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)
March 16, 1995
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HOWELL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
1-8704 74-1223027
(Commission File Number) (I.R.S. Employer Identification No.)
1111 Fannin, Suite 1500, Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 658-4000
Item 5. Other Events
On March 16, 1995, the Registrant issued a press release announcing that
the Registrant had signed an agreement with Norcen Explorer, Inc. (Norcen)
regarding the purchase by the Registrant of all of the Mississippi operated
properties and certain other assets of Norcen. On March 22, 1995, the
Registrant issued a press release announcing that the transaction with Norcen
had been finalized. Copies of both press releases are enclosed herewith and
incorporated herein by reference.
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.
HOWELL CORPORATION
(Registrant)
Date: March 28, 1995 By /s/ Paul W. Funkhouser
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Paul W. Funkhouser
President and Chief Operating Officer
HOWELL CORPORATION NEWS RELEASE
For Immediate Release Contact: Sandra M. Ryan
Manager, Investor Relations
(713) 658-4070
HOWELL ACQUIRES MISSISSIPPI OIL AND GAS PROPERTIES
HOUSTON, TEXAS, MARCH 16, 1995 -- HOWELL CORPORATION (HWL:NYSE;
HWLLP:NASDAQ) today announced that its wholly-owned subsidiary, Howell Petroleum
Corporation, has agreed to acquire all of the Mississippi operated properties
and certain other interests of Norcen Explorer, Inc. The acquisition includes
working interests ranging from 85% to 6.25% in six fields with 21 producing
wells. The current daily net production from the acquired interests is
approximately 540 barrels of oil per day and 450 thousand cubic feet of natural
gas per day, which would increase Howell's oil and gas production by 16.4% and
5.5%, respectively. Howell estimates that the proved reserves were 959,000
barrels of oil and slightly over 1 Bcf of gas as of March 1, 1995, for an
adjusted purchase price of approximately $5.8 million. This represents
increases of 13% and 1.4% to Howell's year-end 1994 oil and gas reserves,
respectively. Closing is expected to occur later this month.
The six fields are located in Smith, Jones, Wayne and Lowndes Counties,
Mississippi. Five of the fields are in the Mississippi Salt Dome Basin where
Howell is actively exploring for oil and gas through a joint venture it formed
to exploit its sizable fee mineral acreage position. The sixth field is in the
Black Warrior Basin where Howell has existing production. Norcen currently
operates two of the fields which represent approximately 40% of the value of the
acquired properties. Howell expects to be elected operator of these two fields
after the acquisition is completed.
Paul Howell, Chairman and Chief Executive Officer of Howell Corporation,
commented, "The acquisition of the Norcen properties is an excellent strategic
fit for our existing and planned activities in the area. This acquisition
provides Howell Petroleum with a strong operational base in the Mississippi Salt
Dome Basin, which is where the majority of our 1995 Mineral Acreage drilling
prospects are concentrated. Completion activities are currently underway on one
area prospect and several others are planned for drilling during 1995. One of
the three pipeline systems which we are acquiring from Exxon traverses this same
Basin, passing within 30 miles of five of the fields being acquired from Norcen.
The synergies among these acquisitions, assets and opportunities seem endless."
Howell Corporation is a diversified independent energy company engaged in
oil and gas exploration, production, marketing, transportation and
petrochemicals.
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HOWELL CORPORATION NEWS RELEASE
For Immediate Release Contact: Sandra M. Ryan
Manager, Investor Relations
(713) 658-4070
HOWELL CLOSES ACQUISITION FROM NORCEN
- Increases daily oil production by over 16%, oil reserves by 13% -
HOUSTON, TEXAS, MARCH 22, 1995 -- HOWELL CORPORATION (HWL:NYSE;
HWLLP:NASDAQ) today announced that its wholly-owned subsidiary, Howell Petroleum
Corporation, has finalized its previously announced acquisition of Mississippi
producing properties from Norcen Explorer, Inc. The acquisition will add
approximately 540 barrels of oil and 450 thousand cubic feet of natural gas per
day to Howell's current oil and gas production, representing increases of 16.4%
and 5.5%, respectively. Howell estimates that proved reserves for the acquired
properties are 959,000 barrels of oil and slightly over 1 Bcf of gas, which
increases Howell's oil and gas reserves as of year-end 1994 by 13% and 1.4%,
respectively. Howell paid $5.8 million for the properties.
The properties include working interests ranging from 85% to 6.25% in six
fields with 21 producing wells. The fields acquired are Burns, Tallahoma Creek,
Reedy Creek, Chaparral, Free State and Stinson Creek located in Smith, Jones,
Wayne and Lowndes Counties, Mississippi. Howell expects to be elected operator
of the Burns and Tallahoma Creek fields which represent about 40% of the total
acquisition value.
The acquisition is an excellent strategic fit for Howell. Five of the
fields are in the Mississippi Salt Dome Basin where Howell is actively drilling
to exploit its sizable fee mineral acreage position. One of the crude oil
pipelines that Howell is acquiring from Exxon passes within thirty miles of
these five fields. The sixth field is in the Black Warrior Basin where Howell
has existing production.
Howell Corporation is a diversified independent energy company engaged in
oil and gas exploration, production, marketing, transportation and
petrochemicals.
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