-----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, N58X7iRm36nn+JQYm+CWOB+tt+tMPfopnQ4CvNV5Kz1sZ9z3dmfAWcavIWl3iyvC fP3pTnGKmobaATnLhhH3Mg== 0000316704-96-000008.txt : 19961115 0000316704-96-000008.hdr.sgml : 19961115 ACCESSION NUMBER: 0000316704-96-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 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 SEC ACT: 1934 Act SEC FILE NUMBER: 000-09394 FILM NUMBER: 96661045 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 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. Condensed statement of cash flows 6 for the nine-month periods ended September 30, 1996 and 1995 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 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 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 Ended September 30, ------------------------------ 1996 1995 ------ ------ (Unaudited) Revenue: Oil and gas sales $441,954 $328,573 Operating income 8,517 8,517 Interest Income 236 357 Miscellaneous -- 290 -------- -------- Total $450,707 $337,737 -------- -------- Expenses: Oil & Gas production 135,490 141,944 Production and windfall profit taxes 24,690 19,465 Depreciation, depletion and amortization 120,000 150,000 General & Administrative 175,297 177,401 Total $455,477 $488,810 -------- -------- Net Income (loss) $< 4,770> $<151,073> ========= ========== Income per common and common equivalent share $ < .06> $ <2.05> ========= =========
The Company changed its line of credit in 1995 to a term note payable in the amount of $91,509. Page 5 BLACK DOME ENERGY CORPORATION - ----------------------------- CONDENSED STATEMENT OF CASH FLOWS ---------------------------------
Nine Months Ended September 30, ------------------------- 1996 1995 ------ ------ (Unaudited) Cash flows from operating activities: Net earnings (loss) $< 4,770> $<151,073> Depreciation, depletion, amortization 120,000 150,000 Changes in assets and liabilities: Increase (decrease) in receivables 7,515 2,480 Increase (decrease) in accounts payable 34,391 15,501 Increase (decrease) in other liabilities -- 2,294 Increase (decrease) in deferred comp. 62,500 44,600 -------- -------- Net cash provided (used) by 219,636 63,802 operating activities -------- -------- Cash flows from investing activities: Purchase of equipment < 17,113> < 17,832> Purchase of well equipment inventory, net of transfers to wells 15,909 < 10,696> -------- ------- Net cash (used in) provided by investing activities < 1,204> < 28,528> --------- --------- Cash flows from financing activities: Increase (decrease) in line-of-credit -- < 41,215> Increase (Decrease) in notes payable <51,229> < 14,467> -------- --------- Net cash (used in) provided by financing activities <51,229> < 55,682> -------- --------- Increase (decrease) in cash 167,203 < 20,408> Cash balance at beginning of period 63,008 53,429 --------- --------- Cash balance at end of period $ 230,211 $ 33,021 ========= =========
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, 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 - ------------------------------- Cash increased by $167,203 from December 31, 1995 to the end of the third quarter, 1996. This increase in cash was attributable primarily to maintenance and increase in product prices. 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 increased compared to the nine-month period in 1995 due to better product prices from the Company's operated oil and gas properties. Interest income is comparable to the prior period in 1995. Depreciation, Depletion and Amortization (DDA) for the period has decreased compared to the same nine-month period in 1995. The Company's exploration expense reflects minimal exploration activity for both periods. Oil and gas production expenses are comparable for the nine-month periods of 1996 and 1995. The Company's General and Administrative expense for the nine-months ended September 30, 1996, decreased slightly for the nine months as compared to the third quarter of 1995. 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. (Registrant) BLACK DOME ENERGY CORPORATION BY (Signature) /s/ Edgar J. Huff (Date) November 11, 1996 (Name and Title) Edgar J. Huff, President and Chief Financial Officer Page 8 EX-27 2
5 3-MOS DEC-31-1996 SEP-30-1996 230,211 0 72,615 0 0 302,826 120,095 0 451,938 379,492 0 73,755 0 0 0 451,938 441,954 450,707 0 455,477 0 0 0 (4,770) 0 0 0 0 0 (4,770) (.06) (.06)
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