CHAPMAN <CHPN> IN RESTRUCTURING
  Chapman Energy INc said it is launching
  a major restructuring which, if not approved, it will have no
  alternative but to seek protection under Chapter 11.
      Under the plan, Chapman will exchange securities and cash
  for all outstanding 12 pct senior subordinated debentures due
  2000 and will sell a controlling interest to Troon Partners
  Ltd.
     The agreement with Troon requires Troon to advance 6.5 mln
  dlrs partially secured by a first mortgage lien on the
  company's interest in its natural gas pipeline partnership and
  Troon to tender 100,000 principal amount of debentures to
  Chapman.
      Proceeds of the loan will be used for the cash portion of
  the restructuring. Troon will acquire a majority stock interest
  and control of the board.
      In addition, Chapman and Troon will establish a 10 mln dlrs
  acquisition joint ventures, it said.
      The plan also contemplates establishing a restructured loan
  providing for one master credit agreement having an aggregate
  balance of 22.4 mln dlrs.
      The plan also contemplates the recapitalization of
  preferred stock whereby each share will be converted into three
  shares of common stock.
      Chapman also said it also plans to negotiate settelment and
  discharge of a substantial portion of its accounts payable and
  settlement of certain litigation.
      If approved by various creditors and shareholders, the
  company expects the plan to be completed by May 29.
      Chapman also repoted a loss of 43.4 mln dlrs for the year,
  including asset writedowns of 35.5 mln dlrs, compared to
  December 31, compared to a net income of 177,243 in 1985.
      The 1986 loss resulted in shareholders' deficiency of 15
  mln dlrs compared to shareholder's equity of 28.9 mln last
  year.
      Total assets decreased to 35.6 mln dlrs from 81.8 mln dlrs.