-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WjdGdX1o6jw5rQPwBtPML+lQJ0QST5AyRlAoq/nNW9ZQz76JjyxuQPA5MHthwfXr JOEFJVt9XigkyJCaXNqAgw== 0000316704-96-000011.txt : 19961126 0000316704-96-000011.hdr.sgml : 19961126 ACCESSION NUMBER: 0000316704-96-000011 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961125 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACK DOME ENERGY CORP CENTRAL INDEX KEY: 0000316704 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 840808397 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-09394 FILM NUMBER: 96671627 BUSINESS ADDRESS: STREET 1: 1536 COLE BLVD. , STE #325 STREET 2: SUITE 325 CITY: GOLDEN STATE: CO ZIP: 80401 BUSINESS PHONE: 303-231-9059 MAIL ADDRESS: STREET 1: 1536 COLE BLVD STREET 2: SUITE 325 CITY: DENVER STATE: CO ZIP: 80401 10-Q/A 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended September 30, 1996 Commission File Number 0-9394 BLACK DOME ENERGY CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) Colorado 84-0808397 ------------------------------ --------------------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 1536 Cole Blvd., Ste #325 Golden, Colorado 80401 ------------------------------ --------------------- (Address of principal executive (Zip code) offices) Registrant's telephone number, including area code: (303)231-9059 ------------------ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. X Yes No ------- ------- At September 30, 1996, 73,755 shares of no par value common stock (the registrant's only class of voting stock) were outstanding. Page 1 BLACK DOME ENERGY CORPORATION ----------------------------- INDEX TO FORM 10-Q ------------------ SEPTEMBER 30, 1996 ------------------ PART I - FINANCIAL INFORMATION PAGE ---- Item 1. Financial Statements . ------------------------------- Condensed balance sheet 3 at September 30, 1996 and December 31, 1995. Statement of operations for 5 for the nine-month periods ended September 30, 1996 and 1995 and the three-month periods ended September 30, 1996 and 1995. Statement of cash flows 6 for the nine-month periods ended September 30, 1996 and 1995 and the three-month periods ended September 30, 1996 and 1995. Notes to Financial Statements 7 Item 2. Management's Discussion and 8 Analysis of Financial Conditions and Results of Operations. PART II - OTHER INFORMATION 9 ------------------------------ The financial information furnished in this Form 10-Q reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position of the Company and results of its operations for the interim periods presented. Page 2 PART I- FINANCIAL INFORMATION - ----------------------------- Item 1. Financial Statements BLACK DOME ENERGY CORPORATION ----------------------------- CONDENSED BALANCE SHEET ----------------------- September 30, December 31, 1996 1995 ------------- ------------- (Unaudited) (Note) ASSETS Current Assets:
Cash $ 230,211 $ 63,008 Accounts Receivable 72,615 80,130 Total current assets $ 302,826 $ 143,138 Property and equipment, at cost: Oil and gas properties - net (successful efforts method) 120,095 220,994 Materials and supplies 29,017 44,926 Other property and equipment - net -- 1,988 -------- ------ Total assets $ 451,938 $ 411,046 ========== ==========
Note: The balance sheet at December 31, 1995 has been taken from the audited of financial statements at that date, and condensed. Page 3 BLACK DOME ENERGY CORPORATION ----------------------------- BALANCE SHEET (CONT'D) ---------------------- September 30, December 31, 1996 1995 -------------- ------------- (Unaudited) (Note) LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities:
Accounts Payable $ 113,634 $ 79,243 Note Payable - Bank 33,758 84,987 Other Payables 9,600 9,600 Deferred Compensation 222,500 160,000 -------- -------- Total Current Liabilities 379,492 333,830 -------- -------- Stockholders' Equity: Common stock; no par value; authorized 10,000,000 shares, issued and outstanding 73,755 2,170,353 2,170,353 Accumulated deficit (2,097,907) (2,093,137) --------- --------- Total stockholders' equity 72,446 77,216 Total liabilities and stockholders' equity $ 451,938 $ 411,046 ========== ==========
Note: The balance sheet at December 31, 1995 has been taken from the audited financial statements at that date, and condensed. Page 4 BLACK DOME ENERGY CORPORATION ----------------------------- STATEMENT OF OPERATIONS ----------------------- Nine Months Three Months Ended Ended September 30, September 30, ------------------- ------------------- 1996 1995 1996 1995 -------- -------- -------- --------- (Unaudited) Revenue:
Oil and gas sales $441,954 $328,573 $145,728 $105,396 Operating income 8,517 8,517 2,839 2,839 Interest Income 236 357 78 159 Miscellaneous -- 290 -- 42 ------- ------- ------- ------- Total $450,707 $337,737 $148,645 $108,436 ------- ------- ------- ------- Expenses: Oil & Gas production 135,490 141,944 31,081 45,218 Production and windfall profit taxes 24,690 19,465 8,050 6,030 Depreciation, depletion and amortization 120,000 58,172 36,500 25,172 General & Administrative 175,297 177,401 50,632 42,136 ------- ------- ------ ------ Total Expenses $455,477 $396,982 $126,263 $118,556 ------- ------- ------- ------- Net Income (loss) $< 4,770> $<59,245> $ 22,382 $<10,120> ========= ========= ======== ========= Income per common and common equivalent share $ < .06> $ < .80> $ .31 $ <.13> ========= ========= ======== =========
Page 5 BLACK DOME ENERGY CORPORATION ----------------------------- STATEMENT OF CASH FLOWS ----------------------- Nine Months Three Months Ended Ended September 30, September 30, ---------------- ---------------- 1996 1995 1996 1995 ------ ------ ------ ------ (Unaudited) (Unaudited) Cash flows from operating activities:
