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 JUNE YEAR 1999
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MONTH 5/99 6/99
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REVENUES (MOR-6) -- --
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INCOME BEFORE INT, DEPREC./TAX (MOR-6) (28,294) (4,581)
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NET INCOME (LOSS) (MOR-6) (136,686) (250,375)
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PAYMENTS TO INSIDERS (MOR-9) -- --
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PAYMENTS TO PROFESSIONALS (MOR-9) -- --
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TOTAL DISBURSEMENTS (MOR-8) -- 976
==============================================================================================
***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: 0
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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( ) - -
--- --- ---
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ATTORNEY NAME: Pete Holzer
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FIRM: Jordan, Hyden, Womble & Culbreth, P.C.
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ADDRESS: 500 N. Shoreline, Suite 900
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ADDRESS:
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CITY, STATE, ZIP: Corpus Christi, TX 78471
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TELEPHONE: (361) 884-5678
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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
--
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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
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Are all U. S. Trustee Quarterly Fee Payments current? YES (X) NO ( )
What is the status of your Plan of Reorganization? Plan filed on July 16,
-----------------------------
1999; First Amended Plan filed on July 23, 1999
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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
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(ORIGINAL SIGNATURE)
TITLE VICE PRESIDENT
--------------------------------------------------
MOR-1
2
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
COMPARATIVE BALANCE SHEETS
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ASSETS FILING DATE* MONTH MONTH
4/20/99 5/99 6/99
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CURRENT ASSETS
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Cash 39,442 39,556 38,681
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Accounts Receivable, Net -- -- --
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Inventory: Lower of Cost or Market -- -- --
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Prepaid Expenses 10,812 -- --
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Investments -- -- --
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Other - Accrued Interest 23,192,495 29,601,981 40,768,940
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TOTAL CURRENT ASSETS 23,242,749 29,641,537 40,807,621
=================================================================================================
PROPERTY, PLANT&EQUIP, @ COST -- -- --
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Less Accumulated Depreciation -- -- --
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NET BOOK VALUE OF PP & E -- -- --
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OTHER ASSETS:
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1. Tax Deposits -- -- --
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2. Investments in Subs(1) 467,112,579 467,112,579 467,112,579
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3. Notes Receivable(2) 1,399,176,694 1,414,699,5221 1,420,000,000
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4. Deferred Debt Costs 4,950,550 4,839,952 4,729,520
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TOTAL ASSETS 1,894,482,572 1,916,293,590 1,932,649,720
=================================================================================================
*Per Schedules and Statement of Affairs
MOR-2
3
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
COMPARATIVE BALANCE SHEETS
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LIABILITIES & OWNER'S FILING DATE* MONTH MONTH
EQUITY 4/20/99 5/99 6/99
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LIABILITIES:
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POST-PETITION LIABILITIES (MOR-4) -- 6,221,180 17,461,230
==================================================================================================
PRE-PETITION LIABILITIES:
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Notes Payable-Secured 1,583,926,661 1,599,635,877 1,605,000,000
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Priority Debt -- -- --
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Federal Income Tax -- -- --
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FICA/Withholding -- -- --
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Unsecured Debt 3,427,771 3,445,079 3,447,411
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Other - Accrued Interest 18,967,014 18,967,014 18,967,014
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TOTAL PRE-PETITION LIABILITIES 1,606,321,446 1,622,047,970 1,627,414,425
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TOTAL LIABILITIES 1,606,321,446 1,628,269,150 1,644,875,655
==================================================================================================
OWNERS'S EQUITY (DEFICIT):
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PREFERRED STOCK -- -- --
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COMMON STOCK 90 90 90
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ADDITIONAL PAID-IN CAPITAL 289,333,898 289,333,898 289,333,898
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RETAINED EARNINGS: Filing Date (1,172,862) (1,172,862) (1,172,862)
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RETAINED EARNINGS: Post Filing Date -- (136,686) (387,061)
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TOTAL OWNER'S EQUITY (NET WORTH) 288,161,126 288,024,440 287,774,065
==================================================================================================
TOTAL LIABILITIES &
OWNER'S EQUITY 1,894,482,572 1,916,293,590 1,932,649,720
==================================================================================================
*Per Schedules and Statement of Affairs
MOR-3
4
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
SCHEDULE OF POST-PETITION LIABILITIES
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MONTH MONTH
5/99 6/99
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TRADE ACCOUNTS PAYABLE -- 1,272
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TAX PAYABLE:
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FEDERAL PAYROLL TAXES -- --
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STATE PAYROLL & SALES -- --
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AD VALOREM TAXES -- --
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OTHER TAXES -- --
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TOTAL TAXES PAYABLE -- --
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SECURED DEBT POST-PETITION -- --
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ACCRUED INTEREST PAYABLE 6,221,180 17,459,958
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*ACCRUED PROFESSIONAL FEES: -- --
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OTHER ACCRUED LIABILITIES: -- --
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1. -- --
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2. -- --
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3. -- --
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TOTAL POST-PETITION LIABILITIES (MOR-3) 6,221,180 17,461,230
============================================================================================
* Payment Requires Court Approval.
