UNITED STATES
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: June 30, 1995
Commission File Number 1-8241
_________
PRESIDIO OIL COMPANY
(Exact name of registrant as specified in its charter)
DELAWARE 95-3049484
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
5613 DTC PARKWAY, SUITE 750
ENGLEWOOD, COLORADO 80111-3065
(Address of principal executive offices)
(Zip Code)
(303) 773-0100
(Registrant's telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
Item 5. Other Events
During 1994 and thereafter the financial condition of Presidio
Oil Company (the "Company") has deteriorated significantly,
resulting in uncertainty regarding the Company's ability to
service its debt and continue as a going concern. As previously
disclosed, because of the Company's deteriorating financial
condition and because of its failure to satisfy certain interest
payment obligations, Events of Default have occurred under both
the indenture governing the Company's Senior Gas Indexed Notes
Due 2000 (the "Senior Gas Indexed Notes") and under the Company's
bank credit agreement. Additionally, Defaults, which the Company
anticipates will become Events of Default after applicable grace
periods have expired, have occurred under the indenture governing
the Company's 11.5% Senior Secured Notes Due 2002 (the "Senior
Secured Notes").
To eliminate its current cash flow deficit and improve its
financial condition, the Company is continuing to negotiate with
its bank lenders and with certain institutional holders of its
Senior Secured Notes, Senior Gas Indexed Notes, and 9%
Convertible Subordinated Debentures Due 2002 with respect to a
restructuring (the "Restructuring") of the Company's debt
obligations. Additionally, the Company is considering the
possible sale of its oil, gas and related assets in connection
with the Restructuring. A data room and procedures for providing
potential buyers with information as to such assets have been
established, and potential buyers have begun to review such
information. No decision has been made to sell the Company's
assets, and the Company is continuing to examine other
alternatives that may be available to alleviate its financial
difficulties, including a Restructuring wherein the Company would
retain all or most of its oil, gas and related assets.
Although the Company and its financial advisors continue to work
toward improving the Company's financial condition, no assurance
can be given that the Company will be able to successfully
conclude the Restructuring or any other arrangement currently
being considered to alleviate its financial difficulties and, in
addition, assuming that the Company is successful in respect of
concluding the Restructuring or one of the other arrangements
currently being considered, no assurance can be given as to the
level and value of the equity interest in the Company that may be
retained by its existing shareholders. If the Company is
unsuccessful in its current efforts to improve its financial
condition, it is likely that Events of Default under the
Company's indebtedness such as those described above will have
the adverse consequences described under "Ability to Service
Debt" in the Company's Quarterly Report on Form 10-Q for the
quarter ended March 31, 1995.
Item 7. Financial Statements and Exhibits
(c) Exhibits
20.1 Press release of the Company dated June 30, 1995.
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.
PRESIDIO OIL COMPANY
------------------------
Registrant
DATE: July 12, 1995 /s/ Charles E. Brammeier
------------------- ------------------------
Charles E. Brammeier
Controller
(Principal Accounting Officer)
EXHIBIT INDEX
Sequentially
Exhibit Numbered
Number Description of Exhibit Page
20.1 Press release of the Company
dated June 30, 1995. 5