-----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, Cd7v6Xqf7Cc7FZUyQfeiu+wSvAxpoe7yUUHwTYgOoId2RmhUgLZkv8XaSJRm0vOH +SCuHTvellGJaJ/sBGlyBw== 0000033325-96-000012.txt : 19961113 0000033325-96-000012.hdr.sgml : 19961113 ACCESSION NUMBER: 0000033325-96-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961112 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQUITY OIL CO CENTRAL INDEX KEY: 0000033325 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 870129795 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-00610 FILM NUMBER: 96658470 BUSINESS ADDRESS: STREET 1: 10 W THIRD S STE 806 CITY: SALT LAKE CITY STATE: UT ZIP: 84101 BUSINESS PHONE: 8015213515 MAIL ADDRESS: STREET 1: P O BOX 959 CITY: SALT LAKE CITY STATE: UT ZIP: 84110 10-Q 1 3RD QUARTER 1996 FORM 10-Q FORM 10Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 0-610 EQUITY OIL COMPANY (Exact name of registrant as specified in its charter) COLORADO 87-0129795 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Suite 806, #10 West Third South, Salt Lake City, Utah 84101 (Address of principal executive offices) (Zip Code) (801) 521-3515 Registrant's telephone number, including area code (Former name, former address and former fiscal year, if changed since last report) 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. Yes X No APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 12,739,100 ITEM I: Financial Statements EQUITY OIL COMPANY Statements of Operations For the Nine Months Ended September 30, 1996 and 1995 (Unaudited) 1996 1995 ------------ -------- REVENUES Oil and gas sales $11,542,851 $ 9,115,940 Partnership income 225,000 225,000 Interest income 104,952 178,524 Other 245,554 409,131 --------- --------- 12,118,357 9,928,595 EXPENSES Operating costs 4,110,248 3,525,883 Depreciation, depletion and amortization 2,850,000 3,100,000 Leasehold abandonments 31,642 35,500 Property impairment - 2,274,057 Equity loss in Symskaya Exploration, Inc. 5,250,000 - 3-D seismic 457,536 237,604 Exploration 1,418,578 1,055,118 General and administrative 1,630,706 1,404,880 Interest - 66,378 ---------- ---------- 15,748,710 11,699,420 Loss before income taxes (3,630,353) (1,770,825) Benefit for income taxes (1,691,138) (684,178) --------- -------- NET LOSS $(1,939,215) $(1,086,647) ========== =========== Net loss per common share $(0.15) $(0.09) ========== =========== Cash dividends declared per share $.00 $.00 Weighted average shares outstanding 12,734,711 12,563,014 The accompanying notes are an integral part of these statements. EQUITY OIL COMPANY Statements of Operations For the Three Months Ended September 30, 1996 and 1995 (Unaudited) 1996 1995 ----------- -------- REVENUES Oil and gas sales $3,974,173 $2,987,833 Partnership income 75,000 75,000 Interest income 34,047 53,306 Other 122,480 101,266 --------- --------- 4,205,700 3,217,405 EXPENSES Operating costs 1,488,321 1,165,315 Depreciation, depletion and amortization 1,050,000 850,000 Leasehold abandonments 16,550 10,000 Property impairment - 2,274,057 Equity loss in Symskaya Exploration, Inc. 5,250,000 - 3-D seismic 153,439 - Exploration 492,098 357,560 General and administrative 411,734 422,618 Interest expense - 36,833 --------- --------- 8,862,142 5,116,383 Loss before income taxes (4,656,442) (1,898,978) Benefit for income taxes (1,896,171) (640,121) --------- --------- NET LOSS $(2,760,271) $(1,258,857) ========== ========== Net loss per common share $(0.22) $(0.10) ========== ========= Cash dividends declared per share $.00 $.00 Weighted average shares outstanding 12,746,339 12,617,872 The accompanying notes are an integral part of these statements. EQUITY OIL COMPANY Balance Sheet as of September 30, 1996 and December 31, 1995 (Unaudited) September 30, December 31, ASSETS 1996 1995 - ------ ---------- ---------- Current assets: Cash and cash equivalents $ 491,077 $ 511,252 Temporary cash investments 199,322 955,967 Accounts and advances receivable 2,733,241 3,016,067 Income taxes receivable 250,621 502,098 Other current assets 252,861 378,594 ---------- ---------- 3,927,122 5,363,978 Property and equipment 105,085,909 99,242,754 Less accumulated depletion, depreciation and amortization 60,329,318 57,549,855 ---------- ---------- 44,756,591 41,692,899 