| Ticker: MRC | 5201 Truxtun Avenue, Suite No. 100 | |
| Exchange: New York Stock Exchange | Bakersfield, California 93309 | |
| Industry: Natural Resources | (805) 322-3992 |
| Type of Shares: | Common Shares | Filing Date: | 9/18/96 | |
| U.S. Shares: | 8,150,000 | Offer Date: | 11/13/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $13.00 - $15.00 | |
| Primary Shares: | 8,150,000 | Offer Price: | $14.50 | |
| Secondary Shares: | 0 | Gross Spread: | $0.98 | |
| Offering Amount: | $114,100,000 | Selling: | $0.58 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 53,250,000 | |||
| Spin out parent firm: | Santa Fe Energy Resources | |||
| Manager | Tier | Phone |
| Goldman, Sachs & Co. | Lead Manager | (212) 902-1172 |
| Morgan Stanley & Co. Incorporated | Co-manager | (212) 703-4797 |
| Petrie Parkman & Co. | Co-manager | (303) 292-3877 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 6/30/96 | 6/30/95 | 6/30/96 | ||
| Revenue: | $211.00 | $126.00 | $105.00 | Assets: | $410.00 |
| Net Income: | $36.00 | $24.00 | $17.00 | Liabilities: | $359.00 |
| EPS: | $0.68 | Equity: | $51.00 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| Monterey Resources, Inc., a wholly owned subsidiary of SFR, is an independent oil and gas company engaged in the production, development and acquisition of oil and natural gas in State of California. As of September 1, 1996 the company had net proved reserves of approximately 214 MMBOE with a pre-tax net present value, discounted at 10%, of approximately $750 million, according to estimates prepared by Ryder Scott Company, independent petroleum engineers. In 1995 the company's operations generated total revenues of approximately $211 million and net income of approximately $36 million. During the eight months ended August 31, 1996, the company's average production was approximately 46 MBOE per day, resulting in a reserve-to-production ratio of 12.7 years. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay certain outstanding indebtedness of the company and the balance, if any will be used for working capital purposes. |
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