1
EXHIBIT 99.1
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS
CORPUS CHRISTI DIVISION
CASE NAME: TRANSAMERICAN ENERGY CORPORATION PETITION DATE: APRIL 20, 1999
CASE NUMBER: 99-21551-C-11
MONTHLY OPERATING REPORT SUMMARY FOR MONTH APRIL YEAR 2000
=======================================================================================================================
MONTH 5/99 6/99 7/99 8/99 9/99 10/99 11/99 12/99
- -----------------------------------------------------------------------------------------------------------------------
REVENUES (MOR-6) -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
INCOME BEFORE INT, DEPREC./TAX (MOR-6) (28,294) (4,581) (56,719) 43,491 (2,908) (38,909) 3,351 (1,211,490)
- -----------------------------------------------------------------------------------------------------------------------
NET INCOME (LOSS) (MOR-6) (136,686) (250,375) (270,320) 6,561,021 409,126 373,125 415,429 411,634
- -----------------------------------------------------------------------------------------------------------------------
PAYMENTS TO INSIDERS (MOR-9) -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
PAYMENTS TO PROFESSIONALS (MOR-9) -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS (MOR-8) -- 976 1,272 24,335 -- 3,846 -- --
=======================================================================================================================
=============================================================================================
MONTH 01/00 02/00 03/00 04/00
- ---------------------------------------------------------------------------------------------
REVENUES (MOR-6) -- -- -- --
- ---------------------------------------------------------------------------------------------
INCOME BEFORE INT, DEPREC./TAX (MOR-6) (3,765) (4,613) (20,838) (14,617)
- ---------------------------------------------------------------------------------------------
NET INCOME (LOSS) (MOR-6) 408,365 407,444 (500,892,073) 397,417
- ---------------------------------------------------------------------------------------------
PAYMENTS TO INSIDERS (MOR-9) -- -- -- --
- ---------------------------------------------------------------------------------------------
PAYMENTS TO PROFESSIONALS (MOR-9) -- -- -- --
- ---------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS (MOR-8) -- -- -- --
=============================================================================================
***The ORIGINAL of this document MUST BE FILED with the United States
Bankruptcy Court and a COPY MUST BE SENT to the United States Trustee***
No. of Policies expiring within 90 days: 3
- -------------------------------------------------------------------------------
REQUIRED INSURANCE MAINTAINED
AS OF SIGNATURE DATE EXP.
*SEE ATTACHED SCHEDULE DATE
- ----------------------------- -----------
CASUALTY YES( X ) NO( ) * - -
--- --- ---
LIABILITY YES( X ) NO( ) * - -
--- --- ---
VEHICLE YES( X ) NO( ) * - -
--- --- ---
WORKER'S YES( X ) NO( ) * - -
--- --- ---
OTHER_________________ YES( ) NO( ) - -
--- --- ---
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
ATTORNEY NAME: Pete Holzer
-----------------------------------------
FIRM: Jordan, Hyden, Womble & Culbreth, P.C.
-------------------------------------------------
ADDRESS: 500 N. Shoreline, Suite 900
----------------------------------------------
ADDRESS:
-----------------------------------------------
CITY, STATE, ZIP: Corpus Christi, TX 78471
--------------------------------------
TELEPHONE: (361) 884-5678
---------------------------------------------
- -------------------------------------------------------------------------------
CHECK ONE
Are all accounts receivable being collected within terms? YES (X) NO ( )
Are all post-petition liabilities, including taxes, being paid within terms?
YES (X) NO ( )
Have any pre-petition liabilities been paid? YES ( ) NO (X) If so, describe
--
- -------------------------------------------------------------------------------
Are all funds received being deposited into DIP bank accounts? YES (X) NO ( )
Were any assets disposed of outside the normal course of business?
YES ( ) NO (X)
If so, describe
---------------------------------------------------------------
Are all U. S. Trustee Quarterly Fee Payments current? YES (X) NO ( )
What is the status of your Plan of Reorganization? Confirmation hearing
commenced on November 9, 1999, and is continuing.
- -------------------------------------------------------------------------------
I certify under penalty of perjury that the following
complete Monthly Operating Report (MOR), consisting of
MOR-1 through MOR-9 plus attachments, is true and
correct.
