Zapata Exploration Company
| Company Deal | 15,000 units composed of $15,000,000 5 1/2% convertible subordinated debentures due 1979, and 375,000 shares of common stock |
|---|---|
| Transaction Type | Convertible Subordinated Debentures / Common Stock |
| Deal Description | Zapata Exploration Company used a portion of the net proceeds from this transaction for exploratory drilling on the initial permit areas in the North Sea and offshore Sicily, which the company expected would cover all of its work obligations under the initial permits. The balance of the proceeds was made available for additional exploratory drilling in the initial permit areas; the acquisition of additional permits; concessions and other interests and the evaluation thereof by exploratory activities; and the payment of administrative and operating expenses, including management services fees. |