MOR-4
5
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
AGING OF POST-PETITION LIABILITIES
MONTH JUNE 1999
DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES AD-VALOREM, OTHER
OTHER TAXES
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0-30 11,240,050 1,272 11,238,778
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31-60 6,221,180 6,221,180
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61-90
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91 +
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TOTAL 17,461,230 1,272 17,459,958
=====================================================================================================
AGING OF ACCOUNTS RECEIVABLE
MONTH MAY 1999 JUNE 1999
===============================================================================
0-30 DAYS -- --
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31-60 DAYS -- --
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61-90 DAYS -- --
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91 + DAYS -- --
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TOTAL -- --
===============================================================================
MOR-5
6
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
STATEMENT OF INCOME (LOSS)
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MONTH 4/20/99 - FILING TO
5/31/99 6/99 DATE
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REVENUES (MOR-1) -- -- --
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TOTAL COST OF REVENUES -- -- --
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GROSS PROFIT -- -- --
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OPERATING EXPENSES:
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Selling & Marketing -- -- --
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General & Administrative 17,482 4,581 22,063
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Insiders Compensation -- -- --
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Professional Fees -- -- --
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Other (attach list) -- -- --
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Franchise Taxes 10,812 -- 10,812
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TOTAL OPERATING EXPENSES 28,294 4,581 32,875
=========================================================================================
INCOME BEFORE INT, DEPR/TAX (MOR-1) (28,294) (4,581) (32,875)
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INTEREST EXPENSE 22,040,995 16,713,332 38,754,327
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DEPRECIATION -- -- --
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OTHER (INCOME) EXPENSE* INTEREST (21,932,603) (16,467,538) (38,400,141)
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OTHER ITEMS** -- -- --
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TOTAL INT, DEPR & OTHER ITEMS 108,392 245,794 354,186
=========================================================================================
NET INCOME BEFORE TAXES (136,686) (250,375) (387,061)
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FEDERAL INCOME TAXES -- -- --
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NET INCOME (LOSS) (MOR-1) (136,686) (250,375) (387,061)
=========================================================================================
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 FILING TO
DISBURSEMENTS 5/99 6/99 DATE
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1. CASH - BEGINNING OF MONTH 39,442 39,556 39,442
==================================================================================================
RECEIPTS:
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2. CASH SALES -- -- --
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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 114 101 215
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TOTAL RECEIPTS 114 101 215
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(WITHDRAWAL)CONTRIBUTION BY INDIVIDUAL DEBTOR MFR-2* -- -- --
==================================================================================================
DISBURSEMENTS:
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7. NET PAYROLL -- -- --
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8. PAYROLL TAXES PAID -- -- --
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9. SALES, USE & OTHER TAXES PAID -- -- --
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10. SECURED/RENTAL/LEASES -- -- --
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11. UTILITIES -- -- --
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12. INSURANCE -- -- --
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13. INVENTORY PURCHASES -- -- --
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14. VEHICLE EXPENSES -- -- --
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15. TRAVEL & ENTERTAINMENT -- -- --
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16. REPAIRS, MAINTENANCE & SUPPLIES -- -- --
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17. ADMINISTRATIVE & SELLING -- 976 976
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18. OTHER (ATTACH LIST) -- -- --
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TOTAL DISBURSEMENTS FROM OPERATIONS -- 976 976
==================================================================================================
19. PROFESSIONAL FEES -- -- --
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20. U.S. TRUSTEE FEES -- -- --
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21. OTHER REORGANIZATION EXPENSES (ATTACH LIST) -- -- --
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TOTAL DISBURSEMENTS -- 976 976
==================================================================================================
22. NET CASH FLOW 114 (875) (761)
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23. CASH - END OF MONTH (MOR-2) 39,556 38,681 38,681
==================================================================================================
*Applies to Individual debtors only.
