ZAPATA CORPORATION ACQUIRES CIMARRON GAS COMPANIES, INC.
ZAPATA CORPORATION ACQUIRES CIMARRON GAS COMPANIES, INC. HOUSTON, Nov. 13 /PRNewswire/ -- Zapata Corporation (NYSE: ZOS) has
acquired Cimarron Gas Companies, Inc., a holding company for a group of companies engaged in a variety of natural gas and natural gas liquids related businesses, Zapata Chairman and Chief Executive Officer R.C. Lassiter announced today.
"The acquisition of Cimarron establishes a beachhead in several businesses which were identified and targeted by a strategic study commissioned by the Zapata Board of Directors in 1991. It is a first, important step in Zapata's business development strategy to take advantage of consolidation opportunities in the natural gas industry," Lassiter said. "Cimarron personnel are actively involved in the development of these opportunities. Robert W. Jackson, founder of Cimarron, will continue to serve as Cimarron president and chief executive officer. Zapata intends to exploit this exposure and continue to expand its presence by additional acquisitions as they are identified," he said. "In addition to complementing Zapata's existing oil and gas operations, Cimarron will serve as a vehicle for expansion by Zapata into selected natural gas businesses." Based in Tulsa, Okla., Cimarron is involved in the gathering, transportation, processing and marketing of natural gas, natural gas liquids and refined products. Cimarron also installs and maintains propane stand-by systems for utilities and manufacturing facilities. In 1991, Cimarron's annual revenues were approximately $180 million. An acquisition price for Cimarron was not announced. Zapata Corporation is a Houston-based international company that produces natural gas and oil and conducts marine protein operations that produce fish meal, a high-protein livestock feed ingredient, and fish oil from menhaden. Zapata is also a major shareholder in Tidewater, Inc., the world's leading operator of marine service vessels. -0- 11/13/92 /CONTACT: Corporate affairs department of Zapata Corporation, 713-940-6240/ (ZOS) CO: Zapata Corporation; Cimarron Gas Companies, Inc. ST: Texas IN: OIL SU: TNM
SM -- NY063 -- 0820 11/13/92 15:52 EST
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|Date:||Nov 13, 1992|
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