<PAGE>
 
                              ZAPATA CORPORATION
                     CONDENSED CONSOLIDATED BALANCE SHEET
                                    ASSETS
                                (in thousands)

<TABLE> 
<CAPTION> 
                                                  June 30,       September 30,
                                                    1995             1994
                                                 ---------       -------------
<S>                                              <C>             <C> 
Current assets:
  Cash and cash equivalents                      $   1,854          $ 11,416

  Restricted cash                                       77               779

  Receivables                                       21,031            28,206

  Inventories:
    Fish products                                   25,845            34,143
    Gas liquids products                               656               414
    Materials, parts and supplies                    3,456             3,601

  Prepaid expenses and other current assets          4,269             2,609

  Net assets of discontinued operations             79,639            80,687
                                                 ---------          --------
      Total current assets                         136,827           161,855
                                                 ---------          --------

Investments and other assets:
  Notes receivable                                      --             1,925

  Investments                                        2,100            14,471

  Goodwill                                           6,915             7,220

  Deferred income taxes                              5,968             2,915

  Other assets                                      16,903            15,600
                                                 ---------          --------
                                                    31,886            42,131
                                                 ---------          --------
Property and equipment                             165,563           160,862

Accumulated depreciation                          (101,162)          (95,748)
                                                 ---------          --------
                                                    64,401            65,114
                                                 ---------          --------
      Total assets                               $ 233,114          $269,100
                                                 =========          ========
</TABLE>

 

   The accompanying notes are an integral part of the financial statements.

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