-----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, OyhUe/m5v2rNW+8+7cnFeBWwXN8io47ghb7F8CCsSVVIGfvq/eYxMxqlA1JPCtwP fmQAghqxa+hNB2dqbgMCwQ== /in/edgar/work/0000914760-00-000320/0000914760-00-000320.txt : 20001115 0000914760-00-000320.hdr.sgml : 20001115 ACCESSION NUMBER: 0000914760-00-000320 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAYNARD OIL CO CENTRAL INDEX KEY: 0000063528 STANDARD INDUSTRIAL CLASSIFICATION: [1311 ] IRS NUMBER: 751362284 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-05704 FILM NUMBER: 764524 BUSINESS ADDRESS: STREET 1: 8080 N CENTRAL EXPWY STE 660 CITY: DALLAS STATE: TX ZIP: 75206 BUSINESS PHONE: 2148918880 MAIL ADDRESS: STREET 1: 8080 N CENTRAL EXPWY STE 660 CITY: DALLAS STATE: TX ZIP: 75206 FORMER COMPANY: FORMER CONFORMED NAME: HOMA OIL & GAS CO DATE OF NAME CHANGE: 19710902 10-Q 1 0001.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ending September 30, 2000 Commission File #0-5704 ------------------ ------- MAYNARD OIL COMPANY - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 75-1362284 - -------------------------------------------------------------------------------- (State or other jurisdic- (IRS Employer tion of incorporation) Identification No.) 8080 N. Central Expressway, Suite 660, Dallas, Texas 75206 - -------------------------------------------------------------------------------- Registrant's telephone number, including area code: (214)891-8880 ------------- 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, and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of November 10, 2000. 4,880,618 shares of common stock, par value $0.10 - -------------------------------------------------------------------------------- MAYNARD OIL COMPANY AND SUBSIDIARIES Index to Consolidated Financial Statements and Schedules Page ---- Part I. Financial Information Consolidated Balance Sheets September 30, 2000 and December 31, 1999 3 Consolidated Statements of Operations Nine Months and Three Months ended September 30, 2000 and 1999 4 Consolidated Statements of Shareholders' Equity Nine Months ended September 30, 2000 5 Consolidated Statements of Cash Flows Nine Months ended September 30, 2000 and 1999 6 Notes to Consolidated Financial Statements 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Part II. Other Information Item 6. Exhibits and Reports on Form 8-K 19 Signatures 20 -2- MAYNARD OIL COMPANY AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) September 30, December 31, ------------- ------------ 2000 1999 ---- ---- ASSETS Current assets: Cash and cash equivalents $ 22,952,991 $ 12,910,321 Accounts receivable, trade 6,526,088 6,029,188 Income taxes receivable 750,000 750,000 Other current assets 947,433 836,554 ------------- ------------- Total current assets 31,176,512 20,526,063 ------------- ------------- Property and equipment, at cost: Oil and gas properties, successful efforts method 157,147,288 151,655,045 Other property and equipment 475,327 337,546 ------------- ------------- 157,622,615 151,992,591 Less accumulated depreciation and amortization (84,932,601) (78,158,395) ------------- ------------- Net property and equipment 72,690,014 73,834,196 ------------- ------------- Deferred income taxes -- 348,000 ------------- ------------- $ 103,866,526 $ 94,708,259 ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current installments of long-term debt $ 7,650,000 $ 5,737,500 Accounts payable 4,122,408 4,249,724 Accrued expenses 3,469,492 1,257,618 Income taxes payable 1,779,212 960,212 ------------- ------------- Total current liabilities 17,021,112 12,205,054 ------------- ------------- Deferred income taxes 384,000 -- Long-term debt 26,775,000 32,512,500 Shareholders' equity: Preferred stock of $.50 par value Authorized 1,000,000 shares; none issued -- -- Common stock of $.10 par value Authorized 20,000,000 shares; 4,880,618 and 4,880,887 shares issued and outstanding 488,062 488,089 Additional paid-in capital 18,831,138 18,831,138 Retained earnings 40,367,214 30,671,478 ------------- ------------- Total shareholders' equity 59,686,414 49,990,705 ------------- ------------- Contingencies and commitments $ 103,866,526 $ 94,708,259 ============= ============= See accompanying Notes to Consolidated Financial Statements. -3- MAYNARD OIL COMPANY AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited)
