0000316704-95-000001.txt : 19950829
0000316704-95-000001.hdr.sgml : 19950829
ACCESSION NUMBER: 0000316704-95-000001
CONFORMED SUBMISSION TYPE: 10-Q
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 19950630
FILED AS OF DATE: 19950814
SROS: NASD
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: BLACK DOME ENERGY CORP
CENTRAL INDEX KEY: 0000316704
STANDARD INDUSTRIAL CLASSIFICATION: 1311
IRS NUMBER: 840808397
STATE OF INCORPORATION: CO
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 10-Q
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-09394
FILM NUMBER: 95562740
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
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 June 30, 1995 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 June 30, 1995, 73,497 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
JUNE 30, 1995
PART I - FINANCIAL INFORMATION PAGE
Item_1.__Financial_Statements
Consolidated condensed balance 3
sheet at June 30, 1995 and
December 31, 1994.
Consolidated statement of 5
operations for the six-month
periods ended June 30, 1995 and 1994.
Consolidated condensed statement 6
of cash flows for the six-month
periods ended June 30, 1995 and 1994
Item_2.__Management's_Discussion_and 7
Analysis_of_Financial_Conditions_and
Results of_Operations
PART II - OTHER INFORMATION 8
------------------------------
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_AND_SUBSIDIARY
CONSOLIDATED_CONDENSED_BALANCE_SHEET
June 30, December 31,
____1995_____ ____1994____
(Unaudited) (Note)
ASSETS
Current Assets:
Cash $ 33,071 $ 53,429
Accounts Receivable 93,752 98,186
__________ __________
Total current assets $ 126,823 $ 151,615
__________ __________
Property and equipment, at cost:
Oil and gas properties - net
(successful efforts method) 480,259 503,499
Materials and supplies 48,389 53,921
Other property and equipment - net 8,929 7,589
Other Assets 2,294 2,294
Total assets $ 666,694 $ 718,918
========== ==========
Note: The balance sheet at December 31, 1994 has been taken from
the audited financial statements at that date, and condensed.
Page 3
BLACK DOME_ENERGY_CORPORATION_AND_SUBSIDIARY
CONSOLIDATED_BALANCE_SHEET_(CONT'D)
June 30, December 31,
____1995___ ____1994____
(Unaudited) (Note)
LIABILITIES_AND_STOCKHOLDER'S_EQUITY
Current Liabilities:
Accounts Payable $ 91,866 $ 79,257
Note Payable - Bank 91,509 132,724
Other Payables ____16,234 ___ 9,600
Total Current Liabilities ___199,609 __221,581
Deferred Liability ___119,600 __100,000
Stockholders' Equity:
Common stock; no par value;
authorized 10,000,000 shares,
issued and outstanding 73,497
and 67,433 shares, respectively 2,170,353 2,170,353
Accumulated deficit (1,822,868) (1,773,016)
Total stockholders' equity ___347,485_ ___397,337_
Total liabilities and
stockholders' equity $ 666,694 $ 718,918
============ ============
Note: The balance sheet at December 31, 1994 has been taken from
the audited financial statements at that date, and condensed.
Page 4
BLACK_DOME_ENERGY_CORPORATION_AND_SUBSIDIARY
CONSOLIDATED_STATEMENT_OF_OPERATIONS
Six Months
Ended
June 30,
_1995_ _1994_
(Unaudited)
Revenue:
Oil and gas sales $ 223,177 $ 343,766
Operating income 5,678 8,072
Interest income 198 1,325
Miscellaneous _____248 --
Total $ 229,301 $ 353,163
Expenses:
Oil & Gas production 96,726 151,544
Production and windfall
profit taxes 13,435 21,761
Depreciation, depletion
and amortization 33,000 34,000
General & Administrative 135,265 151,816
_________ _________
Total $ 278,426 $ 359,121
_________ _________
Income (loss) before
taxes $ (49,125) $ (5,958)
Provision for Income
taxes -- (894)
_________
Net Income before
Income Tax Benefit $ (49,125) $ (6,852)
Income Tax Benefit -- ______894
Net Income (loss) $ (49,125) $ (5,958)
========= =========
Income per common and
common equivalent share $ (.67) $ (.01)
========= =========
Page 5
BLACK_DOME_ENERGY_CORPORATION_AND_SUBSIDIARY
CONSOLIDATED_CONDENSED_STATEMENT_OF_CASH FLOWS
Six Months
Ended
June 30,
1995 1994
(Unaudited)
Net Cash Flows Provided By Operating
Activities $ (49,125) $ (18,778)
Net Cash Used In Investing Activities 28,767 (82,609)
Net Cash Used In Financing Activities _____--__ _____--_
Net Increase(Decrease) in Cash $ (20,358) $ (101,387)
======== ========
Page 6
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, 1994, and June 30, 1995, and in the statements
of operations and changes in cash flows for the six-month periods
ended June 30, 1995 and 1994.
Liquidity_and_Capital_Resources
Cash decreased by $20,358 from December 31, 1994 to the end of the
second quarter, 1995. This decrease in cash was attributable
primarily to the maintenance and recompletion of existing oil and
gas properties. Cash flows and current revenues are estimated to
be sufficient to meet anticipated operating requirements for more
than one year.
Results_of_Operations
Oil and gas sales have decreased compared to the six-month period
in 1994 due to decreased production from the Company's operated oil
and gas properties and from a decrease in the price received for
produced oil and gas.
Gross income from Company owned and operated wells is comparable to
the six-month period ended June 30, 1994.
Interest income has decreased compared to the prior period in 1994.
Depreciation, Depletion and Amortization (DDA) for the period has
decreased from the same six-month period in 1994.
The Company's exploration expense reflects minimal exploration
activity for both periods.
Oil and gas production expenses were lower in the six-month period
of 1995.
The Company's General and Administrative expense for the quarter
ended June 30, 1995, decreased compared to the second quarter of
1994. Management is attempting to contain general and
administrative expenses by fully utilizing its existing personnel.
Page 7
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: August 9, 1995 s/Edgar J. Huff__________
Edgar J. Huff, President
and Chief Financial
Officer
Page 8