SIGNED /s/ ED DONAHUE
-------------------------------------------------
(ORIGINAL SIGNATURE)
TITLE VICE PRESIDENT
--------------------------------------------------
MOR-1
2
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
COMPARATIVE BALANCE SHEETS
=========================================================================================================================
ASSETS FILING DATE* MONTH MONTH MONTH MONTH MONTH
4/20/99 5/99 6/99 7/99 8/99 9/99
- -------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- -------------------------------------------------------------------------------------------------------------------------
Cash 39,442 39,556 38,681 37,521 13,308 13,308
- -------------------------------------------------------------------------------------------------------------------------
Accounts Receivable, Net -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Inventory: Lower of Cost
or Market -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 10,812 -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Investments -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Other - Accrued Interest 23,192,495 29,601,981 40,768,940 57,778,099 26,759,956 27,171,990
- -------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 23,242,749 29,641,537 40,807,621 57,815,620 26,773,264 27,185,298
=========================================================================================================================
PROPERTY, PLANT&EQUIP,
@ COST -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Less Accumulated
Depreciation -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
NET BOOK VALUE OF PP & E -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS:
- -------------------------------------------------------------------------------------------------------------------------
1. Tax Deposits -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
2. Investments in
Subs(1) 467,112,579 467,112,579 467,112,579 467,112,579 467,112,579 467,112,579
- -------------------------------------------------------------------------------------------------------------------------
3. Notes -------------
Receivable(2) 1,399,176,694 1,414,699,522 1,420,000,000 1,420,000,000 1,420,000,000 1,420,000,000
- -------------------------------------------------------------------------------------------------------------------------
4. (attach list)
Deferred
Debt Costs(5) 4,950,550 4,839,952 4,729,520 4,596,283 4,920,878 4,920,878
- -------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 1,894,482,572 1,916,293,590 1,932,649,720 1,949,524,482 1,918,806,721 1,919,218,755
=========================================================================================================================
====================================================================================================================================
ASSETS MONTH MONTH MONTH MONTH MONTH MONTH MONTH
10/99 11/99 12/99 1/00 2/00 3/00 4/00
- ------------------------------------------------------------------------------------------------------------------------------------
12/99
- ------------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- ------------------------------------------------------------------------------------------------------------------------------------
Cash 9,462 29,506 29,606 26,976 21,562 21,562 21,562
- ------------------------------------------------------------------------------------------------------------------------------------
Accounts Receivable, Net -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Inventory: Lower of Cost
or Market -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Prepaid Expenses -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Investments -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Other - Accrued Interest 27,584,023 27,996,058 28,408,091 28,820,124 29,232,158 6,403,361 6,815,395
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 27,593,485 28,025,564 28,437,697 28,847,100 29,253,720 6,424,923 6,836,957
====================================================================================================================================
PROPERTY, PLANT&EQUIP,
@ COST -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Less Accumulated
Depreciation -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
NET BOOK VALUE OF PP & E -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS:
- ------------------------------------------------------------------------------------------------------------------------------------
1. Tax Deposits -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
2. Investments in
Subs(1) 467,112,579 467,112,579 467,112,579 467,112,579 467,112,579 445,602,862 445,602,862
- ------------------------------------------------------------------------------------------------------------------------------------
3. Notes
Receivable(2) 1,420,000,000 1,420,000,000 1,420,000,000 1,420,000,000 1,420,000,000 963,467,278 963,467,278
- ------------------------------------------------------------------------------------------------------------------------------------
4. (attach list)
Deferred
Debt Costs(5) 4,920,878 4,920,878 4,920,878 4,920,878 4,920,878 4,920,878 4,920,875
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 1,919,626,942 1,920,059,021 1,920,471,154 1,920,880,557 1,921,287,177 1,420,415,941 1,420,827,972
====================================================================================================================================
*Per Schedules and Statement of Affairs
MOR-2
3
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
COMPARATIVE BALANCE SHEETS
=======================================================================================
LIABILITIES & OWNER'S FILING DATE* MONTH MONTH MONTH
EQUITY 4/20/99 5/99 6/99 7/99
- ---------------------------------------------------------------------------------------
LIABILITIES:
- ---------------------------------------------------------------------------------------
POST-PETITION
LIABILITIES (MOR-4) -- 6,221,180 17,461,230 34,557,310
=======================================================================================
PRE-PETITION
LIABILITIES:
- ---------------------------------------------------------------------------------------
