Kelley Oil & Gas Announces Results of Exchange Offer.HOUSTON--(BUSINESS WIRE)--July 27, 1999-- Kelley Oil & Gas Corporation (the "Company") announced today the results of its offer to exchange 15 shares of common stock for each outstanding share of its $2.625 Convertible Exchangeable Preferred Stock Convertible exchangeable preferred stock Convertible preferred stock that may be exchanged, at the issuer's option, into convertible bonds that have the same conversion features as the convertible preferred stock. ("Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. "). Approximately 368,000 shares of Preferred Stock were tendered pursuant to the exchange offer representing approximately 21% of total Preferred stock outstanding. All shares validly tendered have been accepted for exchange. The shares will be exchanged for approximately 5.5 million shares of newly issued common stock of the Company. New shares of common stock are expected to be issued by July 30, 1999. As previously announced, the Company will effect a name change to Contour Energy Co. and a 1-for-10 reverse stock split after the close of market on July 30, 1999. The new trading symbols for the Company will be CONC (for common shares) and CONCP (for preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. remaining outstanding). The Company is engaged in the development, exploration, acquisition and production of oil and natural gas. Natural gas represents about 85% of the Company's equivalent production and proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. . Kelley Oil & Gas Corporation common stock and preferred stock are traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small Cap Market under the symbols KOGC KOGC Kimberley Oaks Golf Course (St. Charles, Michigan) and KOGCP. Cautionary Statement as to Forward-Looking Information Statements made herein (as well as information included in oral or other written statements made or to be made by the Company or its representatives) that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc matters such as anticipated operating and financial performance, business prospects, future reserves, cash flow and value, developments and results of the Company. Actual performance, prospects, reserves, cash flow and value, developments and results may differ materially from any or all anticipated results due to economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the Company, including rates of inflation, natural gas prices, uncertainty of reserve estimates, rates and timing of future production of oil and gas, exploratory and development activities, acquisition risks, changes in the level and timing of future costs and expenses related to drilling and operating activities and those risk factors described on pages 13, 14 and 15 of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 1998. Words such as "anticipated," "expect," "estimate," "project" and similar expressions are intended to identify forward-looking statements. Forward-looking statements include the risk factors described in the Company=s Form 10-K mentioned above. |
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