-----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, LInfhm9q5JUMaeBypnM3sYR6VyhmBaFR0toTJu/lbE6h7LdZBRkECy6QMArcTlnf XxjqLJQybj0BbvrFfjoJNg== 0000316704-96-000010.txt : 19961126 0000316704-96-000010.hdr.sgml : 19961126 ACCESSION NUMBER: 0000316704-96-000010 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 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: 96671625 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 (REVISED) QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended June 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 June 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 JUNE 30, 1996 PART I - FINANCIAL INFORMATION PAGE --------------------- ---- Item 1. Financial Statements. - ------------------------------ Condensed balance sheet 3 at June 30, 1996 and December 31, 1995. Statement of operations for 5 for the six-month periods ended June 30, 1996 and 1995. Condensed statement of cash flows 6 for the six-month periods ended June 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 ----------------------- June 30, December 31, 1996 1995 ------------ ------------- (Unaudited) (Note) ASSETS Current Assets:
Cash $ 134,762 $ 63,008 Accounts Receivable 81,926 80,130 Total current assets $ 216,688 $ 143,138 Property and equipment, at cost: Oil and gas properties - net (successful efforts method) 151,858 220,994 Materials and supplies 45,952 44,926 Other property and equipment - net 238 1,988 Total assets $ 414,736 $ 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) June 30, December 31, 1996 1995 --------- ------------- (Unaudited) (Note) LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities:
Accounts Payable $ 79,275 $ 79,243 Note Payable - Bank 53,297 84,987 Other Payables 9,600 9,600 Deferred Compensation 222,500 160,000 Total Current Liabilities 364,672 333,830 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 (2,120,289) (2,093,137) Total stockholders' equity 50,064 77,216 Total liabilities and stockholders' equity $ 414,736 $ 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 Six Months Three Months Ended Ended June 30, June 30, 1996 1995 1996 1995 ------------- -------------- (Unaudited) Revenue:
Oil and gas sales $296,226 $223,177 $178,991 $ 87,229 Operating income 5,678 5,678 2,839 2,839 Interest Income 158 198 81 131 Miscellaneous 248 54 57 -------- -------- ------- ------- Total $302,062 $229,301 $181,965 $ 90,142 ======== ======== ======= ======= Expenses: Oil & Gas production 104,409 96,726 31,182 61,574 Production and windfall profit taxes 16,640 13,435 10,235 5,256 Depreciation, depletion and amortization 83,500 33,000 36,750 16,500 General & Administrative 124,665 135,265 56,330 65,510 -------- ------- ------ ------ Total Expenses $329,214 $278,426 $134,497 $148,840 -------- -------- -------- -------- Net Income (loss) $<27,152> $<49,125> $ 47,468 $<58,698> ========= ========= ======== ========= Income per common and common equivalent share $ < .37> $ < .67> $ .64 $ <.80> ========= ========= ======== =========
Page 5 BLACK DOME ENERGY CORPORATION CONDENSED STATEMENT OF CASH FLOWS Six Months Ended June 30, 1996 1995 -------- -------- (Unaudited) Cash flows from operating activities:
Net earnings (loss) $< 27,152> $< 49,125> Depreciation, depletion, amortization 83,500 33,000 Changes in assets and liabilities: Increase (decrease) in receivables < 1,795> 4,434 Increase (decrease) in accounts payable 31 12,609 Increase (decrease) in other liabilities -- 6,634 Increase (decrease) in deferred comp. 62,500 19,600 ------- ------ Net cash provided (used) by 117,084 27,152 operating activities ------- ------ Cash flows from investing activities: Purchase of equipment < 14,666> < 763> Purchase of well equipment inventory, net of transfers to wells 1,026 < 5,532> ------- ------ Net cash (used in) provided by investing activities < 13,640> < 6,295> ------ ------ Cash flows from financing activities: Increase (decrease) in line-of-credit < 31,690> < 41,215> Net cash (used in) provided by financing activities < 31,690> < 41,215> --------- -------- Increase (decrease) in cash 71,754 < 20,358> Cash balance at beginning of period 63,008 53,429 --------- --------- Cash balance at end of period $ 134,762 $ 33,071 ========= =========
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 June 30, 1996, and in the statements of operations and changes in cash flows for the six-month periods ended June 30, 1996 and 1995. Liquidity and Capital Resources ------------------------------- Cash increased by $71,754 from December 31, 1995 to the end of the second quarter, 1996. This increase in cash was attributable primarily to the increase in oil and gas sales resulting from increased 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 six-month period in 1995 due to better product prices from the Company's operated oil and gas properties. Gross income from Company owned and operated wells has increased compared to the six-month period ended June 30, 1995. Interest income is comparable to the prior period in 1995. Depreciation, Depletion and Amortization (DDA) for the period has increased compared to the same six-month period in 1995 due to the changes in accounting method for lease and well equipment from the straight line to units of production method. The Company's exploration expense reflects minimal exploration activity for both periods. Oil and gas production expenses are comparable for the six-month periods of 1996 and 1995. The Company's General and Administrative expense for the quarter ended June 30, 1996, decreased compared to the second quarter of 1995. Management is attempting to contain general and administrative expenses by fully utilizing its existing personnel. The Company's Management believes all adjustments to the statements are of a normal recurring nature and that no non-recurring adjustments have been made. 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 6, 1996 by: /s/Edgar J. Huff - --------------------- ------------------------ Edgar J. Huff, President and Chief Financial Officer Page 8 EX-27 2
5 3-MOS DEC-31-1996 JUN-30-1996 134,762 0 81,926 0 0 216,688 238 0 414,736 364,672 0 0 0 73,755 0 414,736 178,991 181,965 0 134,497 0 0 0 47,468 0 0 0 0 0 47,468 .64 .64
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