-----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, G4puAphyTW/BWkZLC4dkc9OHdQCsSly3zVsx7OTwbozzFhzQ4pwHrr6bnfVUoPi7 oxYu0Ml2Y2k0WE8SiAiBMA== 0001006199-96-000178.txt : 19961213 0001006199-96-000178.hdr.sgml : 19961213 ACCESSION NUMBER: 0001006199-96-000178 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961031 FILED AS OF DATE: 19961212 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRAIRIE PACIFIC ENERGY CORP CENTRAL INDEX KEY: 0000786283 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14107 FILM NUMBER: 96679473 BUSINESS ADDRESS: STREET 1: 302 1168 HAMILTON STREET CITY: VANCOUVER BC CANADA STATE: A1 BUSINESS PHONE: 6046842356 MAIL ADDRESS: STREET 1: 302 1168 HAMILTON STREET CITY: VANCOUVER BC CANADA STATE: A1 6-K 1 INITIAL FILING; REPORT OF FOREIGN PRIVATE ISSUER FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of October 1996 PRAIRIE PACIFIC ENERGY CORPORATION (Translation of registrant's name into English) 302, 1168 Hamilton Street, Vancouver, British Columbia, Canada, V6B 2S2 (Address of principal executive offices) [Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.] Form 20-F X Form 40-F [Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.] Yes No X [If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ] 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. PRAIRIE PACIFIC ENERGY CORPORATION (Registrant) Date December 12, 1996 By /s/ Malcolm F.W. Todd Malcolm F.W. Todd, President (Signature)* *Print the name and title of the signing officer under his signature. Page 1 of 8 Pages BRAZEAU RIVER WELL ENCOUNTERS HYDROCARBONS IN TWO ZONES Calgary, September 12th, 1996 - An oil-and-gas reef test near Zeta Lake, Alberta has encountered natural gas in the Mississippian zone and oil in the Nisku, Prairie Pacific Energy Corporation announced today. An extended test of the Nisku zone will be conducted in the Brazeau 12-29-48-12 W5M discovery, said Prairie Pacific Energy's president Malcom Todd. The test will be conducted when appropriate permits are received. Prairie Pacific holds a 10 per cent interest in the location operation by Gulf Canada Resources Limited, which has an 80 per cent working interest. Inspan Investments Limited, a Prairie Pacific affiliate holds the remaining 10 per cent. Zeta Lake is located 90 miles west of Edmonton Alberta, and has been the venue of significant Nisku reef oil in the Brazeau area by Gulf. The previous two wells in the program, in which Prairir Pacific and Inspan have no interest, struck commercial volumes of natural gas and condensate. Prairie Pacific Energy Corporation has oil and natural gas producing and processing interest in northeast British Columbia and Alberta, and a strong land position with prospects in Alberta, B.C., Montana and North Dakota. For further information, please contact: Prairie Pacific Energy Corporation Malcolm F.W. Todd, President Tel: (403) 237-6761 (604) 684-2356 The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. Page 2 of 8 Pages PRAIRIE PACIFIC ENERGY CORPORATION 3 INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) June 30, 1996 and 1995 [Logo of oil well] RESOURCE DEVELOPMENT FOR NORTH AMERICANS Page 3 of 8 Pages PRAIRIE PACIFIC ENERGY CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, June 30, 1996 1995 ASSETS CURRENT ASSETS Cash and short-term deposits $ 634,903 $ 615,569 Marketable securities 51,797 20,091 Accounts receivable 98,408 124,727 Share subscriptions receivable - Note 2 220,000 - Prepaid expenses 11,370 11,043 Deferred prospectus costs 132,499 - 1,148,977 771,430 PROPERTY AND EQUIPMENT 2,505,341 2,839,104 $3,654,318 $3,610,534 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 605,062 $ 720,739 LONG-TERM BANK LOAN 1,000,000 980,000 INSPAN DEBENTURE PAYABLE - Note 1 150,000 - ADVANCES FROM DRILLING PROGRAMS - 69,866 LIABILITY UNDER EMPLOYMENT CONTRACT 687,075 - RESERVE FOR ABANDONMENT AND SITE RESTORATION 231,427 201,851 LIABILITY UNDER EMPLOYMENT CONTRACT 687,075 - NON-CONTROLLING INTEREST 40,583 - SHAREHOLDERS' EQUITY Share capital - Note 2 7,792,650 7,508,229 Contributed surplus 1,921,896 1,921,896 9,714,546 9,430,125 Deficit (8,774,375) (7,792,047) 940,171 1,638,078 $3,654,318 $3,610,534 See accompanying notes. Page 4 of 8 Pages PRAIRIE PACIFIC ENERGY CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Nine months ended June 30, June 30, 1996 1995 REVENUES Oil and gas net of crown royalties of $84,130, ($82,239 - 1995) $ 680,967 $ 626,749 Processing income 161,535 163,598 Interest 4,372 4,645 846,874 794,992 EXPENSES Production and lease rentals 453,337 477,924 Administrative 470,555 462,930 Interest 59,678 20,145 Reclamation and abandonment costs 39,069 - Loss (Gain) on marketable securities (22,660) 10,574 999,979 971,573 WORKING CAPITAL USED IN OPERATIONS (153,105) (176,581) CHARGES (CREDIT) NOT REQUIRING WORKING CAPITAL Depletion 176,420 113,478 Depreciation 64,982 55,753 Provision for abandonment and site restoration 24,150 27,200 Gain on sale of Inspan - Note 1 (300,140) - (34,588) 196,431 Loss before minority interest (118,517) (373,012) MINORITY INTEREST IN (LOSS) OF SUBSIDIARY (10,611) - Loss $ (107,906) $ (373,012) Loss per share $ (0.02)$ (0.07) Fully diluted loss per share $ (0.02)$ (0.07) CONSOLIDATED STATEMENTS OF DEFICIT Nine months ended June 30, June 30, 1996 1995 DEFICIT, beginning of period $(8,666,469) $(7,419,035) Loss (107,906) (373,012) DEFICIT, end of period $(8,774,375) $(7,792,047) See accompanying notes. Page 5 of 8 Pages PRAIRIE PACIFIC ENERGY CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION (Unaudited) Nine months ended June 30, June 30, 1996 1995 OPERATING ACTIVITIES Working capital used in operations $(153,105) $(176,581) FINANCING ACTIVITIES Flow-through shares issued - Note 2 220,000 - Shares issued on private placement 102,000 - Repurchase of shares (32,755) (111,636) Shares issued by Inspan 40,196 - Sale of Inspan shares - Note 1 312,258 - Sale of Inspan debenture - Note 1 150,000 - Advance (repayment) of bank indebtedness - (20,000) Net change in non-cash working capital (295,511) 346,976 496,188 215,340 INVESTING ACTIVITIES Purchase of oil and gas properties (59,448) - Development of oil and gas properties (40,392) (41,916) Purchase of office equipment (8,441) (2,917) (108,281) (44,833) Increase (decrease) in cash 234,802 (6,074) CASH, beginning of period 400,101 621,643 CASH, end of period $634,903 $ 615,569 See accompanying notes. Page 6 of 8 Pages PRAIRIE PACIFIC ENERGY CORPORATION NOTES NOTE 1 - INVESTMENT IN SUBSIDIARY In June 1996 Prairie sold 600,000 shares of Inspan on the open market for a gain of $300,140 reducing Prairie's ownership of Inspan to 74.9%. In April 1996, Prairie sold the $150,000 in debentures of Inspan it held for $150,000. NOTE 2 - SHARE CAPITAL In June 1996, Prairie issued 200,000 common shares for $220,000 and renounced $220,000 of exploration expenditures for tax purposes to the investors. Payment for the shares is due in December 1996. NOTE 3 - SUBSEQUENT EVENTS In June 1996, Prairie's wholly owned subsidiary Six Mile Resources Ltd. acquired 600,000 shares of Inspan for $300,000 through a private placement. In July and August 1996, Prairie sold an additional 5,500,000 shares of Inspan on the open market reducing its ownership of Inspan to 17.5% of outstand- ing shares at August 31, 1996. CORPORATE INFORMATION This report to the shareholders for the period ended June 30, 1996, is presented on behalf of the directors by Malcolm F.W. Todd, President, Praririe Pacific Energy Corporation. Vancouver Office Calgary Office Field Office 302, 1168 Hamilton St. 400, 441 Fifth Ave,. S.W. Box 5 Vancouver, B.C. V6B 2S2 Calgary, Alberta, T2P 2V1 Cecil Lake, B.C. V0C 1G0 Tel: (604) 684-2356 Tel: (403) 237-6761 Tel: (604) 785-5177 Fax: (604) 684-4265 Fax: (403) 233-0398 Fax: (604) 785-5177 Officers & Directors Malcolm F.W. Todd, President & Director.........................Vancouver, B.C. Robert H.O. Todd, Secretary-Treasurer & Director................Vancouver, B.C. Benjamin A. Ward, Vice President-Exploration....................Calgary, Alberta Douglas H. Mitchell, Q.C., Director.............................Calgary, Alberta Murrary K. Scalf, Director......................................Calgary, Alberta Steven J.S. Mitchell, Director..................................Vancouver, B.C. Oil and Gas Properties Canada..............................................British Columbia and Alberta U.S.A. .....................................Montana, North Dakota and California Registrar and Transfer Agent The Montreal Trust Company of Canada at its offices in Calgary, Vancouver and Toronto. 530 Eighth Avenue, Southwest, Calgary, Alberta 510 Burrard Street, Vancouver, British Columbia 15 King Street West, Toronto, Ontario Page 7 of 8 Pages Auditors Ramsay, Dalton & Co. 1100, 800 Sixth Avenue, Southwest, Calgary, Alberta Legal Counsel Howard, Mackie Douglas, Symes & Brissenden 1000 Canterra Tower 2100 One Bentall Centre 400 Third Avenue Southwest 505 Burrard Street Calgary, Alberta Vancouver, British Columbia Piper & Marbury L.L.P. 1251 Avenue of the Americas New York, New York U.S.A. Registered Office Douglas Symes & Brissenden 2100 One Bentall Centre 505 Burrard Street Vancouver, British Columbia Banking The Alberta Treasury Branches Main Branch, Stephen Avenue, Calgary, Alberta Engineering Consultants Norwest Engineering Ltd. Chapman Petroleum Engineering Ltd. 902, 1015 Fourth Street S.W. 750, 840 Sixth Avenue S.W. Calgary, Alberta Calgary, Alberta Subsidiary Companies Ballinderry Royalties Corporation (U.S.A.) 100% Six Mile Resources Ltd. (Canada) 100% Inspan Investments Limitd 75% The Alberta Stock Exchange Symbol: NY Stock Exchanges The shares of the Company are listed on the Alberta stock Exchange, symbol, PRP and also trade through the facilities of NASDAQ OTC Bulletin Board, symbol, PRPEF. Prairie Pacific's Annual Form 20-F Filing with the S.E.C., Washington, D.C. is available from our offices upon request. Prairie Pacific is listed in Standard & Poor's Corporate Records and Stock Guide. Page 8 of 8 Pages -----END PRIVACY-ENHANCED MESSAGE-----