Other assets: Investment in and note receivable from Symskaya Exploration 3,704,253 6,160,442 Investment in Raven Ridge Pipeline Partnership 431,667 540,220 Other assets 157,926 189,511 --------- ---------- 4,293,846 6,890,173 ---------- ---------- TOTAL ASSETS $52,977,559 $53,947,050 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,414,335 $ 1,107,925 Accrued liabilities 11,250 219,144 Accrued profit sharing 144,000 148,771 Income taxes payable 58,891 156,293 Deferred income taxes 10,796 10,796 --------- --------- 1,639,272 1,642,929 Revolving credit facility 7,778,830 4,918,830 Deferred income taxes 6,623,447 8,654,698 ---------- ---------- 14,402,277 13,573,528 Stockholders' equity Common stock 12,751,100 12,711,100 Paid in capital 3,633,175 3,485,487 Retained earnings 20,594,791 22,534,006 Less cost of treasury stock (43,056) - ---------- ---------- 36,936,010 38,730,593 TOTAL LIABILITIES AND ---------- ---------- STOCKHOLDERS' EQUITY $52,977,559 $53,947,050 ========== ========== The accompanying notes are an integral part of these statements. EQUITY OIL COMPANY Statement of Cash Flows For the Nine Months Ended September 30, 1996 and 1995 (Unaudited) 1996 1995 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss ....................... $(1,939,215) $(1,086,647) Adjustments Depreciation, depletion and amortization 2,850,000 3,100,000 Partnership distributions in excess of income 108,553 119,746 Property dispositions 31,642 35,500 Property impairment - 2,274,057 Equity loss in Symskaya Exploration 5,250,000 - Change in other assets 31,585 10,528 Common stock issued for services 103,313 - Decrease in deferred income taxes (2,031,251) (1,300,025) Increase (decrease) from changes in: Accounts and advances receivable 282,826 126,027 Other current assets 125,733 (4,178) Deferred lease revenue - (178,553) Accrued profit sharing (4,771) (26,473) Accounts payable and accrued liabilities 98,516 (271,368) Income taxes receivable/payable 154,075 201,946 ------- ------- Net cash provided by operating activities 5,061,006 3,000,560 CASH FLOWS FROM INVESTING ACTIVITIES: Advances to Symskaya Exploration (2,793,811) (1,993,049) Sale of temporary cash investments 756,645 973,855 Capital expenditures (5,945,334) (5,147,218) ---------- ---------- Net cash used in investing activities (7,982,500) (6,166,412) CASH FLOWS FROM FINANCING ACTIVITIES: Payment of note payable - (920,000) Purchase of treasury stock (43,056) (51,181) Increase in other assets - (210,568) Net borrowings on revolving credit facility 2,860,000 3,524,820 Exercise of incentive stock options 84,375 613,838 --------- --------- Net cash provided by financing activities 2,901,319 2,956,909 NET INCREASE (DECREASE) IN CASH (20,175) (208,943) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 511,252 363,342 ---------- ---------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 491,077 $ 154,399 ========== ========== CASH, CASH EQUIVALENTS AND TEMPORARY CASH INVESTMENTS AT END OF PERIOD $ 690,399 $ 1,647,272 ========== ========== Supplemental disclosures of cash flow information: Cash paid during the period for: Income taxes $ 175,745 $ 298,093 Interest $ - $ 66,378 The accompanying notes are an integral part of these statements. NOTES TO FINANCIAL STATEMENTS Note 1. Interim Financial Statements The accompanying financial statements of Equity Oil Company (the Company) have not been audited by independent accountants, except for the Balance Sheet at December 31, 1995. In the opinion of the Company's management, the financial statements reflect the adjustments, all of which are of a normal and recurring nature, necessary to present fairly the financial position of the Company as of September 30, 1996, and the results of its operations for the three and nine month periods ended September 30, 1996 and 1995, and its cash flows for the nine month periods ended September 30, 1996 and 1995. The financial statements and the accompanying notes to financial statements have been prepared according to rules and regulations of the Securities and Exchange Commission. Accordingly, certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on From 10-Q. These financial statements should be read in conjunction with the Company's 1995 Annual Report on