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): October 31, 1999
MICHAEL PETROLEUM CORPORATION
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(Exact name of registrant as specified in its charter)
Texas 333-52263* 76-0510239
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
13101 Northwest
Freeway, Suite 320
Houston, Texas 77040
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 895-0909
* The Commission File Number refers to a Form S-4 Registration Statement
filed by the Registrant under the Securities Act of 1933 which was
declared effective on July 22, 1998.
Item 5. OTHER EVENTS
On September 30, 1999, Michael Petroleum Corporation (the "Company")
reported that it would not make the approximately $7.8 million interest payment
due on October 1, 1999 on its 11 1/2% Senior Notes due 2005 (the "Senior
Notes"). The Indenture under which the Senior Notes were issued provides for a
30-day grace period before an Event of Default exists as a result of the
nonpayment of interest. The 30-day grace period expired on October 31, 1999
without payment of interest on the Senior Notes, and, as a result, an Event of
Default has occurred under the Indenture with respect to the Senior Notes. The
Indenture provides that in the event of an Event of Default, the entire
indebtedness under the Senior Notes may be declared due and payable. In
addition, an Event of Default under the Indenture constitutes an additional
event of default under the Company's Senior Secured Credit Facility.
The Company is continuing to negotiate with holders of Senior Notes and
its senior bank lender in an effort to effect a consensual restructuring of the
Company's indebtedness or an alternative transaction having similar effects,
which could be implemented outside of insolvency proceedings or in connection
with court-supervised bankruptcy proceedings.
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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.
MICHAEL PETROLEUM CORPORATION
By: /s/ ROBERT L. SWANSON
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Robert L. Swanson
Vice President -- Finance
Dated: November 1, 1999