Nine Months ended Three Months ended September 30, September 30, ----------------- ------------------ 2000 1999 2000 1999 ---- ---- ---- ---- Revenues: Oil and gas sales $37,085,448 $14,519,100 $14,781,064 $ 6,523,657 Interest and other 770,391 661,430 299,827 167,599 Gain (loss) on disposition of assets (62,955) 303,000 124,882 (99,781) ---------- ---------- ---------- ---------- 37,792,884 15,483,530 15,205,773 6,591,475 ---------- ---------- ---------- ---------- Costs and expenses: Operating expenses 9,972,575 5,124,825 3,539,492 2,005,297 Exploration, dry holes and abandonments 21,222 486,720 16,681 380,543 General and administrative, net 3,071,408 1,725,910 1,191,842 491,539 Depreciation and amortization 7,972,946 4,617,436 2,744,766 1,641,157 Interest and other 2,318,394 456,133 853,702 132,780 ---------- ---------- ---------- ---------- 23,356,545 12,411,024 8,346,483 4,651,316 ---------- ---------- ---------- ---------- Income before income taxes 14,436,339 3,072,506 6,859,290 1,940,159 Income tax expense 4,736,000 840,000 2,236,000 540,000 ---------- ---------- ---------- --------- Net income $ 9,700,339 $ 2,232,506 $ 4,623,290 $1,400,159 ========== ========== ========== ========= Weighted average number of common shares outstanding 4,880,809 4,883,664 4,880,702 4,883,429 ========= ========= ========= ========= Net income per common share $1.99 $ .46 $ .95 $ .29 (Basic and diluted) ==== ==== ==== ==== See accompanying Notes to Consolidated Financial Statements.
-4- MAYNARD OIL COMPANY AND SUBSIDIARIES Consolidated Statements of Shareholders' Equity Nine Months Ended September 30, 2000 (Unaudited)
Additional Common Stock Paid-in ------------ Capital Retained Shares Amount Amount Earnings Total ------ ------ ------ -------- ----- Balance at December 31, 1999 4,880,887 $488,089 $18,831,138 $30,671,478 $49,990,705 Net income -- -- -- 9,700,339 9,700,339 Purchase and retirement of common stock (269) (27) -- (4,603) (4,630) --------- ------- ---------- ---------- ---------- Balance at September 30, 2000 4,880,618 $488,062 $18,831,138 $40,367,214 $59,686,414 ========= ======= ========== ========== ========== See accompanying Notes to Consolidated Financial Statements.
-5- MAYNARD OIL COMPANY AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30, ------------------------------- 2000 1999 ---- ---- Cash flows from operating activities: Net income $ 9,700,339 $ 2,232,506 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 7,972,946 4,617,436 Deferred income taxes 732,000 300,000 Dry holes and abandonments 1,377 405,773 Current year costs of dry holes and abandonments (1,377) (312,556) (Gain) loss on disposition of assets 62,955 (303,000) (Increase) decrease in current assets: Accounts receivable (496,900) (1,609,358) Income taxes receivable -- 227,587 Other current assets (110,879) 10,666 Increase (decrease) in current liabilities: Accounts payable (127,316) 360,370 Accrued expenses 2,211,874 831,853 Income taxes payable 819,000 279,413 ------------ ------------ Net cash provided by operating activities 20,764,019 7,040,690 ------------ ------------ Cash flows from investing activities: Proceeds from disposition of assets 735,646 545,275 Additions to property and equipment (7,627,365) (12,589,688) ------------ ------------ Net cash used by investing activities (6,891,719) (12,044,413) ------------ ------------ Cash flows from financing activities: Principal payments on long-term debt (3,825,000) (3,750,000) Purchase of common stock (4,630) (10,670) ------------ ------------ Net cash used by financing activities (3,829,630) (3,760,670) ------------ ------------ Net increase (decrease) in cash and cash equivalents 10,042,670 (8,764,393) Cash and cash equivalents at beginning of year 12,910,321 20,889,742 ------------ ------------ Cash and cash equivalents at end of period $ 22,952,991 $ 12,125,349 ============ ============ See Accompanying Notes to Consolidated Financial Statements.