Notes Payable-
Secured(4) 1,583,926,661 1,599,635,877 1,605,000,000 1,605,000,000
- ---------------------------------------------------------------------------------------
Priority Debt -- -- -- --
- ---------------------------------------------------------------------------------------
Federal Income Tax -- -- -- --
- ---------------------------------------------------------------------------------------
FICA/Withholding -- -- -- --
- ---------------------------------------------------------------------------------------
Unsecured Debt 3,427,771 3,445,079 3,447,411 3,496,413
- ---------------------------------------------------------------------------------------
Other - Accrued
Interest 18,967,014 18,967,014 18,967,014 18,967,014
- ---------------------------------------------------------------------------------------
TOTAL PRE-PETITION
LIABILITIES 1,606,321,446 1,622,047,970 1,627,414,425 1,627,463,427
- ---------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,606,321,446 1,628,269,150 1,644,875,655 1,662,020,737
=======================================================================================
OWNERS'S EQUITY
(DEFICIT):
- ---------------------------------------------------------------------------------------
PREFERRED STOCK -- -- -- --
- ---------------------------------------------------------------------------------------
COMMON STOCK 90 90 90 90
- ---------------------------------------------------------------------------------------
ADDITIONAL PAID-IN
CAPITAL 289,333,898 289,333,898 289,333,898 289,333,898
- ---------------------------------------------------------------------------------------
RETAINED EARNINGS:
Filing Date (1,172,862) (1,172,862) (1,172,862) (1,172,862)
- ---------------------------------------------------------------------------------------
RETAINED EARNINGS:
Post Filing Date -- (136,686) (387,061) (657,381)
- ---------------------------------------------------------------------------------------
TOTAL OWNER'S EQUITY
(NET WORTH) 288,161,126 288,024,440 287,774,065 287,503,745
=======================================================================================
TOTAL LIABILITIES &
OWNER'S EQUITY 1,894,482,572 1,916,293,590 1,932,649,720 1,949,524,482
=======================================================================================
===================================================================================================================================
LIABILITIES & OWNER'S MONTH MONTH MONTH MONTH MONTH MONTH MONTH
EQUITY 8/99 9/99 10/99 11/99 12/99 1/00 2/00
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
- -----------------------------------------------------------------------------------------------------------------------------------
POST-PETITION
LIABILITIES (MOR-4) 1,674,163 1,674,461 1,706,548 1,703,198 1,703,648 1,704,616 1,703,792
===================================================================================================================================
PRE-PETITION
LIABILITIES:
- -----------------------------------------------------------------------------------------------------------------------------------
Notes Payable-
Secured(4) 1,605,000,000 1,605,000,000 1,605,000,000 1,605,000,000 1,605,000,000 1,605,000,000 1,605,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
Priority Debt -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Federal Income Tax -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
FICA/Withholding -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Unsecured Debt 3,431,237 3,433,847 3,436,822 3,456,822 3,456,871 3,456,941 3,456,941
- -----------------------------------------------------------------------------------------------------------------------------------
Other - Accrued
Interest 18,967,014 18,967,014 18,967,014 18,967,014 18,967,014 18,967,014 18,967,014
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION
LIABILITIES 1,627,398,251 1,627,400,861 1,627,403,836 1,627,423,836 1,627,423,885 1,627,423,955 1,627,423,955
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,629,072,414 1,629,075,322 1,629,110,384 1,629,127,034 1,629,127,533 1,629,128,571 1,629,127,747
===================================================================================================================================
OWNERS'S EQUITY
(DEFICIT):
- -----------------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCK -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
COMMON STOCK 90 90 90 90 90 90 90
- -----------------------------------------------------------------------------------------------------------------------------------
ADDITIONAL PAID-IN
CAPITAL 289,333,898 289,333,898 289,333,898 289,333,898 289,333,898 289,333,898 289,333,898
- -----------------------------------------------------------------------------------------------------------------------------------
RETAINED EARNINGS:
Filing Date (1,172,862) (1,172,862) (1,172,862) (1,172,862) (1,172,862) (1,172,862) (1,172,862)
- -----------------------------------------------------------------------------------------------------------------------------------
RETAINED EARNINGS:
Post Filing Date 1,573,181 1,982,307 2,355,432 2,770,861 3,182,495 3,590,860 3,998,304
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL OWNER'S EQUITY
(NET WORTH) 289,734,307 290,143,433 290,516,558 290,931,987 291,343,621 291,751,986 292,159,430
===================================================================================================================================
TOTAL LIABILITIES &
OWNER'S EQUITY 1,918,806,721 1,919,218,755 1,919,626,942 1,920,059,021 1,920,471,154 1,920,880,557 1,921,287,177
===================================================================================================================================
================================================================================
LIABILITIES & OWNER'S MONTH MONTH
EQUITY 3/00 4/00
- --------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------
POST-PETITION
LIABILITIES (MOR-4) 1,724,629 1,738,992
================================================================================
PRE-PETITION
LIABILITIES:
- --------------------------------------------------------------------------------