Net earnings (loss) $< 4,770> $< 59,245> $ 22,382 $<10,120> Depreciation, depletion, amortization 120,000 58,172 36,500 25,172 Changes in assets and liabilities: (Increase) decrease in receivables 7,515 2,480 9,311 < 1,954> Increase (decrease) in accounts payable 34,391 15,501 34,359 <14,552> Increase (decrease) in other liabilities -- 2,294 -- -- Increase (decrease) in deferred comp. 62,500 44,600 -- 25,000 ------- ------ ------- ------- Net cash provided (used) by 219,636 63,802 $102,552 $ 23,546 operating activities ------- ------ ------- ------- Cash flows from investing activities: Purchase of equipment < 17,113> < 17,832> < 4,499> <14,293> Purchase of well equipment inventory, net of transfers to wells 15,909 < 10,696> 16,935 5,164 ------- ------- ------ ----- Net cash (used in) provided by investing activities < 1,204> < 28,528> 12,436 < 9,129> ------- ------- ------ ------ Cash flows from financing activities: Increase (decrease) in line-of-credit -- < 41,215> -- -- Increase (Decrease) in notes payable <51,229> < 14,467> < 19,539> <14,467> ------ ------ ------ ------ Net cash (used in) provided by financing activities <51,229> < 55,682> < 19,539> <14,467> ------ ------ ------ ------ Increase (decrease) in cash 167,203 < 20,408> 95,449 < 50> Cash balance at beginning of period 63,008 53,429 134,762 33,071 Cash balance at end of period $ 230,211 $ 33,021 $230,211 $ 33,021 ========= ========= ======== ========
The Company changed its line of credit in 1995 to a term note payable in the amount of $91,509. Page 6 Notes to Financial Statements of -------------------------------- Black Dome Energy Corporation ----------------------------- SEPTEMBER 30, 1996 (UNAUDITED) NOTE 1 -- Basis of Preparation and Presentation ------------------------------------- The Black Dome Energy Corporation financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include all adjustments which are, in the opinion of management, necessary for a fair presentation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures are adequate to make the information presented not misleading; however, it is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto which are incorporated by reference in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1995. The financial data for the interim periods may not necessarily be indicative of results to be expected for the year. Page 7 Item 2. Management's Discussion and Analysis of Financial -------------------------------------------------- Condition and Results of Operations. ------------------------------------ General ------- This discussion and analysis covers variations in the balance sheets December 31, 1995, and September 30, 1996, and in the statements of operations and changes in cash flows for the nine-month periods ended September 30, 1996 and 1995. The Company is currently preparing a proxy for a meeting of its shareholders. Due to declining reserves and the difficulty of replacing the reserves, the Company's liquidity on an ongoing basis is becoming difficult to maintain and the Company will present to its shareholders a motion to consider possible liquidation. Liquidity and Capital Resources ------------------------------- Working capital (which incorporates current and deferred obligations) increased slightly by $2,137 during the year ended December 31, 1995. This followed a working capital increase of $84,031 in 1994. Working capital at September 30, 1996 was $<76,666>. Cash increased by $167,203 from December 31,1995 to September 30, 1996, primarily due to better prices on existing oil and gas properties. The current ratio deficit was reduced from $190,692 to $76,666, an improvement in liquidity of $114,026 during the nine months ended September 30, 1996. Results of Operations --------------------- During the nine months ended September 30, 1996, the Company experienced an increase in the price it received from oil and gas sales. The increase in oil and gas sales for the nine months ended September 30, 1996, compared to September 30, 1995, was $113,381, while production costs during the same period decreased by $6,454. Production costs for the nine month period ended September 30, 1995 were $141,944 (43% of revenue) as compared to $135,490 (31% of revenue) for nine months ended September 30, 1996. Depreciation and depletion during the comparable period increased $61,828 as a result of increased production, with a corresponding increase in production taxes. General and Administrative expenses were lower by $2,104 for the September 30, 1996 period as compared to September 30, 1995. General and Administrative expenses for the nine month period ended September 30, 1995 were $177,401 compared to $175,297 for the same period ended September 30, 1996. Restructuring of the Company's operations and tighter control on costs resulted in decreases of $6,454 in production costs and $2,104 in general and administrative costs during the nine month period ended September 30, 1996. Interest income has decreased in the past few years both because of smaller amounts of invested cash and lower interest rates. Page 8 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits: None (b) Reports: None SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the undersigned thereunto duly authorized. BLACK DOME ENERGY CORPORATION ----------------------------- Date: November 11, 1996 by: /s/ Edgar J. Huff ------------------- ----------------------- Edgar J. Huff, President and Chief Financial Officer Page 9 EX-27 2
5 3-MOS DEC-31-1996 SEP-30-1996 230,211 0 72,615 0 0 302,826 0 0 451,938 379,492 0 0 0 73,755 0 451,938 145,728 148,645 0 126,263 0 0 0 22,382 0 0 0 0 0 22,382 .31 .31
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