Flores & Rucks, Inc. announces the filing of a Registration Statement on Form S-3.BATON ROUGE Baton Rouge (băt`ən r  zh) [Fr.,=red stick], city (1990 pop. 219,531), state capital and seat of East Baton Rouge parish, SE La. , La.--(BUSINESS WIRE)--Jan. 19, 1996--Flores & Rucks, Inc. (NASDAQ/NMS:FNRI FNRI Food and Nutrition Research Institute (Philippines) ) announced that it has filed with the Securities and Exchange Commission today a Registration Statement on Form S-3 relating to relating to relate prep → concernantrelating to relate prep → bezüglich +gen, mit Bezug auf +acc the underwritten public offering by the Company of 4,000,000 shares of Common Stock. The $56 million in estimated net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). will be used for exploitation and exploration drilling activities, potential future acquisitions (including the possible acquisition of an interest in approximately 16,000 gross producing acres in close proximity to the Company's existing operations for which the Company has recently entered into a Letter of Intent) and the repayment of $15.5 million in indebtedness. Pending the application of such net proceeds, the Company will repay its outstanding balance under its Revolving Credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. Facility. In addition to the shares to be sold by the Company, James C. Flores Flores, town, Guatemala Flores (flōrəs), town (1990 est. pop. 2,200), capital of Petén department, N Guatemala. Flores was built on an island in the southern part of Lake Petén Itzá and on the site of the , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Company, and William W. Rucks, IV, President of the Company, will each sell 250,000 shares of Common Stock in the offering and have each granted the Underwriters an option to purchase 337,500 shares to cover over-allotments. The sale of the 500,000 shares by Messrs. Flores and Rucks, the founders of the Company, will represent their only sale of Company shares since its founding and represents less than 7% of their current 52% ownership in the Company. The managing underwriters of the offering are Merrill Lynch & Co., Howard, Weil, Labouisse, Friedrichs Incorporated and Petrie Parkman & Co. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state. Flores & Rucks, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of crude oil and natural gas. For further information, please contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at 504/928-6222 or mail requests to 8440 Jefferson Highway, Suite 420, Baton Rouge, La. 70809. CONTACT: Flores & Rucks, Inc. James C. Flores, 504/927-1450 William W. Rucks, IV, 318/989-5900 or Robert L. Belk, 504/927-1450 |
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