<PAGE>
 
                               ZAPATA CORPORATION
 
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
 
NOTE 15. OIL AND GAS OPERATIONS (UNAUDITED)--(CONTINUED)
 
              CHANGES IN STANDARDIZED MEASURE OF DISCOUNTED FUTURE
                   NET CASH FLOWS RELATING TO PROVED RESERVES
 

<TABLE>
<CAPTION>
                                                     1995      1994      1993
                                                   --------  --------  --------
                                                         (IN THOUSANDS)
<S>                                                <C>       <C>       <C>
Standardized measure, beginning of year--U.S.....  $ 13,914  $ 37,902  $ 47,002
Standardized measure, beginning of year--Bolivia.    11,331    10,312        --
  Change in sales prices, net of production
   costs.........................................    (4,267)  (24,990)    8,163
  Costs incurred or transferred into the
   amortization pool during the period that
   reduced estimated future development costs....       825     4,975        --
  Changes in estimated future development and
   abandonment costs.............................     9,493    (4,638)   (4,679)
  Sales, net of production costs.................    (3,856)   (6,281)  (11,369)
  Revisions of quantity estimates................     2,020     3,243    (1,800)
  Purchase (sales) of reserves in-place..........   (29,399)              1,098
  Accretion of discount..........................     3,032     4,283     5,397
  Net change in income taxes.....................     1,023      (149)    2,048
  Changes in production rates and other..........     6,285       588    (7,958)
                                                   --------  --------  --------
Standardized measure, end of year................  $ 10,401  $ 25,245  $ 37,902
                                                   ========  ========  ========
</TABLE>

 
NOTE 16. INDUSTRY SEGMENT AND GEOGRAPHIC INFORMATION (UNAUDITED)
 
  Zapata's continuing businesses are comprised of two industry segments
operating in the U.S. and one foreign country. The marine protein segment is
engaged in menhaden fishing for the production of fish meal and fish oil in the
U.S. The oil and gas segment was engaged in the production of crude oil and
natural gas in the U.S. and Bolivia. In 1995, the Company sold its domestic oil
and gas properties; the Bolivian operations were retained. Export sales of fish
oil and fish meal were approximately $26.7 million, $25.8 million and $12.8
million in 1995, 1994 and 1993, respectively. Such sales were made primarily to
European markets. In 1995, net sales to one customer by the marine protein
segment were approximately $12.3 million.
 
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