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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): June 26, 1998
TRANSTEXAS GAS CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE
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(State or other jurisdiction of incorporation)
1-12204 76-0401023
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(Commission File Number) (I.R.S. Employer
Identification No.)
1300 North Sam Houston Parkway East, Suite 310
Houston, Texas 77032
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(Address of principal executive offices, including zip code)
(281) 987-8600
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(Registrant's telephone number, including area code)
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not applicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On June 26, 1998, the Company consummated the sale of all of
the properties and assets of its drilling division pursuant to
the terms of an Asset Purchase Agreement dated May 26, 1998 by
and among the Company, Bayard Drilling, L.P. and Bayard
Drilling Technologies, Inc. The negotiated purchase price of
$75 million was paid in cash at closing. The properties and
assets disposed of included 25 drilling rigs, drill pipe,
tools, vehicles and other equipment, as well as certain real
property located in Laredo, Texas which was formerly used by
the Company as a pipeyard, warehouse and the headquarters for
its drilling operations. The Company expects to record a
pre-tax gain on the sale of these assets of approximately $50
million during the quarter ending July 31, 1998. The proceeds
from the sale were used to reduce debt and for working capital.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not applicable.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not applicable.
ITEM 5. OTHER EVENTS.
Not applicable.
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Businesses Acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
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(c) Exhibits:
The following exhibit is filed as a part of this report:
10.1 Asset Purchase Agreement dated May 26, 1998 by and
among the Company, Bayard Drilling, L.P. and Bayard
Drilling Technologies, Inc.
ITEM 8. CHANGE IN FISCAL YEAR.
Not applicable.
ITEM 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S.
Not applicable.
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SIGNATURES
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.
TRANSTEXAS GAS CORPORATION
By: /s/ ED DONAHUE
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Name: Ed Donahue
Title: Vice President and Chief
Financial Officer
Dated: July 9, 1998
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EXHIBIT INDEX
Exhibit No. Description
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10.1 Asset Purchase Agreement dated May 26, 1998 by and among the Company, Bayard
Drilling, L.P. and Bayard Drilling Technologies, Inc.