| Ticker: | OEDC | 1400 Woodloch Forest Drive, Suite 200 | |
| Exchange: | NASDAQ-National Market | The Woodlands, Texas 77380 | |
| Industry: | Natural Resources | (713) 364-0033 |
| Type of Shares: | Common Shares | Filing Date: | 8/30/96 | |
| U.S. Shares: | 3,682,000 | Offer Date: | 11/1/96 | |
| Non-U.S. Shares: | 0 | Filing Price: | - | |
| Primary Shares: | 3,500,000 | Offer Price: | $12.00 | |
| Secondary Shares: | 182,000 | Gross Spread: | $0.84 | |
| Offering Amount: | $47,570,900 | Selling: | $0.50 | |
| Expenses: | $593,000 | Reallowance: | $0.10 | |
| Shares Out After: | 8,551,885 |
| Manager | Tier | Phone |
| Morgan Keegan & Company, Incorporated | Lead Manager | (901) 524-4100 |
| Rauscher Pierce Refsnes, Inc. | Co-manager | (214) 978-5491 |
| Auditor: KPMG Peat Marwick | |||||
| 6 Month Ending Financials | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 6/30/96 | 6/30/95 | 6/30/96 | ||
| Revenue: | $6.83 | $16.73 | $2.27 | Assets: | $24.55 |
| Net Income: | -$4.33 | $5.62 | -$2.47 | Liabilities: | $6.58 |
| EPS: | -$0.86 | $1.11 | Equity: | $17.97 | |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is engaged in the acquisition, exploration, development, production, gathering and marketing of natural gas in the U.S. Gulf of Mexico. As of January 1, 1996, the company had estimated net proved natural gas reserves of 20.3 Bcfe attributable to 12 gross wells offshore Alabama and Louisiana. The company has interests in 16 undeveloped lease blocks with an average working interest of 72%. The company plans to connect five existing wells with proved reserves to production platforms and to drill 10 exploratory prospects on these blocks by the end of 1997. The company's budget for these activities, including any additional development work, is $36 million. In addition, the company is currently negotiating a potential joint venture with a subsidiary of a major oil company, pursuant to which the company will evaluate proprietary 3-D seismic data to identify prospects for joint exploration and development by the parties on 46,000 contiguous acres covering portions of 17 lease blocks in the Gulf of Mexico. Of this total, 15,000 acres are currently leased by the company or the major oil company. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay an affiliate of Enron Corp. all amounts advanced to finance a five-well drilling and development program and to fund the additional development of such wells; to redeem preference units in a subsidiary; and the balance will be used for working capital and other general corporate purposes. |
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