-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, iVKulN1BtVCoM5GKwxn6eJxm3iN3gQl6C0Cu9T7lO8lZz8NW9VVNjgcYXeI2pmsS ydtJhunl6KUAEFLPiMMXtw== 0000950116-95-000111.txt : 19950424 0000950116-95-000111.hdr.sgml : 19950424 ACCESSION NUMBER: 0000950116-95-000111 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950414 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 19950421 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASTLE ENERGY CORP CENTRAL INDEX KEY: 0000709355 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] IRS NUMBER: 760035225 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10990 FILM NUMBER: 95530201 BUSINESS ADDRESS: STREET 1: ONE RADNOR CORPORATE CTR STE 250 STREET 2: 100 MATSONFORD RD CITY: RADNOR STATE: PA ZIP: 19087 BUSINESS PHONE: 6109959400 MAIL ADDRESS: STREET 1: ONE RADNOR CORPORATE CENTER SUITE 250 STREET 2: 100 MATSONFORD CITY: RADNOR STATE: PA ZIP: 19087 FORMER COMPANY: FORMER CONFORMED NAME: MINDEN OIL & GAS INC/NEW DATE OF NAME CHANGE: 19861117 FORMER COMPANY: FORMER CONFORMED NAME: MINDEN HOLDING CO DATE OF NAME CHANGE: 19830310 8-K 1 FORM 8-K 1 =============================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________ FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): April 14, 1995 CASTLE ENERGY CORPORATION - ------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) DELAWARE - ------------------------------------------------------------------------------- (State or Other Jurisdiction of Incorporation or Organization) 0-10990 76-0035225 - ------------------------ ------------------------------------ (Commission File Number) (I.R.S. Employer Identification No.) One Radnor Corporate Center, Suite 250, 100 Matsonford Road, Radnor, PA 19087 - ------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (610) 995-9400 - ------------------------------------------------------------------------------- (Registrant's telephone number, including area code) - ------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) =============================================================================== 2 Castle Energy Corporation (the "Registrant") submits the following information: ITEM 5. Other Events On April 14, 1995, the Registrant reported that its wholly-owned subsidiary, Powerine Oil Company, fully repaid its working capital loan facility due to MG Trade Finance Company. A copy of the news release issued by the Registrant on April 17, 1995 is attached as Exhibit 99.1 to this report. ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits Exhibit Number Description Page No. - -------------- ----------- -------- 99.1 Castle Energy Corporation Press Release, dated April 17, 1995 4 2 3 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. CASTLE ENERGY CORPORATION Date: April 20, 1995 By: /s/ Richard E. Staedtler ------------------------ ---------------------------------- Richard E. Staedtler Chief Financial Officer 3 EX-99 2 4 EXHIBIT 99.1 NEWS RELEASE DATE: Immediate CONTACT: Joseph L. Castle II (610) 995-9400 CASTLE ENERGY CORPORATION ANNOUNCES REFINANCING OF METALLGESELLSCHAFT LOANS TO POWERINE REFINERY AND STATUS OF OTHER MATTERS RELATING TO METALLGESELLSCHAFT RADNOR, Pa, April 17, 1995 -- Castle Energy Corporation *(Nasdaq- NNM:CECX)(the "Company") announced that its subsidiary, Powerine Oil Company ("Powerine"), owner of 49,500 B/D Powerine Refinery in Santa Fe Springs, California, has fully repaid the working capital loan facility provided by MG Trade Finance Company, a subsidiary of Metallgesellschaft Corp.("MG"). The repayment was effected by a set of purchase/sale transactions with Wickland Oil Company with respect to Powerine's crude oil inventory/requirements and its refined product output. The transactions with Wickland Oil are intended to allow Powerine continued operation and thereby facilitate the sale of the refinery. The Company is currently in the process of conducting active negotiations for such a sale. The Company also announced the following: 1. Powerine and MG have agreed to arbitrate claims exceeding $10 million which Powerine has asserted against MG Refinery and Marketing Inc. ("MGRM") under the terms of the prior offtake arrangement between Powerine and MGRM. ** Castle Energy Corp. is not affiliated with Castle Oil Corp. 4 5 2. Indian Refinery Limited Partnership ("IRLP"), owner of 86,600 B/D Indian Refinery in Lawrenceville, Illinois continues to take steps to reduce the outstanding balances under its separate working capital loan facility with MG Trade Finance (advances under which were due as of March 31, 1995). The Company has provided Metallgesellschaft with business plans in this regard, and expects to be able to fully repay MG within the next 30 days, assuming a reasonable level of cooperation from MG. Outstanding balances have been reduced by more then 50% during March and April, and the value of the liquid collateral assets of IRLP is substantially in excess of the remaining balances of the loans. IRLP will continue to internally finance limited refining operations with the intent to sell the operations in an orderly manner. IRLP is in the process of conducting active negotiations concerning the sale of the refinery, and is also in the process of attempting to structure certain interim arrangements. 3. The Texas Railroad Commission has approved a reduction in spacing to 80 acres at the Oak Hill field in Rusk County, Texas. As a result, the Company will add an estimated 67.8 bcf to its proved/undeveloped reserves with future net income of $14.7 million discounted at 10%. 5 6 The Company owns two refining subsidiaries, IRLP and Powerine. The Company, through various subsidiaries and affiliates, also owns a gas sales contract with Lone Star Gas Company, a 77-mile interstate pipeline in Rusk County, Texas and related gas contracts and interests, and operates approximately 450 oil and gas wells nationwide. CAS678.45 6 -----END PRIVACY-ENHANCED MESSAGE-----