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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13E-3
RULE 13E-3 TRANSACTION STATEMENT
(Pursuant to Section 13(e) of the Securities Exchange Act of 1934)
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PARKER & PARSLEY 82-I, LTD. PARKER & PARSLEY 86-C, LTD. PARKER & PARSLEY 89-A, L.P.
PARKER & PARSLEY 82-II, LTD. PARKER & PARSLEY 87-A, LTD. PARKER & PARSLEY 90-A, L.P.
PARKER & PARSLEY 83-A, LTD. PARKER & PARSLEY 87-B, LTD. PARKER & PARSLEY 90-B, L.P.
PARKER & PARSLEY 83-B, LTD. PARKER & PARSLEY PRODUCING PROPERTIES 87-A, LTD. PARKER & PARSLEY 90-B CONV., L.P.
PARKER & PARSLEY 84-A, LTD. PARKER & PARSLEY PRODUCING PROPERTIES 87-B, LTD. PARKER & PARSLEY 90-C, L.P.
PARKER & PARSLEY 85-A, LTD. PARKER & PARSLEY 88-A, L.P. PARKER & PARSLEY 90-C CONV., L.P.
PARKER & PARSLEY 85-B, LTD. PARKER & PARSLEY 88-B, L.P. PARKER & PARSLEY 91-A, L.P.
PARKER & PARSLEY 86-A, LTD. PARKER & PARSLEY PRODUCING PROPERTIES 88-A, L.P. PARKER & PARSLEY 91-B, L.P.
PARKER & PARSLEY 86-B, LTD.
(Name of the Issuer)
PIONEER NATURAL RESOURCES USA, INC.
(Name of Person(s) Filing Statement)
LIMITED PARTNERSHIP INTERESTS
(Title of Class of Securities)
Scott D. Sheffield WITH COPIES TO:
Pioneer Natural Resources USA, Inc. Robert L. Kimball
1400 Williams Square West Vinson & Elkins L.L.P.
5205 North O'Connor Blvd. 3700 Trammell Crow Center
Irving, Texas 75039 2001 Ross Avenue
(972) 444-9001 Dallas, Texas 75201
(214) 220-7700
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications on Behalf of Person(s) Filing Statement)
This statement is filed in connection with (check the appropriate box):
a. [X] The filing of solicitation materials or an information
statement subject to Regulation 14A, Regulation 14C, or Rule
13e-3(c) under the Securities Exchange Act of 1934.
b. [ ] The filing of a registration statement under the Securities
Act of 1933.
c. [ ] A tender offer.
d. [ ] None of the above.
Check the following box if the soliciting materials or information
statement referred to in checking box (a) are preliminary copies: [X]
CALCULATION OF FILING FEE
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Transaction Valuation (1) Amount of Filing Fee (2)
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$47,500,000 $9,500
[X] Check box if any part of the fee is offset as provided by Rule 0-11(a)
(2) and identify the filing with which the offsetting fee was
previously paid. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
Amount previously paid: $9,500
Form or registration no.: Schedule 14A - Preliminary Proxy Statement
Filing Party: Pioneer Natural Resources USA, Inc.
Dated filed: __________, 1999
(1) For purposes of calculating the fee only. The transaction value is
based on the payment of approximately $47,500,000 by Pioneer Natural Resources
USA, Inc. to the partners of participating limited partnerships, other than
Pioneer USA, assuming 100% participation by those partnerships in the mergers.
(2) One fiftieth of one percent of the transaction value.
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INTRODUCTION
This statement is filed by Pioneer Natural Resources USA, Inc., a
Delaware corporation and the affiliate of the issuer of the class of equity
securities that is the subject of the Rule 13e-3 transaction ("Pioneer USA").
Pioneer USA, its parent company Pioneer Natural Resources Company and 25
publicly-held limited partnerships in which Pioneer USA serves as general
partner (the "Partnerships"), have entered into an agreement and plan of merger
dated _______, 1999 (the "Merger Agreement"). Under the Merger Agreement, the
Partnerships will be merged with and into Pioneer USA and the partners of each
Partnership, other than Pioneer USA, will be entitled to receive an amount of
cash based on the Partnership's merger value. The merger value of each
Partnership is equal to its reserve value and its net working capital, in each
case as of June 30, 1999.