Form 10-K, and the Company's Form 10-Q's for the first and second quarters of 1996. The results for the three and nine month periods ended September 30, 1996 are not necessarily indicative of future results. Note 2. Net Income (Loss) Per Share Net income (loss) per share is based on the weighted average number of common shares outstanding during the period. Primary and fully diluted earnings per share are essentially the same. Note 3. Investment in Symskaya Exploration Symskaya Exploration, Inc, the Company's 50% owned subsidiary, has determined that it is not practical or economical to reenter the Lemok No. 1 well in an effort to reach the primary Vendian objective. As a consequence, Symskaya has charged the costs of drilling the Lemok No. 1 to expense as of September 30, 1996. The Company's equity share of the loss is $5.25 million ($3.3 million after taxes). Further discussion of this item can be found under Results of Operations in Item 2. Note 4. Adoption of SFAS #121 Included in the 1995 figures is a non-cash charge for oil and gas property impairment in the amount of $2,274,057 ($1,433,338 after taxes), which resulted from the Company's adoption of SFAS No. 121 Accounting for the Impairment of Long Lived Assets and Assets to be Disposed of, effective July 1, 1995. PART I ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operation RESULTS OF OPERATIONS Financial Results The Company recorded a net loss for the first nine months of 1996 in the amount of $(1,939,215), or $(.15) per share, compared to a net loss during the same period of 1995 in the amount of $(1,086,647), or $(.09) per share. Included in the 1996 figures is an equity loss in Symskaya Exploration, Inc. of $5,250,000 ($3,309,075 net of taxes). Included in the 1995 nine-month figures is a non-cash charge for oil and gas property impairment of $2,274,057 ($1,433,338 net of taxes) which arose from the Company's adoption of SFAS #121, Accounting for Long Lived Assets and Assets to be Disposed of. Total revenues for the first nine months of 1996 were $12,118,357, an increase of 22% over revenues of $9,928,595 recorded during the same period of 1995. Cash flow from operating activities was $5,061,006, an increase of 69% over cash flow from operating activities of $3,000,560 recorded during the first nine months of 1995. The Company recorded a net loss for the third quarter of 1996 in the amount $(2,760,271), or $(.22) per share on revenues of $4,205,700. This compared to a net loss during the third quarter of 1995 of $(1,258,857), or $(.10) per share, on revenues of $3,217,405. Despite the negative financial results that were reported for the three and nine month periods ended September 30, 1996, the Company continues to make significant progress in its areas of focus. Domestic Exploration Drilling The Company earlier reported the testing of the eleventh successful gas well drilled using 3-D seismic technology in the Grimes area of the Sacramento Basin in northern California. The well, the #1-33 Jacob, tested gas during a drill stem test from the Forbes formation at a rate of 5.1 million cubic feet per day. In addition to the zone tested, additional potentially productive zones have been identified by electric logs. Equity has a 25% working interest in the well, which is operated by Slawson Exploration, Inc. The #1-33 Jacob is the eleventh well drilled, and the tenth successful well, on the 42 square mile Orion 3-D survey which was conducted in 1995. Seven of the wells have been drilled in 1996 and the other four were drilled in 1995. One well is presently drilling and five additional wells are scheduled to be drilled before year end. Of the total wells drilled on the Orion survey, five are currently on production, and the balance should be on production by the end of the year. Initial production rates for the wells range from 1 to 5 million cubic feet per day. Production from the wells is presently being sold in the California spot market where prices over the last three months have ranged from $1.69 to $2.09 per million BTU. In addition to wells in the Orion survey, Equity has participated in four other wells in the Grimes area and five other 3-D surveys resulting in two completions and two dry holes. Equity intends to drill