| Continental Natural Gas, Inc. | |||
| Ticker: | CNGL | 1412 South Boston, Suite 500 | |
| Exchange: | NASDAQ-National Market | Tulsa, OK 74119 | |
| Industry: | Utilities (SIC Code 4923) | (918) 582-4700 | |
| Type of Shares: | Common Shares | Filing Date: | 4/24/97 | |
| U.S. Shares: | 2,100,000 | Offer Date: | 8/1/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $12.00 - $14.00 | |
| Primary Shares: | 1,800,000 | Offer Price: | $11.25 | |
| Secondary Shares: | 300,000 | Gross Spread: | ||
| Offering Amount: | $27,300,000 | Selling: | ||
| Expenses: | $700,000 | Reallowance: | ||
| Shares Out After: | - |
| Manager | Tier | Phone |
| Oppenheimer & Company, Inc. | Lead Manager | (212) 667-7400 |
| Southwest Securities, Inc. | Co-manager | (214) 658-9495 |
| Issuer's Law Firm: | Hall, Estill, Hardwick, Gable, Golden & Nelson, PC |
| Bank's Law Firm: | Albright & Rusher |
| Auditor: | Coopers & Lybrand |
| Registrar/Transfer Agent: | Boston Equiserve Limited Partnership |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 12/31/96 | ||||
| Revenue: | $246.66 | Assets: | $145.93 | ||
| Net Income: | $7.19 | Curr Assets: | |||
| EPS: | Liabilities: | $123.78 | |||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | $23.54 | Equity: | $22.15 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is an independent mid-stream energy company engaged in the purchasing, gathering, treating, processing and marketing of natural gas and natural gas liquids. The company owns and operates approximately 1,100 miles of natural gas gathering pipelines located in the Texas and Oklahoma panhandle region with a total throughput capacity of 383 MMcf/d and two interconnected natural gas processing plants with a total NGL production capacity of 490 Mgal/d. The company provides essential services to natural gas producers by (I) connecting producers' wells to the company's gathering systems, (ii) treating the producers' natural gas to ensure that it meets pipeline specifications, (iii) transporting the natural gas from the wellhead to the company's processing plants where NGLs are extracted from the natural gas stream and (iv) providing access for the natural gas and NGLs to various markets in the Midwestern, Mid-Continent, Rocky Mountain and southern Texas regions of the United States. The company markets the natural gas it gathers or processes, as well as third-party natural gas it neither gathers nor processes from over 60 producers via 15 interstate and intrastate pipelines, to serve utilities, end-users, other marketers and pipeline affiliates. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay outstanding bank borrowings and other general corporate purposes. |