Notes Payable-
Secured(4) 1,605,000,000 1,605,000,000
- --------------------------------------------------------------------------------
Priority Debt -- --
- --------------------------------------------------------------------------------
Federal Income Tax -- --
- --------------------------------------------------------------------------------
FICA/Withholding -- --
- --------------------------------------------------------------------------------
Unsecured Debt 3,456,941 3,457,192
- --------------------------------------------------------------------------------
Other - Accrued
Interest 18,967,014 18,967,014
- --------------------------------------------------------------------------------
TOTAL PRE-PETITION
LIABILITIES 1,627,423,955 1,627,424,206
- --------------------------------------------------------------------------------
TOTAL LIABILITIES 1,629,148,584 1,629,163,198
================================================================================
OWNERS'S EQUITY
(DEFICIT):
- --------------------------------------------------------------------------------
PREFERRED STOCK -- --
- --------------------------------------------------------------------------------
COMMON STOCK 90 90
- --------------------------------------------------------------------------------
ADDITIONAL PAID-IN
CAPITAL 289,333,898 289,333,898
- --------------------------------------------------------------------------------
RETAINED EARNINGS:
Filing Date (1,172,862) (1,172,862)
- --------------------------------------------------------------------------------
RETAINED EARNINGS:
Post Filing Date (496,893,769) (496,496,352)
- --------------------------------------------------------------------------------
TOTAL OWNER'S EQUITY
(NET WORTH) (208,732,643) (208,335,226)
================================================================================
TOTAL LIABILITIES &
OWNER'S EQUITY 1,420,415,941 1,420,827,972
================================================================================
*Per Schedules and Statement of Affairs
4
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
SCHEDULE OF POST-PETITION LIABILITIES
==============================================================================================================================
MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH
5/99 6/99 7/99 8/99 9/99 10/99 11/99 12/99
- ------------------------------------------------------------------------------------------------------------------------------
TRADE ACCOUNTS PAYABLE -- 1,272 7,717 5,066 5,364 37,451 34,101 34,551
- ------------------------------------------------------------------------------------------------------------------------------
TAX PAYABLE:
- ------------------------------------------------------------------------------------------------------------------------------
FEDERAL PAYROLL TAXES -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
STATE PAYROLL & SALES -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
AD VALOREM TAXES -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
OTHER TAXES -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL TAXES PAYABLE -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
SECURED DEBT POST-PETITION -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
ACCRUED INTEREST PAYABLE(5) 6,221,180 17,459,958 34,549,593 1,669,097 1,669,097 1,669,097 1,669,097 1,669,097
- ------------------------------------------------------------------------------------------------------------------------------
*ACCRUED PROFESSIONAL FEES: -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
OTHER ACCRUED LIABILITIES: -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
1. -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
2. -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
3. -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL POST-PETITION
LIABILITIES (MOR-3) 6,221,180 17,461,230 34,557,310 1,674,163 1,674,461 1,706,548 1,703,198 1,703,648
- ------------------------------------------------------------------------------------------------------------------------------
=====================================================================================
MONTH MONTH MONTH MONTH
1/00 2/00 3/00 4/00
- -------------------------------------------------------------------------------------
TRADE ACCOUNTS PAYABLE 34,519 34,695 55,532 69,895
- -------------------------------------------------------------------------------------
TAX PAYABLE:
- -------------------------------------------------------------------------------------
FEDERAL PAYROLL TAXES -- -- -- --
- -------------------------------------------------------------------------------------
STATE PAYROLL & SALES -- -- -- --
- -------------------------------------------------------------------------------------
AD VALOREM TAXES -- -- -- --
- -------------------------------------------------------------------------------------
OTHER TAXES -- -- -- --
- -------------------------------------------------------------------------------------
TOTAL TAXES PAYABLE -- -- -- --
- -------------------------------------------------------------------------------------
SECURED DEBT POST-PETITION -- -- -- --
- -------------------------------------------------------------------------------------
ACCRUED INTEREST PAYABLE(5) 1,669,097 1,669,097 1,669,097 1,669,097
- -------------------------------------------------------------------------------------
*ACCRUED PROFESSIONAL FEES: -- -- -- --
- -------------------------------------------------------------------------------------
OTHER ACCRUED LIABILITIES: -- -- --
- -------------------------------------------------------------------------------------
1. -- -- -- --
- -------------------------------------------------------------------------------------
2. -- -- -- --
- -------------------------------------------------------------------------------------
3. -- -- -- --
- -------------------------------------------------------------------------------------
TOTAL POST-PETITION
LIABILITIES (MOR-3) 1,704,616 1,703,792 1,724,629 1,738,992
- -------------------------------------------------------------------------------------
* Payment Requires Court Approval.