Concurrently with the filing of this statement, Pioneer USA is filing a
preliminary proxy statement with the Securities and Exchange Commission relating
to the solicitation of proxies for a special meeting of limited partners of the
Partnerships to be held to vote on a proposal to approve and adopt the Merger
Agreement and the transactions contemplated by the Merger Agreement. A copy of
the proxy statement is attached as Exhibit A hereto and is incorporated herein
by reference in its entirety. The cross reference sheet which follows shows the
location in the proxy statement of the information required to be included in
response to the items of this statement.
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CROSS REFERENCE SHEET
(PURSUANT TO GENERAL INSTRUCTION F TO SCHEDULE 13E-3)
SCHEDULE 13E-3 ITEM NUMBER AND CAPTION CAPTION IN PROXY STATEMENT
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Item 1. Issuer and Class of Security Subject to the
Transaction
(a)....................................................... Notice of Special Meeting of Limited Partners;
Summary
(b)....................................................... The exact title of the securities subject to the Rule 13e-
3 transaction are limited partnership interests.
Appendix A, Table 1
(c)....................................................... Summary -- Benefits to the Limited Partners --
Liquidity
(d)....................................................... Summary -- Benefits to the Limited Partners --
Acceleration of Value from Distributions; Appendix A,
Tables 4 and 6
(e)....................................................... *
(f)....................................................... Risk Factors -- Repurchase Rights Terminate on
Completion of the Mergers; Appendix A, Table 7
Item 2. Identity and Background This statement is filed by Pioneer USA, which is an
affiliate of the issuer of the class of equity securities
that is the subject of the Rule 13e-3 transaction.
Pioneer USA is incorporated in Delaware and is
engaged in the business of exploring for and producing
oil and gas. Its principal executive offices are located
at 1400 Williams Square West, 5205 North O'Connor
Blvd., Irving, Texas 75039.
(a)....................................................... Management
(b)....................................................... Management
(c)....................................................... Management
(d)....................................................... Management
(e) and (f)............................................... None of the persons with respect to whom information
is provided in response to this Item was, during the last
five years, convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors)
or was, during the last five years, a party to a civil
proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or
final order enjoining further violations of, or
prohibiting activities subject to, federal or state
securities laws or finding any violation of such laws.
(g)....................................................... Each of the natural persons with respect to whom
information is provided in response to this Item is a
United States citizen.
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* Inapplicable or answer negative
+ To be filed by amendment
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SCHEDULE 13E-3 ITEM NUMBER AND CAPTION CAPTION IN PROXY STATEMENT
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Item 3. Past Contacts, Transactions or
Negotiations
(a)(1).................................................... *
(a)(2).................................................... Special Factors -- Background of the Mergers
(b)....................................................... Special Factors -- Background of the Mergers
Item 4. Terms of the Transaction
(a)....................................................... Summary; The Mergers; The Merger Agreement
(b)....................................................... The Special Meetings -- Record Date; Voting Rights
and Proxies; -- Required Vote; Broker Non-Votes
Item 5. Plans or Proposals of the Issuer or Upon the consummations of the proposed Rule 13e-3
Affiliate transaction (the mergers), the separate existence of the
participating limited partnerships will cease.
