Replies to post #1632 on UnionTown Energy Inc.(fka UTOG)

[steamoil]

I totally agree when there is a sudden change in upper management,especially a new growing company. I have been on the short end of two other small emerging companies with sudden quiet CEO changes , and shortly thereafter , they were declared scams. (saei, mres) Both on these boards. The Zapata oil co goes way back, but thru the years it became a huge company . Seethe company profile. My only concern is what did a 24 year old sailor start doing in these oil companies? To my way of thinking " hands on " could mean anything from a roughneck to a truck driver to who knows what. Lets wait for the 8K, and then sort it out.I personally have worn every hat from helper to certified pipe and structural steel welder , to company owner of a very successful midsized mechanical contracting company.,so I know the career climb.If this new guy had direct input in the company operations he worked for then he might be an asset to UTOG, even if there is still a grey cloud over the company.

[KLee]

Zapata never went bankrupt! I certainly don't know how old Mr. Butterfield was when the company was founded in 1953 by George Bush Sr., but he doesn't appear to be part of the executive leadership team. Maybe he worked in the oil production field... let's wait for the 8k to tell us more before we start trying to pin a fictional bankruptcy on Mr. Butterfield.

I've watched plenty of Jim Cramer's episodes to know that a CEO leaving for whatever reason is not as important to Wallstreet as WHO it is coming in to replace him. If clearly a new CEO has a winning past, and has a record of turning companies around as a success... Wallstreet will welcome the change.

http://www.referenceforbusiness.com/history2/80/Zapata-Corporation.html

Zapata got its start in 1953 as an independent oil and gas venture launched by future President of the United States, George Bush. Zapata's troubles began in the early 1980s, when long-time leader R.C. Lassiter headed the company. At that time, company executives foresaw an imminent drop in oil prices, the beginning of what proved to be a disastrous decade for the U.S.

While the remainder of the 1980s would be bleak years for Zapata, there was one positive aspect of the company's business during the decade that would provide a glimmer of hope for the future: fishing.

Started by Zapata, Houston Natural Gas Corp., and Halliburton Co., Zapata Gulf Marine, 34.7 percent owned by Zapata, made its debut in 1984, roughly a year before the oil drilling losses manifested themselves on Zapata's balance sheet. The subsidiary company, along with the marine protein operations in the Gulf of Mexico and Chesapeake Bay, stood as two potential saviors for Zapata during the latter half of the 1980s, although neither performed well enough to compensate for the deep losses stemming from oil drilling.

As the mid-1980s began, the race to stave off bankruptcy began as well, with Zapata's financial health becoming increasingly grave with each passing year. The company lost money in 1985, 1986, and again in 1987, when losses totaled $156 million on $146 million in revenues. A $600 million debt restructuring saved Zapata from bankruptcy in 1987.

Glazer's control over Zapata increased significantly when Lassiter retired in July 1994, vacating positions that Glazer took over when he was elected the company's chairman, president, and chief executive officer. Now fully in command, Glazer began taking actions that promised to change the face of Zapata entirely, as he sought to create a company more in tune with his talents and his business empire, which included real estate, television, health care, and food service companies.

Glazer made his next major move eight months later when he achieved his goal of ridding Zapata of all its energy-related assets.

In July 1997, Glazer sold all of Zapata's Bolivian and oil and gas properties to Tesoro Bolivia Petroleum Company, thereby eliminating all links to the company's past.

Although at first it appeared Glazer might be shaping Zapata into a mighty commercial fishing operator, this was not the case. In April 1998 the company's fishing business, controlled through a wholly owned subsidiary named Omega Protein Corporation, was spun-off in an initial public offering of stock (IPO), with Zapata controlling 59.7 percent of the newly independent company's shares. Having distanced himself from Zapata's last remaining business, Glazer was ready to make his most important decision. His next move would determine the future course for Zapata.

Two weeks after completing Omega Protein's IPO, Glazer announced what type of business Zapata would enter. From April 27, 1998 forward, Zapata would compete in Internet and e-mail commerce business, its objective to acquire and consolidate companies involved with Internet and e-mail related ventures. Concurrent with the announcement, Zapata completed its first acquisition in its new industry, purchasing ICON CMT Corp., the owner of Word and Charged, two on-line World Wide Web magazines.

In July 1998, Zapata increased its presence in its new business field by signing letters of intent to acquire or invest in 21 Internet sites and electronic-commerce businesses. Once the transactions were finalized, the company planned to integrate them into an Internet site located at www.zap.com, which was launched on July 6, 1998.

Looking forward from this juncture in the company's history, Zapata's future course appeared clear as Glazer's son Avram, who served as president and chief executive officer, led the charge into Internet-related business. Zapata's goal, Avram Glazer explained, "is to become one of the largest Internet companies in world. We have the resources," he continued, "to make [the company's] strategy a reality and to lead the upcoming consolidation of this industry." With this ambitious objective, Zapata prepared for the 21st century, facing a future that would be entirely unlike its past.

Principal Subsidiaries: Zap, Inc.; Omega Protein Corporation (59.7%).

http://www.omegaproteininc.com/ trades under the ticker of OME.