-----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, DfIKdZxfH8KsBAZYuNWYQ9U+NC7+SrwPb1B+EbWJ24/xTBMMX4RSCGKgTsvQjo/h +DSoog81Yj+0Py8mmCK4GQ== 0000077864-97-000004.txt : 19970514 0000077864-97-000004.hdr.sgml : 19970514 ACCESSION NUMBER: 0000077864-97-000004 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970513 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PETROL INDUSTRIES INC CENTRAL INDEX KEY: 0000077864 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 751282449 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-03912 FILM NUMBER: 97601592 BUSINESS ADDRESS: STREET 1: 202 N THOMAS SUITE 4 CITY: SHREVEPORT STATE: LA ZIP: 71107-6539 BUSINESS PHONE: 3814246396 MAIL ADDRESS: STREET 1: 202 N THOMAS SUITE 4 CITY: SHREVEPORT STATE: LA ZIP: 71107-6539 10QSB 1 PETROL INDUSTRIES, INC. FORM 10QSB, 03/31/97 1 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB OMB Approval OMB Number: xxxx-xxxx Expires: Approval Pending Estimated Average Burden Hours Per Response: 1.0 (Mark One) [xx] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: March 31, 1997 [ ] Transition report under Section 13 or 15(d) of the Exchange Act For the transition period from _________________ to ____________________ Commission file number: 0-3912 PETROL INDUSTRIES, INC. (Exact Name of Small Business Issuer as Specified in its Charter) NEVADA 75-1282449 (State or Other Jurisdiction of (IRS Employer Identification No.) Incorporation or Organization) 202 N. THOMAS, SUITE 4 SHREVEPORT, LA 71107-6539 (Address of Principal Executive Offices) (318) 424-6396 (Issuer's Telephone Number, Including Area Code) N/A (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 [XX] NO [ ] APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. YES [ ] NO [ ] APPLICABLE ONLY TO CORPORATE ISSUERS State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 1,597,196 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements PETROL INDUSTRIES, INC. & SUBSIDIARIES Consolidated Balance Sheets March 31, December 31, 1997 1996 ASSETS --------- ------------ ------ (unaudited) Current assets: Cash and cash equivalents $ 217,375 218,355 Accounts receivable: Trade 75,137 83,287 Other 9,497 9,497 --------- --------- 84,634 92,784 Inventory 52,460 47,647 Prepaid expenses 12,402 5,325 --------- --------- Total current assets 366,871 364,111 --------- --------- Property and equipment, at cost: Land 7,000 7,000 Developed and undeveloped oil and gas properties- successful efforts method 4,264,733 4,262,884 Trucks and other operating equipment 336,098 336,098 Furniture and fixtures 38,147 37,902 --------- --------- 4,645,978 4,643,884 Less accumulated depreciation, depletion and amortization 4,589,427 4,587,912 --------- --------- 56,551 55,972 Cash surrender value of life insurance, net 53,251 50,476 Other assets 1,107 1,107 --------- --------- $ 477,780 471,666 ========= ========= LIABILITIES AND STOCKHOLDERS' DEFICIT ------------------------------------- Current liabilities: Accounts payable $ 43,532 51,064 Payable to interest owners 286,605 278,556 Payable to officer, net 288,091 241,255 Accrued expenses 129,781 115,720 --------- --------- Total current liabilities 748,009 686,595 Stockholders' deficit: Preferred stock-no par value. Authorized 1,000,000 shares; no shares issued or outstanding --- --- Common stock-$.10 par value. Authorized 10,000,000 shares; issued and outstanding 1,597,196 and 1,597,241 shares in 1997 and 1996 159,720 159,720 Accumulated deficit (429,949) (374,649) --------- --------- Total stockholders' deficit (270,229) (214,929) --------- --------- $ 477,780 471,666 ========= =========
3 PETROL INDUSTRIES, INC. & SUBSIDIARIES Consolidated Statements of Operations Three months ended March 31, 1997 and 1996 (unaudited) 1997 1996 ---- ---- Revenues: Oil and gas sales $ 207,555 210,452 Other operating income 4,161 3,573 --------- --------- 211,716 214,025 --------- --------- Expenses: Lease operating expense 175,330 165,311 General and administrati 86,014 86,926 Depreciation, depletion and amortization 1,515 1,710 --------- --------- 262,859 253,947 --------- --------- Operating loss (51,143) (39,922) Other income and (expense): Interest income 2,737 2,321 Interest expense (6,894) (4,608) --------- --------- (4,157) (2,287) --------- --------- Net loss $ (55,300) (42,209) ========= ========= Net loss per share (.04) (.03) ========= ========= Average common shares outstanding 1,597,196 1,597,241 ========= =========