(a)....................................................... *
(b)....................................................... Transactions Among the Partnerships, Pioneer, Pioneer
USA and Their Directors and Officers
(c)....................................................... *
(d)....................................................... *
(e)....................................................... *
(f)....................................................... The Mergers -- Termination of Registration and
Reporting Requirements
(g)....................................................... The Mergers -- Termination of Registration and
Reporting Requirements
Item 6. Source and Amounts of Funds or
Other Consideration
(a)....................................................... The Mergers -- Source of Funds
(b)....................................................... The Mergers -- Payment of Expenses
(c)....................................................... The Mergers -- Source of Funds
(d)....................................................... *
Item 7. Purpose(s), Alternatives, Reasons and
Effects
(a)....................................................... Special Factors -- Reasons for the Mergers
(b)....................................................... Special Factors -- Alternative Transactions to the
Mergers
(c)....................................................... Special Factors -- Background of the Mergers; --
Reasons for the Mergers
(d)....................................................... Summary -- Benefits to the Limited Partners; The
Mergers -- General; -- Distribution of Cash
Consideration; -- Material U.S. Federal Income Tax
Consequences; -- Accounting Treatment; -- No
Appraisal or Dissenter Rights
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* Inapplicable or answer negative
+ To be filed by amendment
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SCHEDULE 13E-3 ITEM NUMBER AND CAPTION CAPTION IN PROXY STATEMENT
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Item 8. Fairness of the Transaction
(a)....................................................... Special Factors -- Recommendation of Pioneer USA
(b)....................................................... Special Factors -- Reasons for the Mergers; --
Recommendation of Pioneer USA; -- Fairness
Opinion; -- Alternative Transactions to the Mergers
(c)....................................................... The Special Meetings -- Record Date; Voting Rights
and Proxies; -- Required Vote, Broker Non-Votes
(d)....................................................... Risk Factors -- You Were Not Independently
Represented in Establishing the Terms of the Mergers;
Special Factors -- Fairness Opinion
(e)....................................................... Special Factors -- Recommendation of Pioneer USA;
Interests of Pioneer, Pioneer USA and Their Directors
and Officers -- Conflicting Duties of Pioneer USA,
Individually and as General Partner
(f)....................................................... *
Item 9. Reports, Opinions, Appraisals and
Certain Negotiations
(a)....................................................... Special Factors -- Fairness Opinion
(b)....................................................... Special Factors -- Fairness Opinion
(c)....................................................... A copy of the opinion of Robert A. Stanger & Co., Inc.
is attached as Appendix C to the Proxy Statement.
Item 10. Interest in Securities of the Issuer
(a)....................................................... Ownership of Partnership Interests
(b)....................................................... *
Item 11. Contracts, Arrangements or *
Understandings with Respect to the
Issuer's Securities
Item 12. Present Intention and
Recommendation of Certain Persons
with Regard to the Transaction
(a)....................................................... Special Factors -- Reasons for the Mergers; --
Recommendation of Pioneer USA; The Special
Meetings -- Time and Place; Purpose
(b)....................................................... Special Factors -- Reasons for the Mergers; --
Recommendation of Pioneer USA
Item 13. Other Provisions of the Transaction
(a)....................................................... The Mergers -- No Appraisal or Dissenter Rights
(b)....................................................... Special Factors -- Fairness Opinion; The Mergers --
Opinion of Limited Partners' Counsel
(c)....................................................... *
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* Inapplicable or answer negative
+ To be filed by amendment
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SCHEDULE 13E-3 ITEM NUMBER AND CAPTION CAPTION IN PROXY STATEMENT
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Item 14. Financial Information
(a)(1).................................................... Information supplements for each partnership
(a)(2).................................................... Information supplements for each partnership
(a)(3).................................................... *
(a)(4).................................................... Information supplements for each partnership
(b)....................................................... *
Item 15. Persons and Assets Employed,
Retained or Utilized
(a)....................................................... *
(b)....................................................... The Special Meetings -- Solicitation of Proxies
Item 16. Additional Information See the Proxy Statement.
Item 17. Material to be Filed as Exhibits Exhibit List
(a)....................................................... Exhibit 10.1. Credit Facility from which funds to pay
limited partners will be borrowed.
(b)....................................................... Exhibit 99.1. Opinion of Robert A. Stanger & Co., Inc.
dated _______, 1999 (attached to the Proxy Statement
as Appendix C).
(c)....................................................... *
(d)....................................................... Exhibit 99.2. Preliminary copies of Notice of Special
Meetings of Limited Partners and Proxy Statement
dated _________, 1999 for the Special Meetings of
Limited Partners to be held on or about December ___,
1999.
(e)....................................................... *
(f)....................................................... + Proxy solicitor agreement
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* Inapplicable or answer negative
+ To be filed by amendment
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SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: September 8, 1999
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By: /s/ MARK L. WITHROW
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MARK L. WITHROW, Executive
Vice President, General
Counsel and Secretary
of Pioneer Natural
Resources USA, Inc.
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INDEX TO EXHIBITS
Exhibit Description
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10.1 Credit Facility from which funds to pay limited partners
will be borrowed.
99.2 Preliminary copies of Notice of Special Meetings
of Limited Partners and Proxy Statement dated __________,
1999 for the Special Meetings of Limited Partners to be
held on or about December __________, 1999.