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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report September 4, 1996
Commission File Number 0-26662
PANACO, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction or incorporation)
43 - 1593374
(IRS Employer Identification No.)
1050 West Blue Ridge Boulevard, PANACO Building,
Kansas City, MO 64145-1216
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (816) 942 - 6300
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Item 4. Change in Registrant's Certifying Accountant
(a) (i) The Company has appointed Arthur Andersen LLP as the independent
accountants for fiscal 1996 to replace Barrett & Associates, PA, effective upon
approval by the Company's Shareholders at its annual meeting September 4, 1996.
(ii) The reports of Barrett & Associates, PA on the Company's consolidated
financial statements for each of the two fiscal years ended December 31, 1994
and December 31,1995, contained no adverse opinion or disclaimer of opinion, and
were not qualified or modified as to uncertainty, audit scope or accounting
principles.
(iii)The decision to change independent accountants was recommended by the
Company's Audit Committee, and approved by the Board of Directors, along with
the Shareholders at the Company's annual meeting on September 4, 1996.
(iv) During the two most recent fiscal years and through the date of this
report, the Company has had no disagreements with Barrett & Associates, PA on
any matter of accounting principles or practices, financial statement disclosure
or auditing scope or procedure, which disagreement (s), if not resolved would
have caused them to make reference thereto in their report on the consolidated
financial statement of the Company for such years.
(v) During the Company's two most recent fiscal years and through the date
of this report, the Company has had no reportable events as defined in Item 304
(1) (v) of Regulation S-K.
(vi) The Company has requested that Barrett & Associates, PA furnish it
with a letter addressed to the Securities and Exchange Commission stating
whether it agrees with the above statements. A copy of that letter dated
September 25, 1996 is filed as exhibit 16 to this form 8-K.
(b) The Company has engaged Arthur Andersen LLP as its new independent
accountants effective September 5, 1996. During the Company's two fiscal years
ended December 31, 1995 and December 31, 1994 and through their engagement , the
Company has not consulted with Arthur Andersen LLP regarding any of the matters
specified in Item 304 (a) (2) of Regulation S-K.
Item 7. Financial Statements and Exhibits
(c) Exhibits
16. Letter from Barrett & Associates, PA to the Securities and Exchange
Commission dated September 25, 1996.
SIGNATURE
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.
PANACO, Inc.
/s/Todd R. Bart
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Todd R. Bart
Chief Financial Officer
INDEX TO EXHIBITS
Exhibit Number Description
16 Letter from Barrett & Associates, PA
to the Securities and Exchange
Commission dated September 25, 1996
Exhibit 16
Barrett & Associates, PA
10900 Quivira, Suite 250
Overland Park, KS 66210
September 25, 1996
Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC 20549
Ladies and Gentlemen:
We have read the statements made by PANACO, Inc. (copy attached), which we
understand will be filed with the Commission pursuant to Item 4 of Form 8-K, as
part of the Company's Form 8-K report for the month of September, 1996. We agree
with the statements concerning our Firm in such Form 8-K.
By: /s/ Barrett & Associates, PA
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Barrett & Associates, PA