<PAGE>
 
                               SCHEDULE 14A
                             (Rule 14a-101)
                 INFORMATION REQUIRED IN PROXY STATEMENT
                                    
                        SCHEDULE 14A INFORMATION
       Proxy Statement Pursuant to Section 14(a) of the Securities
                          Exchange Act of 1934


Filed by the registrant [X]
Filed by a party other than the registrant  __
Check the appropriate box:
[X] Preliminary Proxy Statement
__  Definitive Proxy Statement
__  Definitive Additional Materials
__  Soliciting Material pursuant to Section 240.14a-11(c) or Section 240.14a-12

                            ZAPATA CORPORATION
- --------------------------------------------------------------------------------
             (Name of Registrant as Specified in Its Charter)

Payment of filing fee (Check the appropriate box):

[X] $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), or 14a-6(j)(2).
__  $500 per each party to the controversy pursuant to Exchange Act Rule 14a-
    6(i)(3).
__  Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.


(1) Title of each class of securities to which transaction applies:


- --------------------------------------------------------------------------------

(2) Aggregate number of securities to which transactions applies:


- --------------------------------------------------------------------------------

(3) Per unit price or other underlying value of transaction computed pursuant
to Exchange Act Rule 0-11: /1/


- --------------------------------------------------------------------------------


- --------------------------------------------------------------------------------

/1/ Set forth the amount on which the filing fee is calculated and state how it 
    was determined.