-6- MAYNARD OIL COMPANY AND SUBSIDIARIES Notes to Consolidated Financial Statements September 30, 2000 Note 1 Unaudited Financial Statements The accompanying consolidated financial statements of Maynard Oil Company (the "Company") have been prepared in accordance with generally accepted accounting principles, pursuant to the rules and regulations of the Securities and Exchange Commission included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included herein is unaudited but, in the opinion of management, contains all adjustments, consisting of all recurring adjustments, necessary to present fairly the Company's financial position as of September 30, 2000, the results of operations for the nine months and three months ended September 30, 2000 and 1999 and changes in cash and cash equivalents for the nine months ended September 30, 2000 and 1999. The December 31, 1999 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles. The accounting policies followed by the Company are set forth in Note 1 to the Company's financial statements in the 1999 Annual Report to Shareholders. Certain reclassifications of prior period statements have been made to conform with the 2000 presentation. Note 2 Earnings Per Share Net income per common share is based on the weighted average number of shares outstanding in each period. As of September 30, 2000 and 1999, the Company had no potentially dilutive common shares, and therefore, basic and diluted earnings per common share were the same. Note 3 Risk Management During 1999, the Company entered into a derivative financial instrument whereby the Company hedged 2,500 barrels of daily production from November 1, 1999 through June 30, 2000 with a ceiling price of $23.90/bbl and a floor price of $14.00/bbl. The contracts provided for a monthly settlement such that if the average WTI for the month was greater than $23.90/bbl, Maynard remitted to the counterparty the excess price times the number of barrels hedged -7- during the month. Conversely, if the average WTI for the month was less than $14.00/bbl, the counterparty was obligated to pay Maynard for the difference times the number of barrels hedged during the month. If the average WTI for the month fell between $14.00/bbl and $23.90/bbl, no settlement was to be made. As a result of this arrangement, the Company's oil and gas revenues were reduced by approximately $2,173,000 during the nine months ended September 30, 2000. A second derivative instrument was entered into effective March 1, 2000 through June 30, 2000 which mirrored the first except the ceiling and floor amounts were $28.30 and $25.00 per barrel, respectively. This second instrument was cancelled by the Company effective April 1, 2000. As a result of this arrangement, the Company's first quarter 2000 oil and gas revenues were reduced by approximately $146,000. Effective September 1, 2000, the Company entered into an additional derivative financial instrument in which the Company hedged 1,000 barrels of daily production for a period of six months with a ceiling price of $36.50/bbl and a floor price of $24.00/bbl. This agreement calls for a monthly cash settlement if the average WTI for the month is greater than the ceiling price, whereby Maynard would be obligated to pay the counterparty to the contract; likewise, if the average WTI for the month is less than the floor price, the counterparty to the contract would be obligated to pay Maynard. The amount of any cash payment would be equal to the difference between the average WTI price and the ceiling or floor price times the number of hedged barrels for the month. During September, the average WTI was $30.86/bbl and consequently, no monies were due to either party under the contract. Additionally, effective October 1, 2000, the Company entered into another derivative financial instrument in which an additional 1,000 barrels of daily production was hedged for a period of six months with a ceiling price of $37.20/bbl and a floor price of $25.00/bbl. -8- Note 4 Income Taxes The provision for income taxes consists of the following (thousands of dollars): Nine Months Ended `` Three Months Ended September 30, September 30, ----------------- ------------------ 2000 1999 2000 1999 ---- ---- ---- ---- Federal: Current $4,004 $ 540 $1,654 $ 370 Deferred 732 300 582 170 ----- ---- ----- ---- $4,736 $ 840 $2,236 $ 540 ===== ==== ===== ==== Note 5 Employee Incentive Plan The Company's Board of Directors approved an amendment to an employee incentive plan in which officers and key employees had been awarded stock participation units in 1989 and 1993 that entitled them to a cash payment equal to the excess of the fair market value of one share of the Company's common stock over a specified share price at the grant date times the number of vested shares. Under the