Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

Zapata Exploration Company Deal - Lehman Brothers Collection

Zapata Exploration Company

Company Deal15,000 units composed of $15,000,000 5 1/2% convertible subordinated debentures due 1979, and 375,000 shares of common stock
Transaction TypeConvertible Subordinated Debentures / Common Stock
Deal DescriptionZapata 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.
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