MOR-4
5
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
AGING OF POST-PETITION LIABILITIES
MONTH APRIL 2000
DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES AD-VALOREM, OTHER
OTHER TAXES
=====================================================================================================
0-30 55,532 55,532 --
- -----------------------------------------------------------------------------------------------------
31-60 -- -- --
- -----------------------------------------------------------------------------------------------------
61-90 -- -- --
- -----------------------------------------------------------------------------------------------------
91 + 1,669,097 -- 1,669,097
- -----------------------------------------------------------------------------------------------------
TOTAL 1,724,629 55,532 1,669,097
=====================================================================================================
AGING OF ACCOUNTS RECEIVABLE
MONTH 5/99 6/99 7/99 8/99 9/99 10/99 11/99 12/99 1/00 2/00
===================================================================================================================================
0-30 DAYS -- -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
31-60 DAYS -- -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
61-90 DAYS -- -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
91 + DAYS -- -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL -- -- -- -- -- -- -- -- -- --
===================================================================================================================================
MONTH 2/00 3/00 4/00
=================================================
0-30 DAYS -- -- --
- -------------------------------------------------
31-60 DAYS -- -- --
- -------------------------------------------------
61-90 DAYS -- -- --
- -------------------------------------------------
91 + DAYS -- -- --
- -------------------------------------------------
TOTAL -- -- --
=================================================
MOR-5
6
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
STATEMENT OF INCOME (LOSS)
====================================================================================================================================
MONTH 4/20/99-
5/31/99 6/99 7/99 8/99 9/99 10/99 11/99 12/99 1/00 2/00
====================================================================================================================================
REVENUES (MOR-1) -- -- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL COST OF REVENUES -- -- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
GROSS PROFIT -- -- -- -- -- -- -- -- -- --
====================================================================================================================================
OPERATING EXPENSES:
- ------------------------------------------------------------------------------------------------------------------------------------
Selling & Marketing -- -- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
General &
Administrative 17,482 4,581 56,719 (43,491) 2,908 38,909 (3,351) 499 3,175 4,613
- ------------------------------------------------------------------------------------------------------------------------------------
Insiders Compensation -- -- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Professional Fees -- -- -- -- -- -- -- 1,210,991 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Other (attach list) -- -- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Franchise Taxes 10,812 -- -- -- -- -- -- -- 590 --
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL OPERATING
EXPENSES 28,294 4,581 56,719 (43,491) 2,908 38,909 (3,351) 1,211,490 3,765 4,613
====================================================================================================================================
INCOME BEFORE INT,
DEPR/TAX (MOR-1) (28,294) (4,581) (56,719) 43,491 (2,908) (38,909) 3,351 (1,211,490) (3,765) (4,613)
- ------------------------------------------------------------------------------------------------------------------------------------
INTEREST EXPENSE(5) 22,040,995 16,713,332 17,222,872 (33,205,091) -- -- -- 12,429,506 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
DEPRECIATION -- -- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER (INCOME)
EXPENSE* INTEREST(3) (21,932,603)(16,467,538)(17,009,271) 31,018,020 (412,034) (412,034) (412,078)(14,052,630) (412,130)(412,057)
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER ITEMS** -- -- -- -- -- -- -- -- (412,130) --
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INT, DEPR &
OTHER ITEMS 108,392 245,794 213,601 (2,187,071) (412,034) (412,034) (412,078) (1,623,124) -- (412,057)
====================================================================================================================================
NET INCOME BEFORE
TAXES (136,686) (250,375) (270,320) 2,230,562 409,126 373,125 415,429 411,634 408,365 407,444
- ------------------------------------------------------------------------------------------------------------------------------------
FEDERAL INCOME TAXES -- -- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCOME (LOSS)
(MOR-1) (136,686) (250,375) (270,320) 2,230,562 409,126 373,125 415,429 411,634 408,365 407,444
===================================================================================================================================
=================================================================
MONTH FILING TO
3/00 4/00 DATE
=================================================================
REVENUES (MOR-1) -- -- --
- -----------------------------------------------------------------
TOTAL COST OF REVENUES -- -- --
- -----------------------------------------------------------------
GROSS PROFIT -- -- --
=================================================================
OPERATING EXPENSES:
- -----------------------------------------------------------------
Selling & Marketing -- -- --
- -----------------------------------------------------------------
