SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported):June 13, 1997 WRT Energy Corporation (Exact name of registrant as specified in its charter) ------------------------------------------------------------------ Texas 1-10753 72-1133320 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation or organization) ------------------------------------------------------------------ 5718 Westheimer, Suite 1201 Houston, Texas 77057 (Address of principal executive office) Issuer's telephone number: 713-706-3295 Item 5.Other Events On March 11, 1997, WRT Energy Corporation ("WRT" or the "Company") and DLB Oil and Gas, Inc. and Wexford Management LLC, on behalf of its affiliated investment funds, jointly filed a Second Amended Joint Plan of Reorganization (the "Plan") and Second Amended Disclosure Statement ("Disclosure Statement") in WRT's Chapter 11 bankruptcy case before the United States Bankruptcy Court for the Western District of Louisiana, Lafayette-Opelousas Division (the "Court"). On May 5, 1997, an order was entered in the Chapter 11 case confirming the Plan. The Disclosure Statement, filed with the Court and distributed in connection with the Plan, contained, in Exhibit "F" attached thereto, a "Financial Analysis as of March 11, 1997" for WRT (the "Financial Analysis"). The Financial Analysis contained both historical financial statements for WRT and pro forma financial statements assuming confirmation of the Plan. The Company has discovered that, due to an arithmetic error, the pro forma statements of operations for the Company, contained in the Financial Analysis, contained incorrect statements of the Pro Forma Earnings (Loss) 1 per Common Equivalent Share for each of the years ended December 31, 2000, 1999, and 1998, and for the six months ended December 31, 1997. The Company is filing this Report on Form 8-K to report the correct Pro Forma Earnings (Loss) per Common Equivalent Share for each of the pro forma periods, as follows: For the For the year ended six December 31, months Ended Dec 31, 1997 1998 1999 2000 (Pro Forma) (Pro Forma) (Pro Forma (Pro Forma) - ------------------------------------------------------------------------ Earnings (Loss) per Common Equivalent Share $0.00 $0.03 $0.12 $.18 Attached to this Report, as Exhibit 99.1, is the Company's amended historical and projected Statement of Operations for the periods ending in 1994 through 2000, as set forth in Exhibit F to the Disclosure Statement, but with corrected information concerning Pro Forma Earnings per Common Equivalent Share and Average Common Equivalent Shares Outstanding as set forth above. The only changes from the Statement of Operations filed with Exhibit F to the Disclosure Statement are the changes in pro forma earnings per share and shares outstanding. This report is made for the purpose of correcting the arithmetic error described above and is not to be deemed an admission as to the materiality of any the corrections contained herein. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WRT ENERGY CORPORATION Date:June 13, 1997 By: /s/RAYMOND P. LANDRY Raymond P. Landry Chairman and Chief Executive Officer 2 Exhibits to Current Report on Form 8-K of WRT Energy Corporation Exhibit No. Description 99.1 Company's Amended Historical and Projected Statement of Operations for Periods Ending in 1994 through 2000 EX-99.1 2
WRT ENERGY CORPORATION STATEMENT OF OPERATIONS FOR PERIODS ENDING IN 1994 THROUGH 2000 For the 6 Mo. For the 6 Mo. Ended June 30 Ended Dec 31 1994 1995 1996 1997 1997 1998 1999 2000 Preliminary (Pro Forma) (Pro Forma) (Pro Forma) (Pro Forma) (Pro Forma) REVENUES: Oil and gas sales $11,034,000 $24,655,000 $22,624,000 $11,299,767 $17,273,170 $39,454,666 $44,630,999 $47,709,110 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- EXPENSES: Production cost 3,077,000 9,534,000 8,503,000 3,235,000 4,376,654 9,135,881 9,626,474 10,038,582 Gross Production taxes 811,000 2,139,000 1,740,000 1,002,629 1,878,379 4,313,530 4,934,372 5,268,018 Field Operations costs - - - - - - - - Depreciation and depletion expense 3,201,000 12,645,000 7,684,000 4,594,664 9,292,364 21,114,789 22,482,258 23,294,206 General and adminis- trative expense 3,038,000 4,882,000 2,966,000 1,496,000 1,170,000 2,3430,000 2,340,000 2,340,000 Provision for doubtful receivables - 2,007,000 2,852,000 - - - - - Restructuring charges - 1,433,000 - - - - - - Minimum production guarantee obligation - 3,591,000 2,819,000 - - - - - Impairment of long-lived assets - 103,266,000 - - - - - - ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- 10,127,000 139,497,000 26,564,000 10,328,293 16,717,396 36,904,200 39,383,104 40,940,806 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- NET INCOME (LOSS) FROM OPERATIONS 907,000 -114,842,000 -3,940,000 971,474 555,774 2,550,466 5,247,895 6,768,304 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- OTHER INCOME (EXPENSE): Interest expense -19,000 -13,759,000 -4,133,000 -804,934 -743,593 -1,442,552 -1,063,699 -853,786 Gain oon sale of oil and gas properties 3,033,000 - - - - - - - Other income, net 344,000 426,000 356,000 168,527 71,748 81,136 63,310 63,964 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- 3,358,000 -13,333,000 -3,777,000 636,407 671,845 -1,361,416 -1,000,389 -789,822 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- REORGANIZATION EXPENSES - - 3,095,000 15,977,799 - - - - ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- NET INCOME (LOSS) BEFORE INCOME TAXES 4,265,000 -128,175,000 -10,812,000 335,067 116,071 1,189,050 4,247,506 5,978,482 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- PROVISION FOR (BENEFIT FROM) INCOME TAXES: 36,000 - - - 46,429 475,619 1,699,002 2,391,393 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- NET INCOME (LOSS) BEFORE DIVIDENDS ON PREFERRED STOCK 4,229,000 -128,175,000 10,812,000 -15,642,732 69,642 713,431 2,548,504 3,587,089 DIVIDENDS ON PREFERRED STOCK 2,846,000 -2,846,000 - - - - - - ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- NET INCOME (LOSS) AVAILABLE TO COMMON STOCK 1,383,000 -131,021,000 10,812,000 -15,642,732 -69,642 713,431 2,548,504 3,587,089 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- EXTRAORDINARY GAINS (LOSSES) Debt forgiveness income 88,004,901 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- NET INCOME (LOSS) $ 1,383,000 -131,021,000 $-10,812,000 $72,362,169 $ 69,642 $ 713,431 $ 2,548,504 $ 3,587,089 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- PER COMMON SHARE Earnings (Loss) per Common and Common Equivalent Share $ 0.18 -13.84 -1.13 7.59 0.00 0.03 0.12 0.18 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Average Common and Common Equivalent Shares Outstanding 7,792,000 9,466,000 9,570,400 9,539,100 20,388,400 20,388,400 20,388,400 20,388,400 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Audited Financial Statements Unaudited Financial Statements