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 (Date of earliest event reported): June 7, 2002
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PANACO, INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 000-26662 43-1593374
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
1100 Louisiana, Suite 5100, Houston, Texas 77002
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (713) 970-3100
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Item 5. Other Events
On June 7, 2002, PANACO, Inc. (the "Company") issued a press release
announcing the postponement of its Annual Meeting of Stockholders, originally
scheduled to be held on June 14, 2002. A new annual meeting date and record date
will be announced when such dates are determined. The Company's proxy materials
regarding its 2002 annual meeting filed with the Securities and Exchange
Commission on May 20, 2002 will be revised accordingly.
A copy of the press release announcing the postponement of the annual
meeting is attached as an exhibit and is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Businesses Acquired.
None.
(b) Pro Forma Financial Information.
None.
(c) Exhibits.
99.1 Press Release dated June 7, 2002.
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.
Date: June 7, 2002
PANACO, Inc.
(Registrant)
By: /s/ Robert G. Wonish
Robert G. Wonish
President and Chief Operating Officer
Exhibit 99.1
PANACO, Inc. to Postpone Annual Meeting
Houston, TX, June 7, 2002 - PANACO, Inc. ("Company") (AMEX:PNO), an oil and
gas exploration and production company, announced today that it will postpone
its annual meeting of stockholders, originally scheduled for June 14, 2002, in
light of its ongoing evaluation of strategic alternatives.
About PANACO, Inc.
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PANACO is an independent exploration and production company with operations
focused primarily offshore in the Gulf of Mexico and onshore in the Gulf Coast
Region.
PANACO operates approximately 75% of its offshore and onshore wells as well
as operates 12 offshore platforms and owns interests in 109 miles of offshore
oil and natural gas pipelines greater than 10" diameter. The Company's daily
production is currently averaging 32 MMCFE.
PANACO, Inc. is an independent oil and gas exploration and production
Company focused primarily on the Gulf of Mexico and the Gulf Coast Region. The
Company acquires producing properties with a view toward further exploitation
and development, capitalizing on state-of-the-art 3-D seismic and advanced
directional drilling technology to recover reserves that were bypassed or
previously overlooked. Emphasis is also placed on pipeline and other
infrastructure to provide transportation, processing and tieback services to
neighboring operators. PANACO's strategy is to systematically grow reserves,
production, cash flow and earnings through acquisitions and mergers,
exploitation and development of acquired properties, marketing of existing
infrastructure, and a selective exploration program.
Forward-looking statements in this press release are intended to be subject
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that all forward-looking statements involve risks
and uncertainties, including drilling risks, uncertainties in estimating
reserves, risks inherent in oil and gas operations, volatility in oil and gas
prices and others set forth in greater detail in the 2001 PANACO Annual Report
on Form 10-K. No assurances can be given that actual results will not differ
materially from those contained in such forward-looking statements.
Forward-looking statements are made as of the date hereof and PANACO undertakes
no obligation to update or revise such statements in the event of later changes.
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PANACO, Inc., 1100 Louisiana, Suite 5100, Houston, Texas 77002-5220
Contact:Michele Hines,Investor Relations, Phone:(713)970-3100, Fax:(713)970-3151
www.panaco.com