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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): JANUARY 19, 1999
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PETSEC ENERGY INC.
(Exact name of registrant as specified in its charter)
NEVADA 333-31625* 84-1157209
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation or organization) Identification No.)
143 RIDGEWAY DRIVE
LAFAYETTE, LOUISIANA 70503
Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (318) 989-1942
*Petsec Energy Inc. is a wholly owned operating subsidiary of Petsec Energy
Ltd, a listed Australian public company registered with the Commission as a
result of its public offering in July 1996 of American Depositary Receipts
("ADRs") which are listed on the New York Stock Exchange (symbol: PSJ).
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ITEM 5. OTHER EVENTS.
On January 18, 1999, Petsec Energy Ltd issued a press release
announcing the execution of a purchase and sale agreement by its wholly owned
subsidiary, Petsec Energy Inc. ("PEI"), with Apache Corporation whereby, as
previously announced, PEI agreed to sell 50% of its working interest in certain
oil and gas properties in the Gulf of Mexico for US$68.5 million in cash to
Apache. The transaction is subject to due diligence. The effective date is
January 1, 1999 with closing anticipated on or before February 1, 1999 at which
time Apache will assume operatorship of the leases.
The foregoing summary is subject to the full text of the press release
with respect thereto, a copy of which is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press Release dated January 18, 1999 of Petsec Energy Ltd with
respect to letter agreement between Petsec Energy Inc. and Apache
Corporation.
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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.
PETSEC ENERGY INC.
Date: January 19, 1999 By: /s/ ROSS A. KEOGH
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Name: Ross A. Keogh
Title: Vice-President--Finance
and Administration
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EXHIBIT INDEX
EXHIBT
NUMBER DESCRIPTION
99.1 Press Release dated January 18, 1999 of Petsec Energy Ltd
with respect to letter agreement between Petsec Energy Inc.
and Apache Corporation.