SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 8 - K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (date of earliest event reported) February 12, 1997
COLUMBUS ENERGY CORP.
(Exact name of registrant as specified in its charter)
Colorado 1-9872 84-0891713
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
No.)
1660 Lincoln Street, Denver Colorado 80264
(Address of Principal executive offices) (Zip Code)
(303) 861-5252
(Registrant's telephone number, including area code)
No Change
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
On February 11, 1997 the Columbus Energy Corp. Board of Directors voted to
withdraw its previously filed registration statement covering the offering to
its shareholders of 400,000 shares of Series A 7% Convertible Preferred Stock
with a $25 per share redemption value. Several factors contributed to this
decision which included significantly higher prices for natural gas and crude
oil received over the past four months along with the increase in its natural
gas production and sales revenues as a result of new gas wells completed during
the past few months. These contributed to the significant reduction of its bank
debt from $3.2 million at the end of the third quarter to $2.2 million as of its
year end on November 30, 1996, and to only $1.6 million as of January 31, 1997,
which payments were out of cash flow which has averaged about $600,000 per month
during that five-month period. Also contributing to the Board's decision was an
unexplained recent weakness in the price of Columbus' common shares when
compared to that of its peers despite the fact that its 1996 U.S. only
operations have yielded record results in terms of oil and gas sales, cash flow
(in total and on a per share basis), and net earnings per share. The Board
believed this would have forced pricing of convertibility ratio of the Preferred
Shares at an unacceptable level.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(C) Exhibits:
No. 28 - Columbus Energy Corp. press release dated February 12, 1997.
No. 28(a)- Company letter dated February 12, 1997 to Securities and
Exchange Commission withdrawing the registration statement.
SIGNATURE
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 thereunto duly authorized.
COLUMBUS ENERGY CORP.
(Registrant)
DATE: February 13, 1997 BY: /s/ H. C. Gutjahr
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H. C. Gutjahr
Corporate Secretary