original terms of this plan, no units could be exercised until the employee terminated his employment with the Company. Pursuant to terms of the amended plan, each employee holding stock participation units was given the opportunity to cash out all, or a portion, of the units held. At the time of the plan amendment, there were a total of 95,500 stock participation units outstanding with option prices of $4.50 and $5.625 per share. For the nine months and three months ended September 30, 2000, general and administrative expenses were charged $1,079,148 and $482,273, respectively, for the 95,500 stock participation units. A total of 84,500 units were exercised under the amended plan at $20.81 per share. As a result of the exercise of these units, the Company will make a cash payment of $1,332,835 to those electing employees. Additionally, at September 30, 2000, the Company has a liability of approximately $196,000 attributable to the remaining 11,000 stock participation units. Note 6 Commitments and Contingencies The Company is the defendant in certain non-environmental litigation arising from operations in the normal course of business. While it is not feasible to determine the outcome of these actions, it is the Company's opinion that the ultimate outcome of the litigation will not have a material adverse effect on the financial position or results of the operations of the Company. -9- All of the Company's operations are generally subject to Federal, state and local environmental regulations. To the best of management's knowledge, the Company is in substantial compliance with such laws and regulations. Note 7 Subsequent Event Effective October 1, 2000, the Company purchased working interests in 10 producing properties in the Sho-Vel-Tum Field located in Carter, Stephens, and Jefferson Counties, Oklahoma for cash consideration of approximately $2.8 million. -10- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS - -------------------------------------------------------------------------------- OF OPERATIONS - -------------- Quarter Ended September 30, 2000 Compared to Quarter Ended September 30, 1999 - ----------------------------------------------------------------------------- For the third quarter of 2000, the Company earned ninety-five cents per share on revenues of $15,205,773 compared to earnings of twenty- nine cents per share during the third quarter of 1999 on revenues of $6,591,475. Current quarter results were favorably impacted by higher revenues from the sale of oil and gas, which are the results of increased product pricing and additional production volumes derived from producing property acquisitions. Revenues - -------- Oil and gas revenues rose $8,257,407 between the two quarterly periods, or over 126%, due to both pricing increases and higher volumes resulting from producing property acquisitions. Oil and gas prices were $10.09 per barrel and $1.75 per thousand cubic feet of gas (mcf) higher than the same quarter a year ago. Oil volumes increased in excess of 42% and gas volumes rose approximately 61% over this same period as reflected in the table below. Nine Months Ended Quarter Ended September 30, September 30, Sales Volumes 2000 1999 2000 1999 - ------------- ---- ---- ---- ---- Bbls 1,031,093 709,748 346,468 243,742 MCF 2,935,974 1,407,820 968,320 600,899 -11- Costs and Expenses - ------------------ On a net equivalent barrel basis (NEB), lease operating expenses were $1.14 per NEB higher than the third quarter of 1999 as a result of additional workover expenses and higher severance taxes, which relate proportionally to increased oil and gas revenues. The exploration, dry holes and abandonments category declined $363,862 between the 1999 and 2000 quarters as a result of reduced exploratory drilling activity. General and administrative expenses reflect an increase of $700,303, sixty-nine percent of which is attributable to the employee incentive plan discussed in Note 5 to the Company's Financial Statements, and the balance represents costs to manage the growth of the Company from approximately $60.3 million in assets at September 30, 1999 to approximately $103.8 million in assets at September 30, 2000. Depreciation and amortization expense rose $1,103,609, or 67%, between the third quarters of 1999 and 2000 due to the acquisition of producing properties last year. On a net equivalent barrel basis, this category of expense increased from $4.77 per NEB to $5.40 per NEB as a result of higher depletion rates on certain properties. Interest expense also increased $720,922 between the two quarterly periods because of additional bank debt incurred in connection with the properties acquired from Questar Exploration and Production Company in November, 1999. -12- Nine Months Ended September 30, 2000 Compared to Nine Months Ended - ------------------------------------------------------------------ September 30, 1999 - ------------------ The Company reported net income of $9,700,339, or one dollar and ninety-nine cents per share, on revenues of $37,792,884 for the nine months ended September 30, 2000 compared with net income of $2,232,506, or forty-six cents per share, on revenues of $15,483,530 for the same period a year ago. Earnings for the current period were favorably affected by operating results derived from producing properties acquired, as well as product pricing increases. Revenues - -------- Oil and gas revenues rose $22,566,348 between the two nine month periods, or approximately 155%, primarily because of volume increases from producing property acquisitions. Oil volumes rose approximately 45% and gas volumes were 109% higher than the prior period. Significant price realizations also pushed revenues higher - oil averaged $26.13 per barrel for the first nine months of 2000 compared with $15.80 during the prior year, and gas averaged $3.45 per mcf compared with $2.35 per mcf in 1999. During the current period, revenues were reduced by $62,955 due to a loss from property sales, while the prior nine month period included a gain of $303,000 from property dispositions. Costs and Expenses - ------------------ Operating expenses increased $1.13 per NEB, primarily due to workover activity levels and higher severance tax expense, which relates proportionally to higher oil and gas revenues. -13- Because the Company follows the successful efforts method of accounting, the Company's results of operations may be adversely affected during any accounting period in which seismic costs, exploratory dry hole costs, and unproved property costs are expensed. However, during the current period, the absence of most exploratory drilling costs resulted in a decline of $465,498, when compared to the same period last year. General and administrative (G&A) expenses increased $1,345,498, or 78%, to reflect higher phantom stock expense as discussed in Note 5 to the Consolidated Financial statements. Additionally, depreciation and amortization expense rose approximately 73% during the current nine months reflecting the increase in unamortized property balances resulting from producing property acquisitions. Interest expense increased $1,862,261 in the current period reflecting higher outstanding bank debt due to last year's property acquisitions. Liquidity and Capital Resources - ------------------------------- Cash and cash equivalents totaled $22.9 million and $12.9 million at September 30, 2000, and December 31, 1999, respectively. Working capital was $14.1 million at September 30, 2000, compared with $8.3 million at December 31, 1999. The following summary table reflects cash flows for the nine months ended September 30, 2000 (in thousands): Net cash provided by operating activities: $20,764 Net cash used by investing activities: 6,892 Net cash used by financing activities: 3,829 -14- At September 30, 2000, the Company's total debt was $34.4 million. The Company believes sufficient cash is being generated from operating activities plus cash currently in the bank, or additional borrowing capacity, to fund its planned development and exploratory work or to make additional property acquisitions. Subsequent to September 30, 2000, the Company spent an additional $2.8 million on the acquisition of producing property. Certain Factors that Could Affect Future Operations - --------------------------------------------------- Certain information contained in this report, as well as written and oral statements made or incorporated by reference from time to time by the Company and its representatives in other reports, filings with the Securities and Exchange Commission, press releases, conferences or otherwise, may be deemed to be 'forward-looking statements' within the meaning of Section 21E of the Securities and Exchange Act of 1934 and are subject to the 'Safe Harbor' provisions of that section. Forward-looking statements include statements concerning the Company's and management's plans, objectives, goals, strategies and future operations and performance and the assumptions underlying such forward-looking statements. These statements are based on current expectations and involve a number of risks and uncertainties, including those described in the context of such forward-looking statements. Actual results and developments could differ materially from those expressed in or implied by such statements. Such factors include, among others, the volatility of oil and gas prices, the Company's drilling results, the Company's ability to compete in the -15- acquisition of producing property, the Company's ability to replace reserves, the availability of capital resources, the reliance upon estimates of