General &
Administrative 20,838 14,617 117,499
- -----------------------------------------------------------------
Insiders
Compensation -- -- --
- -----------------------------------------------------------------
Professional Fees -- -- 1,210,991
- -----------------------------------------------------------------
Other (attach list) -- -- --
- -----------------------------------------------------------------
Franchise Taxes -- -- 11,402
- -----------------------------------------------------------------
TOTAL OPERATING
EXPENSES 20,838 14,617 1,339,892
=================================================================
INCOME BEFORE INT,
DEPR/TAX (MOR-1) (20,838) (14,617) (1,339,892)
- -----------------------------------------------------------------
INTEREST EXPENSE(5) -- -- 35,201,614
- -----------------------------------------------------------------
DEPRECIATION -- -- --
- -----------------------------------------------------------------
OTHER (INCOME)
EXPENSE* INTEREST(3) (412,034) (412,034) (41,328,423)
- -----------------------------------------------------------------
OTHER ITEMS**(6) 501,283,269 -- 501,283,269
- -----------------------------------------------------------------
TOTAL INT, DEPR &
OTHER ITEMS 500,871,235 (412,034) 495,156,460
=================================================================
NET INCOME BEFORE
TAXES (500,892,073) 397,417 (496,496,352)
- -----------------------------------------------------------------
FEDERAL INCOME TAXES -- -- --
- -----------------------------------------------------------------
NET INCOME (LOSS)
(MOR-1) (500,892,073) 397,417 (496,496,352)
=================================================================
Accrual Accounting Required, Otherwise Footnote With Explanation
Footnote Mandatory
Unusual and/or infrequent item(s) outside the ordinary course of business;
requires footnote
MOR-6
7
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
=======================================================================================================================
CASH RECEIPTS AND MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DISBURSEMENTS 5/99 6/99 7/99 8/99 9/99 10/99 11/99
- -----------------------------------------------------------------------------------------------------------------------
1. CASH - BEGINNING OF MONTH 39,442 39,556 38,681 37,521 13,308 13,308 9,462
=======================================================================================================================
RECEIPTS:
- -----------------------------------------------------------------------------------------------------------------------
2. CASH SALES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
3. COLLECTION OF ACCOUNTS RECEIVABLE -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
4. LOANS & ADVANCES (ATTACH LIST) -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
5. SALE OF ASSETS -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
6. OTHER (ATTACH LIST) - INTEREST INCOME 114 101 112 122 -- -- 44
- -----------------------------------------------------------------------------------------------------------------------
TOTAL RECEIPTS 114 101 112 122 -- -- 44
- -----------------------------------------------------------------------------------------------------------------------
(WITHDRAWAL) CONTRIBUTION BY INDIVIDUAL
DEBTOR MFR-2* -- -- -- -- -- -- --
=======================================================================================================================
DISBURSEMENTS:
- -----------------------------------------------------------------------------------------------------------------------
7. NET PAYROLL -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
8. PAYROLL TAXES PAID -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
9. SALES, USE & OTHER TAXES PAID -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
10. SECURED/RENTAL/LEASES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
11. UTILITIES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
12. INSURANCE -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
13. INVENTORY PURCHASES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
14. VEHICLE EXPENSES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
15. TRAVEL & ENTERTAINMENT -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
16. REPAIRS, MAINTENANCE & SUPPLIES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
17. ADMINISTRATIVE & SELLING -- 976 1,272 -- -- 3,846 --
- -----------------------------------------------------------------------------------------------------------------------
18. OTHER (ATTACH LIST) (TRANSAMERICAN
REFINING) -- -- -- 24,335 -- -- (20,000)
- -----------------------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS FROM OPERATIONS -- 976 1,272 24,335 -- 3,846 (20,000)
=======================================================================================================================
19. PROFESSIONAL FEES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
20. U.S. TRUSTEE FEES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
21. OTHER REORGANIZATION EXPENSES
(ATTACH LIST) -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS -- 976 1,272 24,335 -- 3,846 (20,000)
=======================================================================================================================
22. NET CASH FLOW 114 (875) (1,160) (24,213) -- (3,846) 20,044
- -----------------------------------------------------------------------------------------------------------------------
23. CASH - END OF MONTH (MOR-2) 39,556 38,681 37,521 13,308 13,308 9,462 29,506
=======================================================================================================================
=========================================================================================================
CASH RECEIPTS AND MONTH MONTH MONTH MONTH MONTH FILING TO
DISBURSEMENTS 12/99 01/00 02/00 03/00 4/00 DATE
- ---------------------------------------------------------------------------------------------------------