three additional wells on these surveys during the fourth quarter of 1996. The Company is also participating in two additional 3-D surveys in the fourth quarter of 1996. The first, which is now underway, is a sixteen square mile survey operated by Slawson Exploration, Inc. in which Equity has a 25% working interest. The second is a seventeen square mile survey being operated by Equity in which the Company currently has a 100% working interest. The successful drilling on the Orion survey, resulting in a 91% success rate to date, is a dramatic example of the utilization of 3-D seismic imaging to locate gas in the Grimes area. Based upon the seismic interpretation experience and the drilling success to date, the Company believes that, in addition to the wells that will be drilled by year end 1996 on the Company's 3-D surveys, additional well sites could be developed using 3-D technology in the Grimes area. Equity also participated in the initial exploratory well on a project developed by the Company's exploration staff, the North Riley Ridge Prospect in Sublette County, Wyoming. The well was drilled to a depth of 8,630 feet and encountered 48 feet of net pay in the Frontier formation. After stimulation, the well flowed at a rate of 3.6 million cubic feet of natural gas per day. In addition to the Frontier zone, the well encountered 42 feet of net pay in the shallower Baxter zone, which will be tested at a later date. The Company has an 18.75% working interest in this well, which is located on the 12,000 acre North Riley Ridge Unit. The well is currently being tied into production, and offset drilling activity will begin in the summer of 1997. Development Drilling The Company has begun to focus its exploitation efforts on some of the properties that were purchased in 1995. The Sage Creek Unit #21, in the Sage Creek Field in Big Horn County, Wyoming, was drilled during the first quarter of 1996, and has been completed as a producing oil well. Equity has a 46.25% working interest in the well. This well is significant since the success of its completion has the potential to set up other infill drilling opportunities in the Sage Creek field. Acquisitions The Company has made two acquisitions of proved developed oil reserves so far in 1996, both in Colorado. The first added 332,000 barrels of proved developed reserves at a cost of $1.4 million, or $4.22 per barrel, and added approximately 100 barrels per day of production. The second added 292,000 barrels of heavy oil at a cost of $386,000, or $1.32 per barrel, and added approximately 130 barrels per day of production. In each case, the Company has a 100% working interest and operates the properties. In addition, the Company has also acquired 42,000 barrels of proved developed reserves at properties where it already owns interests. In addition to the reserves associated with these purchases, each one of them has the potential to add incremental reserves through recompletion of existing wells and infill drilling. International Exploration in Russia As mentioned previously, Symskaya Exploration, Inc, (Symskaya) the Company's 50% owned subsidiary, has determined that it is not practical or economical to reenter the Lemok No. 1 well in an effort to reach the primary Vendian objective. As a consequence, Symskaya has charged the costs of drilling the Lemok No. 1 to expense as of September 30, 1996. The Company's equity share of the loss is $5.25 million ($3.3 million after taxes). The Company is continuing to evaluate the testing results from four zones that were a secondary target in the drilling of the Lemok No. 1. The evaluation of the zones has included the analysis of fluid data and bottom hole pressure data recovered during testing. Resistivity data obtained from the recovered fluids have been used to reinterpret the electric logs run during the drilling of the well, and confirmed the presence of hydrocarbons in the three lower zones that were tested. However, this reinterpretation also shows that these zones have high water saturations, and as a consequence tested water. Analysis of the test data from the fourth zone also confirmed the presence of hydrocarbons as seen in cores, logs, and drill cuttings. Furthermore, reinterpretation of the electric