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Zapata Haynie Corporation Profit-Sharing/ Savings Plan
Notes to Financial Statements
September 30, 1994 and 1993

1.   Summary of Significant Accounting Policies:

     General

     The Zapata Haynie Corporation Profit-Sharing/ Savings Plan (the Plan) was
     adopted October 1, 1985, under the provisions of the Employee Retirement
     Income Security Act of 1974 (ERISA) and was most recently amended and
     restated effective October 1, 1989, to comply with the Internal Revenue
     Service Code of 1986, as amended (the Code). Zapata Protein (USA) Inc.,
     formerly Zapata Haynie Corporation, (the Company) is a wholly owned 
     subsidiary of Zapata Corporation (Zapata).

     The assets of the Plan are managed together with those of the Zapata
     Corporation Profit-Sharing Plan (Zapata Plan) under the Zapata Corporation
     Master Profit-Sharing Trust (the Master Trust).  In October 1992, the board
     of directors of Zapata appointed NationsBank of Texas, N.A., as the
     successor trustee (the trustee).  Each plan holds an interest in the assets
     and liabilities in each of the funds in the Master Trust.

     The Plan and the Master Trust were established and are maintained for the
     exclusive benefit of the participating employees, and no part of the Master
     Trust assets will revert to the participating employer.  The accounts of
     the Plan are maintained on the cash basis of accounting and are adjusted to
     the accrual basis each fiscal year-end for financial reporting purposes.

     Investment in the Zapata Corporation Master Profit-Sharing Trust

     The cost of the investment in the Master Trust represents the Plan's
     proportionate share of the purchase price of the assets and reinvested
     earnings on investments in the Master Trust.  All dividend and interest
     income earned on securities in the Master Trust is reinvested.  The value
     of the investment in the Master Trust is adjusted to reflect the earnings
     on investments plus the market value appreciation or depreciation.  The
     Plan presents in the statement of changes in net assets the net
     appreciation (depreciation) of investments which consists of realized gains
     or losses and unrealized appreciation (depreciation) on those investments.

     The trustee maintains the Master Trust assets in four separate funds for
     investment purposes as follows: (a) the Equity Fund, which is invested
     principally in equity securities such as common stock of various
     corporations, (b) the Money Market / Guaranteed Investment Contract Fund,
     which is invested in guaranteed investment contracts issued by life
     insurance companies and short-term money market funds, (c) the Fixed Income
     Fund, which is invested predominantly in fixed income securities such as
     "high grade" corporate obligations and obligations issued or fully
     guaranteed by the United States Government and related agencies and (d) the
     Zapata Common Stock fund, which is invested in the common stock of Zapata.
     The Plan assets are invested together with the fund assets of the Zapata
     Plan in the Master Trust in order to minimize brokerage and investment fees
     and to maximize the rate of return on the assets invested.

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