1. CASH - BEGINNING OF MONTH 29,506 29,606 26,976 21,562 21,562 39,442
=========================================================================================================
RECEIPTS:
- ---------------------------------------------------------------------------------------------------------
2. CASH SALES -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
3. COLLECTION OF ACCOUNTS RECEIVABLE -- -- -- -- -- --
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4. LOANS & ADVANCES (ATTACH LIST) -- -- -- -- -- --
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5. SALE OF ASSETS -- -- -- -- -- --
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6. OTHER (ATTACH LIST) - INTEREST INCOME 100 96 23 -- -- 712
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TOTAL RECEIPTS 100 96 23 -- -- 712
- ---------------------------------------------------------------------------------------------------------
(WITHDRAWAL) CONTRIBUTION BY INDIVIDUAL
DEBTOR MFR-2* -- -- -- -- -- --
=========================================================================================================
DISBURSEMENTS:
- ---------------------------------------------------------------------------------------------------------
7. NET PAYROLL -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
8. PAYROLL TAXES PAID -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
9. SALES, USE & OTHER TAXES PAID -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
10. SECURED/RENTAL/LEASES -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
11. UTILITIES -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
12. INSURANCE -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
13. INVENTORY PURCHASES -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
14. VEHICLE EXPENSES -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
15. TRAVEL & ENTERTAINMENT -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
16. REPAIRS, MAINTENANCE & SUPPLIES -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
17. ADMINISTRATIVE & SELLING -- -- -- -- -- 6,094
- ---------------------------------------------------------------------------------------------------------
18. OTHER (ATTACH LIST) (TRANSAMERICAN
REFINING) -- 2,726 5,437 -- -- 12,498
- ---------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS FROM OPERATIONS -- 2,726 5,437 -- -- 18,592
=========================================================================================================
19. PROFESSIONAL FEES -- -- -- -- -- --
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20. U.S. TRUSTEE FEES -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
21. OTHER REORGANIZATION EXPENSES
(ATTACH LIST) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS -- 2,726 5,437 -- -- 18,592
=========================================================================================================
22. NET CASH FLOW 100 (2,630) (5,414) -- -- (17,880)
- ---------------------------------------------------------------------------------------------------------
23. CASH - END OF MONTH (MOR-2) 29,606 26,976 21,562 21,562 21,562 21,562
=========================================================================================================
*Applies to Individual debtors only.
MOR-7
8
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
CASH ACCOUNT RECONCILIATION
MONTH APRIL 2000
====================================================================================
BANK NAME FIRSTAR FLEET STERLING
- ------------------------------------------------------------------------------------
ACCOUNT NUMBER #21-00-002-5031306 # -- #0130002224
- ------------------------------------------------------------------------------------
ACCOUNT TYPE INTEREST SHORT-TERM
ACCUMULATION INVESTMENTS CHECKING TOTAL
- ------------------------------------------------------------------------------------
BANK BALANCE -- 21,562 -- 21,562
- ------------------------------------------------------------------------------------
DEPOSIT IN TRANSIT -- -- -- --
- ------------------------------------------------------------------------------------
OUTSTANDING CHECKS -- -- -- --
- ------------------------------------------------------------------------------------
ADJUSTED BANK BALANCE -- 21,562 -- 21,562
====================================================================================
BEGINNING CASH - PER BOOKS -- 21,562 -- 21,562
- ------------------------------------------------------------------------------------
RECEIPTS -- -- -- --
- ------------------------------------------------------------------------------------
TRANSFERS BETWEEN ACCOUNTS -- -- -- --
- ------------------------------------------------------------------------------------
(WITHDRAWAL)CONTRIBUTION- -- -- -- --
BY INDIVIDUAL DEBTOR MFR-2
- ------------------------------------------------------------------------------------
CHECKS/OTHER DISBURSEMENTS -- -- -- --
- ------------------------------------------------------------------------------------
ENDING CASH - PER BOOKS -- 21,562 -- 21,562
====================================================================================
MOR-8
9
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
PAYMENTS TO INSIDERS AND PROFESSIONALS
Of the total disbursements shown for the month, list the amount paid to
insiders (as defined in Section 101(31)(A)-(F) of the U. S. Bankruptcy Code)
and the professionals. Also, for insiders identify the type of compensation
paid (e.g., salary, commission, bonus, etc.) (Attach additional pages as
necessary.)
=====================================================================================================================
MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH
INSIDERS: NAME/POSITION/COMP TYPE 5/99 6/99 7/99 8/99 9/99 10/99 11/99 12/99
=====================================================================================================================
1. NONE
- ---------------------------------------------------------------------------------------------------------------------
2.
