<PAGE>
UNAUDITED PRO FORMA CONDENSED BALANCE SHEET
AS OF JUNE 30, 1995
(IN THOUSANDS, EXCEPT FOR PER SHARE AMOUNTS)
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<CAPTION>
PRO FORMA PRO FORMA
ADJUSTMENTS ADJUSTMENTS
------------------- -----------
DOMESTIC PRO FORMA TOTAL ENERGY
OIL & GAS CIMARRON BEFORE ENERGY INDUSTRIES PRO FORMA
HISTORICAL SALE(1) SALE(2) INDUSTRIES SALE SALE(3) TOTAL
---------- --------- -------- --------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Current assets
Cash................... $ 4,158 $ 3,365 $22,159 $ 28,171 $131,460 $115,629
(761) (2,202)
(750) (26,800)
(14,000)
(1,000)
Receivables............ 31,228 (633) (6,688) 23,907 (10,197) 13,710
Inventories............ 54,131 (656) 53,475 (24,174) 29,301
Other current assets... 4,269 (141) 4,128 4,128
--------- -------- ------- -------- -------- --------
Total current assets. 93,786 2,732 13,163 109,681 53,087 162,768
--------- -------- ------- -------- -------- --------
Investments and other
assets................. 51,902 8,834 (6,769) 54,717 (7,771) 40,930
750 (20,016)
14,000
--------- -------- ------- -------- -------- --------
Property and equipment.. 232,870 (74,536) (19,916) 138,418 (67,307) 71,111
Accumulated
depreciation........... (108,972) 63,377 2,976 (42,619) 7,810 (34,809)
--------- -------- ------- -------- -------- --------
123,898 (11,159) (16,940) 95,799 (59,497) 36,302
--------- -------- ------- -------- -------- --------
Total assets......... $ 269,586 $ 407 $(9,796) $260,197 $(20,197) $240,000
========= ======== ======= ======== ======== ========
Current liabilities
Current maturities of
long-term debt........ $ 8,866 $ $(1,987) $ 6,879 $ (429) $ 6,450
Other current
liabilities........... 36,256 407 (7,809) 28,854 (6,638) 22,216
--------- -------- ------- -------- -------- --------
Total current
liabilities........... 45,122 407 (9,796) 35,733 (7,067) 28,666
--------- -------- ------- -------- -------- --------
Long-term debt.......... 61,948 61,948 (27,563) 34,385
--------- -------- -------- --------
Other liabilities....... 19,365 19,365 19,365
--------- -------- --------
Stockholders' equity:
Preferred stock........ 3 3 3
Common stock........... 7,376 7,376 7,376
Capital in excess of
par value............. 129,344 129,344 129,344
Reinvested earnings.... 7,168 7,168 14,433 21,601
Investment unrealized
loss, net of tax...... (740) (740) (740)
--------- -------- ------- -------- -------- --------
143,151 -- -- 143,151 14,433 157,584
--------- -------- ------- -------- -------- --------
Total liabilities and
stockholders' equity.. $ 269,586 $ 407 $(9,796) $260,197 $(20,197) $240,000
========= ======== ======= ======== ======== ========
Book value per share.... $ 4.84 $ -- $ -- $ 4.84 $ 0.49 $ 5.33
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The following notes set forth the explanations and assumptions used in
preparing the unaudited pro forma condensed balance sheet as of June 30, 1995
(amounts in thousands).
(1) In August 1995, the Company completed the sale of its remaining U.S.
offshore oil and gas properties. The Company received cash, a production
payment entitling the Company to a share of future revenues derived from
the properties and other contract consideration. No gain or loss was
recognized from the sale.
(2) The Company has also announced its intention to sell Cimarron. Although the
stockholders are not being asked to approve such sale, should such sale
occur as intended, the financial position would be restated to reflect
Cimarron as a discontinued operation. Although the sale price has not been
determined, the Company estimates that, based on preliminary indications of
interest from potential purchasers, the
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