logs in this zone using accurate formation water resistivity indicates that portions of the zone could have the capacity to produce measurable hydrocarbons. The inability of this zone to produce is still being investigated, including an ongoing independent evaluation of the data. As reported earlier, drilling at the well was terminated at a total depth of 14,102 feet due to mechanical problems prior to penetrating and testing the primary target in the Vendian formation at an estimated total depth of 14,500 feet. Based on the data collected and analyzed to date, Symskaya and the Company believe that the project remains prospective, and Symskaya is actively soliciting partners to participate in further exploration and fund the drilling of a second well at the project. If Symskaya is unable to find a suitable partner to fund the drilling of a second well, and consequently decides to suspend operations at the project and write off the remaining capitalized costs, the Company will be required to recognize an additional equity loss in Symskaya. The Company's remaining investment in Symskaya was approximately $3.7 million as of September 30, 1996. CAPITAL RESOURCES AND LIQUIDITY Cash, cash equivalents, and temporary cash investments totaled $690,399 as of September 30, 1996, a decrease of $776,820 since year-end 1995. Working capital at September 30, 1996 was $2,287,850, down from $3,721,049 at December 31, 1995. The Company's ratio of current assets to current liabilities was 2.40 to 1 at September 30, 1996, compared to 3.26 to 1 at December 31, 1995. Decreases in cash and working capital result from the Company's increased drilling program in 1996. Cash provided by operating activities was $5,061,006 in the first nine months of 1996, 69% higher than the same period of 1995, a direct reflection of the increased oil and gas sales during 1996. Investment in property and equipment for the first nine months of 1996, including advances to Symskaya Exploration and proved property acquisitions, totaled $8,739,145, a 22% increase from the amount recorded during the corresponding nine months of 1995. Approximately $2.8 million was advanced to Symskaya during the first nine months of 1996, compared to approximately $2.0 million during the same period of 1995. The Company has drawn down its credit facility by $2.86 million during 1996, compared to $3.52 million in 1995, with funds being used for property acquisitions and other working capital needs. The Company believes that existing cash balances, cash flow from operating activities, and the remaining $12.2 million borrowing capacity under the revolving credit facility will provide adequate resources to meet its capital, exploration, and acquisition spending objectives. COMPARISON OF THIRD QUARTER 1996 WITH THIRD QUARTER 1995 Oil and gas sales increased 33% in the third quarter of 1996 to $3,974,173 versus $2,987,833 in the same quarter of last year. Higher revenues were a function of increases in oil and gas prices, as well as increases in gas production. Total revenues increased 31% from year to year. Oil production remained constant at 154,000 barrels in the third quarter of 1995 and 1996. Gas production increased 24% from 318 Mmcf in 1995 to 395 Mmcf in 1996. The increase in gas production is a direct result of the Company's successful exploration program in northern California. Average prices received for crude oil were $22.48 per barrel during the third quarter of 1996, up 28% from the $17.60 received in 1995. Gas prices likewise increased to $1.30 per Mcf in 1996, compared to $.87 in 1995, an increase of 49%. Increases in operating costs reflect the addition of the properties acquired by the Company during the past 12 months. During that time period, Equity has acquired interests in 75 additional producing wells. The addition of the properties aided the Company in increasing gas production, and also helped arrest declining oil production. The cost of these wells was added to the Company's depletion base, which, along with increased gas production, accounted for the 1996 third quarter increase in depreciation, depletion, and amortization charges. Higher exploration expenses in 1996 result from higher lease rentals assoicated with the Company's