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EXHIBIT 99.1
TRANSTEXAS GAS CORPORATION
(Debtor-in-Possession)
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands of dollars, except share amounts)
(Unaudited)
DECEMBER 31, JANUARY 31,
1999 1999
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ASSETS
Currents assets:
Cash and cash equivalents $ 18,487 $ 3,775
Accounts receivable 22,247 16,091
Receivable from affiliates 1,144 1,286
Inventories 1,764 3,210
Other current assets 4,613 3,693
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Total current assets 48,255 28,055
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Property and equipment 1,498,954 1,459,630
Less accumulated depreciation, depletion and amortization 1,234,409 1,167,487
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Net property and equipment 264,545 292,143
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Other assets, net 23,003 25,169
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$ 335,803 $ 345,367
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Note payable $ 30,000 $ --
Revolving credit agreement 3,778 --
Accounts payable 9,397 --
Accrued liabilities 9,784 983
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Total current liabilities 52,959 983
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Production payments, less current portion 33,879 56,260
Liabilities subject to compromise 725,654 718,139
Commitments and contingencies -- --
Stockholders' deficit:
Common stock, $0.01 par value, 100,000,000 shares
shares authorized, 57,515,566 shares issued and
outstanding at December 31, 1999 and January 31, 1999 740 740
Additional paid-in capital 20,615 19,915
Accumulated deficit (235,639) (188,265)
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(214,284) (167,610)
Treasury stock (262,405) (262,405)
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Total stockholders' deficit (476,689) (430,015)
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$ 335,803 $ 345,367
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