1 -2-
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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.
TEL OFFSHORE TRUST
By: Texas Commerce Bank National
Association, Corporate Trustee
By: /s/ Michael J. Ulrich
Michael J. Ulrich
Senior Vice President and Trust Officer
Dated: January 24, 1996
HOU04:22394.1 -3-
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EXHIBIT 99.1
Individual Trustees
George Allman
W. Leslie Duffy
Richard Melton
TEL OFFSHORE TRUST
Texas Commerce Bank, Corporate Trustee NEWS
RELEASE
FOR IMMEDIATE RELEASE
Houston, Texas, January 22, 1996 -- TEL Offshore Trust (the "Trust")
announced today that it has been advised by Chevron U.S.A. Inc.("Chevron"),
the working interest owner on the Trust's Ship Shoal 182/183 property, that
the F-2 delineation gas well has been drilled by Chevron on that property.
Chevron has further advised the Trust that the well has been drilled to a
measured depth of 10,190 feet and a true vertical depth of 7,542 feet with
approximately 22 feet of pay indicated by preliminary log analysis. The
completed well cost is estimated at $2.7 million ($450,000 net to the
Trust.) The Trust has been advised by Chevron that Chevron expects to have
well test results within the next week and that at such time rates of flow
and other information should be available for release.
In addition, Chevron has advised the Trust that it plans to drill two
development oil wells on the Ship Shoal 182/183 property in May 1996. The
cost of such drilling is estimated to be approximately $9.84 million ($1.64
million net to the Trust).
In accordance with the terms of the royalty conveyance, the working
interest owners are entitled to recover capital and operating expenses,
including drilling expenses, before making any distributions of royalty
income to the Trust. Chevron has advised the Trust that it expects the
expenses of drilling the F-2 well to begin to affect Trust distributions in
the first quarter of 1996. Depending on the success of the Ship Shoal
182/183 drilling program, the expenses of such drilling could have a
significant impact on Trust royalty income and distributions to
unitholders. The Trust intends to evaluate further information to be
provided by Chevron as it becomes available.
CONTACT: DEBBIE MILLER
(713) 216-5712
P.O. Box 2558
Houston, Texas 77252