increased activity in California, higher dry holes costs in 1996, and increased exploration staffing. In addition to higher exploration costs, the Company's California projects required increased use of 3-D seismic technology. During the third quarter of 1996, the Company incurred 3-D charges of $153,000, while no such expenses were incurred during the same period of 1995. As discussed previously, during the third quarter of 1996 Symskaya Exploration, Inc, the Company's 50% owned subsidiary, determined that it is not practical or economical to reenter the Lemok No. 1 well in an effort to reach the primary Vendian objective. As a consequence, Symskaya has charged the costs of drilling the Lemok No. 1 to expense as of September 30, 1996. The Company's equity share of the loss is $5.25 million ($3.3 million after taxes). Included in the 1995 figures is a non-cash charge for oil and gas property impairment in the amount of $2,274,057 ($1,433,338 after tax), which arose from the Company's adoption of SFAS #121, Accounting for the Impairment of Long Lived Assets and Assets to be Disposed of, effective July 1, 1995. The income tax benefits recorded for both periods result primarily from the deferred tax benefits associated with the equity loss and property impairment charge discussed earlier. COMPARISON OF FIRST NINE MONTHS OF 1996 WITH FIRST NINE MONTHS OF 1995 Oil and gas sales increased 27% in the first nine months of 1996 to $11,542,851 versus $9,115,940 in the same period of last year. This increase was brought about principally by stronger oil prices, which were up 17% on average from year to year. Oil production for the first nine months was 468,000 barrels, up slightly from 1995 production of 459,000 barrels. Gas production for the period increased 50% to 1,440 Mmcf from 963 Mmcf in 1995. Average prices received for crude oil were $20.51 per barrel during the first nine months of 1996, compared to $17.60 received in 1995. Gas prices also increased to $1.35 per Mcf in 1996, compared to $1.08 in 1995, an increase of 25%. As discussed earlier, increases in operating costs reflect the addition of the properties acquired by the Company during the past 12 months. Depreciation, depletion and amortization (DD&A) charges decreased by $250,000 in 1996 over 1995 levels. The majority of the decrease is attributable to the July 1, 1995 adoption of SFAS #121 mentioned previously, which removed $2.2 million from the DD&A base almost entirely associated with marginally economic, high-cost wells with high depletion rates. These decreases were partially offset by DD&A charges associated with properties acquired by the Company during the past 12 months. Higher exploration expenses in 1996 result from higher lease rentals assoicated with the Company's increased activity in California, higher dry holes costs in 1996, and increased exploration staffing. In addition to higher exploration costs, the Company's California projects required increased use of 3-D seismic technology. During the first nine months of 1996, the Company incurred 3-D charges of $458,000, compared to $238,000 during the same period of 1995. Increases in general and administrative costs are primarily due to higher compensation expenses, as well as increased insurance, legal, and investor relations fees. The income tax benefits recorded for both periods result primarily from the deferred tax benefits associated with the equity loss and property impairment charge discussed earlier. PART II OTHER INFORMATION The answers to items listed under Part II are inapplicable or negative. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. EQUITY OIL COMPANY (Registrant) DATE: November 12, 1996 By /s/ Paul M. Dougan ----------------------- ------------------------- Paul M. Dougan, President DATE: November 12, 1996 By /s/ Clay Newton ----------------------- ------------------------- Clay Newton, Treasurer EX-27 2 ARTICLE 5 FDS FOR 3RD QUARTER 1996 10-Q
5 9-MOS DEC-31-1996 JAN-01-1996 SEP-30-1996 690,399 0 2,733,241 0 0 3,927,122 105,085,909 60,629,318 52,977,559 1,639,272 0 0 0 12,751,100 0 52,977,559 11,542,851 12,118,357 0 15,748,710 0 0 0 (3,630,353) (1,691,138) (1,939,215) 0 0 0 (1,939,215) (.15) (.15)
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