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                                                                   EXHIBIT 99.3 

                   ZAPATA CORPORATION AUTHORIZES REPURCHASE
                    OF ADDITIONAL SHARES OF ITS COMMON STOCK


Houston, TX -- May 15, 1997 -- Zapata Corporation (NYSE: ZAP) announced today
that its Board of Directors has authorized purchases of up to 2.5 million
additional shares of the Company's common stock from time to time, depending on
market conditions. The Company now is authorized to repurchase a total of 7.5
million shares; the Board previously had authorized a repurchase of up to 5
million shares. The repurchase program may include privately-negotiated
transactions in addition to purchases in the open market. In connection with the
repurchase program, prior to commencing any such purchases, Zapata will enter
into an agreement with Malcolm I. Glazer under which he will represent that he
does not intend to take any action or cause the Company to take any action to
"go private" or otherwise cause its stock to cease to be publicly traded, and
that should that intent change in the future, no such transaction will be
undertaken except on terms approved by a special committee of independent
directors and determined to be fair to the Company's stockholders from a
financial point of view by a nationally recognized investment banking firm.

The Company also announced that is has retained an investment advisor to assist
it with the possible sale of its marine protein division, Zapata Protein, Inc.
The Company also is evaluating offers for its Bolivian oil and gas operations.

Contact:          Joseph L. von Rosenberg, III, Executive Vice President
                  (713) 940-6100/Fax: (713) 940-6122