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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A-1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 23, 1996
_______________________________
SOUTHERN MINERAL CORPORATION
(Exact name of registrant as specified in charter)
Nevada
______________________________________________
(State or other jurisdiction of incorporation)
0-8043 36-2068676
____________________________________ __________________________________
(Commission File Number) (IRS Employer Identification No.)
500 Dallas Street, Suite 2800, Houston, Texas 77002-4708
________________________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 658-9444
_______________________
_______________________________________________________________
(Former name or former address, if changed since last report.)
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ITEM 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial statements of Businesses Acquired.
Inapplicable
(b) Pro Forma Financial Information.
(c) Exhibits.
2.1 Agreement between Southern Mineral Corporation and
Morgan Keegan & Company, Inc., dated November 4, 1996
and executed November 6, 1996.
2.2 Form of Stock Purchase Agreement, dated December 23,
1996, entered into by Southern Mineral Corporation
and the Purchasers identified therein.
2.3 Form of Warrant, dated December 23, 1996, issued by
Southern Mineral Corporation to Morgan Keegan &
Company, Inc. For up to 120,000 shares of Common
Stock.
99 Press Release of Southern Mineral Corporation dated
December 23, 1996 concerning private placement of
Common Stock on same date.
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SOUTHERN MINERAL CORPORATION
PRO FORMA CONDENSED CONSOLIDATED
BALANCE SHEET
As of September 30, 1996
(Unaudited)
(OOO's Omitted)
Southern Pro Forma Adjustments
Mineral Note Pro Forma
Corporation Amount Reference Consolidated
----------- --------------------- ------------
ASSETS
Current Assets
Cash and cash equivalents $278 $188 2, 1 $466
Receivables & Other 1,925 1,925
--------- --------- ---------
Total Current Assets 2,203 188 2,391
--------- --------- ---------
Property & Equipment, Net 20,627 20,627
Other Assets 1,400 (48) 2 1,352
--------- --------- ---------
Total Assets $24,230 $140 $24,370
========= ========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable and Accrued Liabilities s 762 762
Notes Payable Bank 4,000 (4,000) 1, 3 0
Current maturities of long term debt 1,300 (1,300) 1 0
--------- --------- ---------
Total current liabilities 6,062 (5,300) 762
Long term debt 9,600 (5,200) 1 4,400
Deferred Income Taxes 1,038 1,038
Stockholders' Equity
Common Stock 66 25 2 91
Additional Paid-in capital 3,313 10,615 2 13,928
Retained Earnings 4,203 4,203
--------- --------- ---------
7,582 10,640 18,222
Less: Treasury stock (52) (52)
--------- --------- ---------
Total stockholders' equity 7,530 10,640 18,170
--------- --------- ---------
Total liabilities and stockholders' equity $24,230 $140 $24,370
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Notes to Balance Sheet Pro Forma:
Note 1: Reflects bank debt reduction of $10,500,000 as a result of receipt of
net offering proceeds.
Note 2: Private placement of 2,500,000 shares of Southern Mineral Corporation
common stock at $4.50 per share to institutional investors for a
total of $10,640,500, net of offering expenses.
Note 3: On December 17, 1996, the Company paid the $4,000,000 Note Payable
Bank from proceeds under the Company's Revolving Line of Credit.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this amended report to be signed on its behalf by
the undersigned thereunto duly authorized.
SOUTHERN MINERAL CORPORATION
February 9, 1997 By: /s/ James H Price
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James H. Price
Vice President - Finance
(Chief Accounting Officer)
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