-----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, BjDW6bzqHNhc0eHbVZHGTHuhneE9Bv9MIjL6MfIsQCu33Hk/0oJpE8SVVdxIIknJ gqc7ona2zmf8dvihEuYtzw== 0000077864-00-000005.txt : 20000512 0000077864-00-000005.hdr.sgml : 20000512 ACCESSION NUMBER: 0000077864-00-000005 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000511 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: SEC FILE NUMBER: 000-03912 FILM NUMBER: 626540 BUSINESS ADDRESS: STREET 1: 2 N THOMAS SUITE 4 CITY: SHREVEPORT STATE: LA ZIP: 71107-6596 BUSINESS PHONE: 3814246396 MAIL ADDRESS: STREET 1: P.O. BOX 7941 CITY: SHREVEPORT STATE: LA ZIP: 71137-7941 10QSB 1 PETROL INDUSTRIES, INC. FORM 10QSB, 03/31/00 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, 2000 [ ] 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, ASSETS 2000 1999 ------ --------- ------------ (unaudited) Current assets: Cash and cash equivalents $ 82,916 34,138 Accounts receivable: Trade 64,494 67,542 Other 9,497 9,497 ---------- --------- 73,991 77,205 Inventory 44,814 40,406 Prepaid expenses 14,121 6,073 ---------- --------- Total current assets 215,842 157,822 ---------- --------- Property and equipment, at cost: Land 7,000 7,000 Developed and undeveloped oil and gas properties- successful efforts method 4,141,211 4,141,705 Trucks and other operating equipment 367,984 367,984 Furniture and fixtures 32,758 46,720 ---------- --------- 4,548,953 4,563,409 Less accumulated depreciation, depletion and amortization 4,491,979 4,504,275 ---------- --------- 56,974 59,134 ---------- --------- Other assets 1,107 1,107 ---------- --------- $ 273,923 218,063 ========== ========= LIABILITIES AND STCOKHOLDERS' DEFICIT ------------------------------------- Current liabilities: Accounts payable $ 41,744 44,667 Payable to interest owners 323,168 321,106 Payable to officer, net 763,202 722,194 Notes Payable 50,000 50,000 Accrued expenses 106,878 100,342 ---------- --------- Total current liabilities 1,284,992 1,238,309 ---------- --------- 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 shares in 2000 and 1999 159,720 159,720 Accumulated deficit (1,170,789) (1,179,966) ---------- --------- Total stockholders' deficit (1,011,069) (1,020,246) ---------- --------- $ 273,923 218,063 ========== =========
3 PETROL INDUSTRIES, INC. & SUBSIDIARIES Consolidated Statements of Operations Three months ended March 31, 2000 and 1999 (unaudited) 2000 1999 ---- ---- REVENUES: Oil and gas sales $ 204,964 78,471 Other operating income 9,744 3,670 --------- --------- 214,708 82,141 --------- --------- EXPENSES: Lease operating expense 124,479 88,681 General and administrative 68,491 70,426 Depreciation, depletion and amortization 1,666 2,250 --------- --------- 194,636 161,357 --------- --------- Operating income/(loss) 20,072 (79,216) --------- --------- OTHER INCOME AND (EXPENSE): Interest income 187 270 Interest expense (11,082) (7,753) --------- --------- (10,895) (7,483) --------- --------- Net income/(loss) $ 9,177 (86,699) ========= ========= Net income/(loss) per share .01 (.05) ========= ========= Average common shares outstanding 1,597,196 1,597,196 ========= =========
4 PETROL INDUSTRIES, INC. & SUBSIDIARIES Consolidated Statements of Cash Flows Three months ended March 31, 2000 and 1999 (unaudited) 2000 1999 ---- ---- Operating activities: Net income/(loss) $ 9,177 (86,699) Adjustments to reconcile net income/(loss) to cash used by operating activities: Depreciation, depletion and amortization 1,666 2,250 Losses on retirements of property and equipment included in lease operating expenses 494 724 Changes in assets and liabilities: Accounts receivable (10,829) (10,829) Inventory (4,408) (4,089) Prepaid expenses (8,048) (3,145) Accounts payable and accrued expenses 3,613 22,653 Payable to officer, net 41,008 39,004 Payable to interest owners 2,062 1,410 --------- --------- Net cash provided (used) by operating activities 48,778 (58,721) Investing activities: Capital expenditures --- --- --------- --------- Net cash used by investing activities --- --- Financing activities: Purchase and retirment of stock --- --- Proceeds from gross borrowings --- 20,000 --------- --------- Net cash provided by financing activities --- 20,000 Increase (decrease) in cash and cash equivalents 48,778 (38,721) Cash and cash equivalents at beginning of period 34,138 56,729 --------- --------- Cash and cash equivalents at end of period $ 82,916 18,008 ========= =========
5 PETROL INDUSTRIES, INC. & SUBSIDIARIES Consolidated Statements of Changes in Stockholders' Deficit Three months ended March 31, 2000 and 1999 (unaudited) 2000 1999 ---- ---- Stockholders' deficit at January 1 $(1,020,246) (835,115) Net income/(loss) for the three-month period 9,177 (86,699) --------- --------- Stockholders' deficit at March 31 $(1,011,069) (921,814) ========= =========
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 statement 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 1999 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 2000 or 1999. 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 2000 1999 ---- ---- January 31 1,597,196 1,597,196 February 29 1,597,196 1,597,196 March 31 1,597,196 1,597,196 4. Estimated income taxes of $3,100 for the first quarter of 2000 have not been recorded and net operating losses from prior years will be used to reduce this amount to zero. 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, 2000. 7 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS With an increase of approximately 12.3% in production and significantly higher oil prices, oil and gas sales revenue increased significantly during the first quarter of 2000, as compared to the 1999 period. The Company had a net income of $9,177, or $.01 per share, compared to a net loss of $86,699, or ($.05) per share, in the 1999 period. The Company realized an operating income of $20,072 in the first quarter of 2000, compared to an operating loss of $79,216 in the first quarter of 1999. Oil prices averaged $25.72 per barrel during the first quarter of 2000, compared to an average of $10.51 per barrel in the 1999 period. The Company had cash and cash equivalents at March 31, 2000, of $82,916, compared to $34,138 at the end of the 1999 fiscal year. Management estimates that it owes $323,168 from the settlement of the Horne Lease dispute with Oryx to owners of other interests in the Horne Lease. In March 2000, Joseph M. Rodano, President and Treasurer of Petrol Industries, Inc., as well as a member of its Board of Directors, purchased a total of 20,000 Shares Common Stock, $.10 par value per share, of Petrol Industries, Inc. The purchase was made in an open-market transaction, and all of the shares purchased by Mr. Rodano were purchased with his personal funds. As of March 31, 2000, Mr. Rodano owns an aggregate of 554,325 Shares, comprising approximately 35% of the outstanding shares. 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 11, 2000 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-31-1999 JAN-01-2000 MAR-31-2000 34,138 0 73,991 0 44,814 215,842 4,548,953 4,491,979 273,923 1,284,992 0 159,720 0 0 (1,170,789) 273,923 204,964 214,708 124,479 124,479 70,157 0 11,082 9,177 0 9,177 0 0 0 9,177 .01 .01
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