4 PETROL INDUSTRIES, INC. & SUBSIDIARIES Consolidated Statements of Cash Flows Three months ended March 31, 1997 and 1996 (unaudited) 1997 1996 ---- ---- Operating activities: Net loss $ (55,300) (42,209) Adjustments to reconcile net loss to net cash used by operating activities: Depreciation, depletion and amortization 1,515 1,710 Losses on retirements of property and equipment included in lease operating expenses (1,850) --- Changes in assets and liabilities: Cash surrender value of life insurance (2,775) (2,775) Accounts receivable 8,150 (4,325) Inventory (4,813) (7,194) Prepaid expenses (7,077) (2,177) Accounts payable and accrued expenses 6,529 12,866 Payable to officer, net 46,836 40,604 Payable to interest owners 8,049 7,389 -------- -------- Net cash (used) provided by operating activities (736) 3,889 Investing activities: Capital expenditures (244) --- -------- -------- Net cash used by investing activities (244) --- Increase (decrease) in cash and cash equivalents (980) 3,889 Cash and cash equivalents at beginning of period 218,355 170,012 -------- -------- Cash and cash equivalents at end of period $ 217,375 173,901 ======== ========
5 PETROL INDUSTRIES, INC. & SUBSIDIARIES Consolidated Statements of Changes in Stockholders' Deficit Three months ended March 31, 1997 and 1996 (unaudited) 1997 1996 ---- ---- Stockholders' deficit at January 1 $ (214,929) (81,682) Net loss for the three-month period (55,300) (42,209) --------- --------- Stockholders' deficit at March 31 $ (270,229) (123,891) ========= =========
6 PETROL INDUSTRIES, INC. & SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) 1. The accompanying unaudited consolidated financial statements have been prepared by the Registrant in accordance with generally accepted accounting principles, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, the accompanying financial statements contain all adjustments necessary for a fair state- ment of the results for the interim periods presented. It is suggested that these consolidated financial statements be used in conjunction with the consolidated financial statements and the notes thereto included in the Registrant's 1996 Annual Report on Form 10-KSB. 2. The consolidated financial statements included herein are consolidated with the accounts of Petrolind Drilling Funds, Inc. and Realco, Inc., both wholly owned subsidiaries of the Registrant, neither of which was active during 1996 or 1995. 3. Net income per share of common stock is computed on the weighted average number of shares outstanding during the three months ended March 31. The weighted average number of shares outstanding was determined by totaling the number of shares outstanding at the end of each month and dividing that total by the number of months. Total Number of Shares Outstanding 1997 1996 ---- ---- January 31 1,597,196 1,597,241 February 28 1,597,196 1,597,241 March 31 1,597,196 1,597,241 4. The expected tax benefit resulting from operating losses for the first three months of 1997 has not been recorded because it is not expected to be realizable. Additionally, there were no significant changes in the temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 1997. 7 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Oil and gas sales revenues were slightly lower during the first quarter of 1997, caused principally by a slight decline in production due to excessive amounts of rainfall as compared to the 1996 period. The Company's net loss increased to $55,300, or ($.04) per share, compared to a net loss of $42,209, or ($.03) per share in the 1996 period. With an approximate 1.4% decrease in revenues and an approximate 3.5% increase in expenses, the Company sustained an operating loss of $51,143 in the first quarter of 1997, compared to an operating loss of $39,922 in the first quarter of 1996. Oil prices averaged $20.91 per barrel during the first quarter of 1997, compared to an average of $18.00 per barrel in the 1996 period. The Company had cash and cash equivalents at March 31, 1997, of $217,375, compared to $218,355 at the end of the 1996 fiscal year. Management estimates that it owes $286,605 from the settlement of the Horne Lease dispute with Oryx to owners of other interests in the Horne Lease. PART II - OTHER INFORMATION Item 1. Legal Proceedings. None. Item 2. Changes in Securities. None. Item 3. Defaults Upon Senior Securities. None. Item 4. Submission of Matters to a Vote of Security Holders. None. 8 SIGNATURE --------- 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. Dated: May 12, 1997 PETROL INDUSTRIES, INC. Joseph M. Rodano By:________________________________ Joseph M. Rodano President and Treasurer 9 EXHIBIT INDEX Exhibit No. Description ------- ----------- 27 Financial Data Schedule EX-27 2 ARTICLE 5 FIN. DATA SCHEDULE FOR 1ST QTR. 10QSB
5 1 3-MOS DEC-31-1996 JAN-01-1997 MAR-31-1997 217,375 0 84,634 0 52,460 366,871 4,645,978 4,589,427 477,780 748,009 0 159,720 0 0 (429,949) 477,780 207,555 211,716 175,330 175,330 87,529 0 6,894 (55,300) 0 (55,300) 0 0 0 (55,300) (.04) (.04)
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