<PAGE>
 
                               ZAPATA CORPORATION
 
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
 
NOTE 15. OIL AND GAS OPERATIONS (UNAUDITED)--(CONTINUED)
 
                  CAPITALIZED COSTS OF OIL AND GAS PROPERTIES
 

<TABLE>
<CAPTION>
                                                     UNITED
                                                     STATES   BOLIVIA   TOTAL
                                                    --------  -------  --------
                                                         (IN THOUSANDS)
<S>                                                 <C>       <C>      <C>
1995
Capitalized costs
  Evaluated properties............................. $     --  $3,359   $  3,359
Accumulated depreciation, depletion and
 amortization......................................       --    (245)      (245)
                                                    --------  ------   --------
Net capitalized costs.............................. $     --  $3,114   $  3,114
                                                    ========  ======   ========
1994
Capitalized costs
  Evaluated properties............................. $ 74,872  $2,194   $ 77,066
Accumulated depreciation, depletion and
 amortization......................................  (60,794)    (55)   (60,849)
                                                    --------  ------   --------
Net capitalized costs.............................. $ 14,078  $2,139   $ 16,217
                                                    ========  ======   ========
</TABLE>

 
                    COSTS INCURRED IN PROPERTY ACQUISITION,
                     EXPLORATION AND DEVELOPMENT ACTIVITIES
 

<TABLE>
<CAPTION>
                                                     UNITED
                                                     STATES   BOLIVIA  TOTAL
                                                    --------  ------- --------
                                                         (IN THOUSANDS)
<S>                                                 <C>       <C>     <C>
1995
Expenditures:
  Acquisition of unproved properties............... $     --  $  103  $    103
  Development......................................      335   1,061     1,396
  Sale of proved properties........................  (11,732)     --   (11,732)
                                                    --------  ------  --------
                                                    $(11,397) $1,164  $(10,233)
                                                    ========  ======  ========
1994
Expenditures:
  Development...................................... $  9,598  $2,194  $ 11,792
                                                    ========  ======  ========
1993
Expenditures:
  Acquisition of unproved properties............... $     12  $   --  $     12
  Development......................................     (466)     --      (466)
                                                    --------  ------  --------
                                                    $  (454)  $   --  $   (454)
                                                    ========  ======  ========
</TABLE>

 
 
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