proved reserves, operating hazards, uninsured risks, competition, government regulation, and other factors referenced in this Form 10-Q. Recent Accounting Pronouncements - -------------------------------- In June 1998, the Financial Accounting Standards Board issued Statement No. 133 ("SFAS 133"), "Accounting for Derivative Instruments and Hedging Activities." This statement, as amended in June 2000 by SFAS No. 138, establishes accounting and reporting standards for derivative instruments and for hedging activities. It requires enterprises to recognize all derivatives as either assets or liabilities in the balance sheet and measure those instruments at fair value. The requisite accounting for changes in the fair value of a derivative will depend on the intended use of the derivative and the resulting designation. The Company must adopt SFAS 133 and 138 effective January 1, 2001. Based on the Company's outstanding derivative contracts, the Company believes that the impact of adopting those standards would not have a material adverse affect on the Company's operations or consolidated financial condition. However, no assurances can be given with regard to the level of the Company's derivative activities at the time of adoption or the resulting effect on the Company's operations or consolidated financial condition. -16- ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK - ------------------------------------------------------------------- Commodity Risk - -------------- The Company's primary commodity market risk exposure is to changes in the pricing applicable to its oil production, which is normally priced with reference to a defined benchmark, such as light, sweet crude oil traded on the New York Mercantile Exchange (WTI). Actual prices received vary from the benchmark depending on quality and location differentials. The markets for crude oil historically have been volatile and are likely to continue to be volatile in the future. From time to time, the Company enters into financial market transactions, including collars, with creditworthy counterparties, primarily to reduce the risk associated with the pricing of a portion of the oil and natural gas that it sells. The policy is structured to underpin the Company's planned revenues and results of operations. During 1999, the Company entered into a derivative financial instrument whereby the Company hedged 2,500 barrels of daily production from November 1, 1999 through June 30, 2000 with a ceiling price of $23.90/bbl and a floor price of $14.00/bbl. The contracts call for a monthly settlement such that if the average WTI for the month is greater than $23.90/bbl, the Company remits to the counterparty the excess price times the number of barrels hedged during the month. Conversely, if the average WTI for the -17- month is less than $14.00/bbl, the counterparty pays the Company for the difference times the number of barrels hedged during the month. If the average WTI for the month falls between $14.00/bbl and $23.90/bbl, no settlement is made. As a result of this arrangement, the Company's oil and gas revenues were reduced by approximately $2,173,000 during the nine months ended September 30, 2000. A second derivative instrument was entered into effective March 1, 2000 through June 30, 2000 which mirrored the first, except the ceiling and floor amounts were $28.30 and $25.00 per barrel, respectively. This second instrument was cancelled by the Company effective April 1, 2000. As a result of this arrangement, the Company's first quarter 2000 oil and gas revenues were reduced approximately $146,000. Effective September 1, 2000 the Company entered into an additional derivative financial instrument in which the Company hedged 1,000 barrels of daily production for a period of six months. This agreement was identical to those described above except for pricing. The ceiling price under the current agreement is $36.50/bbl and the floor price $24.00/bbl. Since the average WTI for September, 2000 was $30.86, no monies were due to either party. -18- PART II. OTHER INFORMATION ITEM 6. Exhibit and Reports on Form 8-K ------------------------------- (a) Exhibits: Exhibit 27 - Financial Data Schedule (b) No Reports on Form 8-K were filed during the quarter. -19- SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MAYNARD OIL COMPANY By: /s/ Glenn R. Moore ---------------------------- Glenn R. Moore President BY: /s/ Kenneth W. Hatcher ----------------------------- Kenneth W. Hatcher Vice President of Finance Dated: November 10, 2000 -20- EX-27 2 0002.txt FDS --
5 1,000 9-MOS DEC-31-2000 SEP-30-2000 22,953 0 6,579 53 587 31,176 157,623 84,933 103,866 17,021 0 0 0 488 59,198 103,866 37,085 37,793 9,973 23,357 0 0 2,318 14,436 4,736 9,700 0 0 0 9,700 1.99 1.99
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