MOR-7
8
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
CASH ACCOUNT RECONCILIATION
MONTH OF JUNE 1999
====================================================================================
BANK NAME FIRSTAR FLEET STERLING
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ACCOUNT NUMBER #21-00-002-5031306 # -- #0130002224
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ACCOUNT TYPE INTEREST SHORT-TERM
ACCUMULATION INVESTMENTS CHECKING TOTAL
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BANK BALANCE -- 39,131 -- 39,131
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DEPOSIT IN TRANSIT -- -- -- --
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OUTSTANDING CHECKS -- -- (450) (450)
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ADJUSTED BANK BALANCE -- 39,131 (450) 38,681
====================================================================================
BEGINNING CASH - PER BOOKS 129 31,762 7,665 39,556
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RECEIPTS -- 101 -- 101
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TRANSFERS BETWEEN ACCOUNTS -- 7,268 (7,268) --
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(WITHDRAWAL)CONTRIBUTION- -- -- -- --
BY INDIVIDUAL DEBTOR MFR-2
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CHECKS/OTHER DISBURSEMENTS (129) -- (847) (976)
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ENDING CASH - PER BOOKS -- 39,131 (450) 38,681
====================================================================================
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.)
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MONTH MONTH
INSIDERS: NAME/POSITION/COMP TYPE 5/99 6/99
===============================================================================
1. NONE
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2.
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3.
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4.
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5.
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6.
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TOTAL INSIDERS (MOR-1) -- --
===============================================================================
MONTH MONTH
PROFESSIONALS 5/99 6/99
NAME/ORDER DATE
===============================================================================
1. NONE
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2.
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3.
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4.
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5.
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6.
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TOTAL PROFESSIONALS (MOR-1) -- --
===============================================================================
MOR-9
10
TRANSAMERICAN ENERGY CORPORATION
99-21551-C-11
NOTES TO MONTHLY OPERATING REPORT
JUNE 1999
1. TransAmerican Energy Corporation's (the "Company") investment in TransTexas
Gas Corporation and TransAmerican Refining Corporation 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, May 31, 1999
and June 30, 1999 of $899.2 million, $914.7 million and $920.0 million,
respectively.
11
CASE NAME: TRANSAMERICAN ENERGY CORPORATION
CASE NUMBER: 99-21551-C-11
PETITION DATE: APRIL 20, 1999
INSURANCE MAINTAINED
June 30, 1999
EXPIRATION
TYPE OF INSURANCE DATE
- ------------------------------------------------------- -------------------
CASUALTY AND LIABILITY
----------------------
Automobile Liability (Texas) May 01, 2000
Workers' Compensation and Employer's Liability May 01, 2000
Maritime Employer's Liability May 24, 2000
Primary General Liability January 01, 2000
Excess Liability January 01, 2000
Commercial Crime February 01, 2000
Directors and Officers Liability March 23, 2000
Directors and Officers Excess March 23, 2000
Operator's Extra Expense January 15, 2000
Oil Pollution January 31, 2000