<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                  $   4,081           $ 13,094
  Restricted cash                                   77                779
  Receivables                                   31,228             39,595
  Inventories:
    Compressor equipment and components         24,174             17,629
    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
                                             ---------           --------
    Total current assets                        93,786            111,864
                                             ---------           --------
Investments and other assets:
  Notes receivable                                  --              1,925
  Investments                                    2,100             14,471
  Goodwill                                      25,438             26,105
  Deferred income taxes                          5,968              2,915
  Other assets                                  18,396             16,149
                                             ---------           --------
                                                51,902             61,565
                                             ---------           --------
Property and equipment                         232,870            217,523
Accumulated depreciation                      (108,972)           (99,913)
                                             ---------           --------
                                               123,898            117,610
                                             ---------           --------
    Total assets                             $ 269,586           $291,039
                                             =========           ========
</TABLE>

 

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

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