- ---------------------------------------------------------------------------------------------------------------------
3.
- ---------------------------------------------------------------------------------------------------------------------
4.
- ---------------------------------------------------------------------------------------------------------------------
5.
- ---------------------------------------------------------------------------------------------------------------------
6.
=====================================================================================================================
TOTAL INSIDERS (MOR-1) -- -- -- -- -- -- -- --
=====================================================================================================================
MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH
PROFESSIONALS 5/99 6/99 7/99 8/99 9/99 10/99 11/99 12/99
NAME/ORDER DATE
=====================================================================================================================
1. NONE
- ---------------------------------------------------------------------------------------------------------------------
2.
- ---------------------------------------------------------------------------------------------------------------------
3.
- ---------------------------------------------------------------------------------------------------------------------
4.
- ---------------------------------------------------------------------------------------------------------------------
5.
- ---------------------------------------------------------------------------------------------------------------------
6.
- ---------------------------------------------------------------------------------------------------------------------
TOTAL PROFESSIONALS (MOR-1) -- -- -- -- -- -- -- --
=====================================================================================================================
=================================================================================
MONTH MONTH MONTH MONTH
INSIDERS: NAME/POSITION/COMP TYPE 1/00 2/00 3/00 4/00
=================================================================================
1. NONE
- ---------------------------------------------------------------------------------
2.
- ---------------------------------------------------------------------------------
3.
- ---------------------------------------------------------------------------------
4.
- ---------------------------------------------------------------------------------
5.
- ---------------------------------------------------------------------------------
6.
=================================================================================
TOTAL INSIDERS (MOR-1) -- -- -- --
=================================================================================
MONTH MONTH MONTH MONTH
PROFESSIONALS 1/00 2/00 3/00 4/00
NAME/ORDER DATE
=================================================================================
1. NONE
- ---------------------------------------------------------------------------------
2.
- ---------------------------------------------------------------------------------
3.
- ---------------------------------------------------------------------------------
4.
- ---------------------------------------------------------------------------------
5.
- ---------------------------------------------------------------------------------
6.
- ---------------------------------------------------------------------------------
TOTAL PROFESSIONALS (MOR-1) -- -- -- --
=================================================================================
MOR-9
10
TRANSAMERICAN ENERGY CORPORATION
99-21551-C-11
NOTES TO MONTHLY OPERATING REPORT
APRIL 2000
1. TransAmerican Energy Corporation's (the "Company") investment in TransTexas
Gas Corporation ("TransTexas") and TransAmerican Refining Corporation
("TARC") was reflected in the Company's Schedules at estimated market
value. The Company's investment in its subsidiaries is reflected in the
Monthly Operating Report ("MOR") at cost.
2. The secured note receivable from TransAmerican Refining Corporation was
reflected in the Company's Schedules at its fully accreted balance of
$920.0 million. The balance of this note receivable is reflected in the
Company's MOR at its accreted balance as of April 20, 1999 and May 31, 1999
of $899.2 million and $914.7 million, respectively. On June 15, 1999, this
note receivable reached its fully accreted balance.
3. During August 1999, the Company reversed the accrual of interest on the
notes receivable from TransTexas and TARC in accordance with current
accounting pronouncements applicable to companies operating under Chapter
11.
4. On June 15, 1999, the Company's senior secured discount notes reached their
fully accreted balance of $1.13 billion.
5. During August 1999, the Company reversed the accrual of interest and
amortization of deferred debt issue costs related to its senior secured
notes and senior secured discount notes in accordance with current
accounting pronouncements applicable to companies operating under Chapter
11.
6. The Company wrote off its note receivable, related accrued interest
income and its investment in TransTexas pursuant to TransTexas' plan of
reorganization that was effective on March 17, 2000.
7. During April 2000, TransAmerican Refining Corporation paid the United
States Trustee fees of $250 on behalf of the Company.
11
CASE NAME: TRANSAMERICAN ENERGY CORPORATION
CASE NUMBER: 99-21551-C-11
PETITION DATE: APRIL 20, 1999
INSURANCE MAINTAINED
MONTH APRIL 2000
EXPIRATION
TYPE OF INSURANCE DATE
- ------------------------------------------------------- -------------------
CASUALTY AND LIABILITY
----------------------
Operator's Extra Expense January 15, 2001
Excess Liability January 30, 2001
Primary General Liability January 30, 2001
Oil Pollution January 31, 2001
Commercial Crime February 01, 2001