UNITED STATES
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): September 28, 2004
SPINNAKER EXPLORATION COMPANY
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
| 001-16009 | 76-0560101 | |
| (Commission File Number) | (IRS Employer Identification No.) | |
| 1200 Smith Street, Suite 800 Houston, Texas |
77002 | |
| (Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (713) 759-1770
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 Regulation FD Disclosure.
The following information is furnished pursuant to Item 7.01, “Regulation FD Disclosure.”
Spinnaker Exploration Company (the “Company” or “Spinnaker”) enters into New York Mercantile Exchange (“NYMEX”) related swap contracts and collar arrangements from time to time. The Company has recently entered into oil swap contracts and collar arrangements.
Subsequent to filing its Form 10-Q for the three months ended June 30, 2004 with the Securities and Exchange Commission on August 6, 2004, the Company entered into additional swap contracts and collar arrangements. Spinnaker’s current commodity price risk management positions are as follows:
Natural Gas
| Period |
Fixed Price Swaps |
Collars | |||||||||||
| Average Volume (MMBtus) |
Weighted (Per MMBtu) |
Average (MMBtus) |
Weighted Average Price (Per MMBtu) | ||||||||||
| Floor |
Ceiling | ||||||||||||
| Fourth Quarter 2004 |
8,370 | $ | 4.92 | 18,370 | $ | 4.73 | $ | 6.56 | |||||
| First Quarter 2005 |
5,000 | 7.05 | — | — | — | ||||||||
Oil
| Period |
Fixed Price Swaps |
Collars | |||||||||||
| Average Volume (Bbls) |
Weighted (Per Bbl) |
Average (Bbls) |
Weighted Average Price (Per Bbl) | ||||||||||
| Floor |
Ceiling | ||||||||||||
| Fourth Quarter 2004 |
1,000 | $ | 42.86 | 1,000 | $ | 40.00 | $ | 50.25 | |||||
| First Quarter 2005 |
1,000 | 42.12 | 3,000 | 38.67 | 44.73 | ||||||||
| Second Quarter 2005 |
1,000 | 40.78 | 3,000 | 38.67 | 44.73 | ||||||||
| Third Quarter 2005 |
1,000 | 39.69 | 3,000 | 38.67 | 44.73 | ||||||||
| Fourth Quarter 2005 |
1,000 | 38.78 | 3,000 | 38.67 | 44.73 | ||||||||
Spinnaker Exploration Company is an independent energy company engaged in the exploration, development and production of oil and gas in the U.S. Gulf of Mexico. To learn more about Spinnaker, the Company’s web site may be accessed at http://www.spinnakerexploration.com.
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.
| SPINNAKER EXPLORATION COMPANY | ||||
| Date: September 28, 2004 |
By: |
/s/ JEFFREY C. ZARUBA | ||
| Name: |
Jeffrey C. Zaruba | |||
| Title: |
Vice President, Treasurer and Assistant Secretary | |||