-----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, V6Kbl1bOr2lqLME7b5dWavJRJoZY6kJUOMPSsdLiUsfiG8P5AMf59akdNs47MNdR REx94qRG/BP6alJFUXGkHQ== 0000788965-96-000013.txt : 19960515 0000788965-96-000013.hdr.sgml : 19960515 ACCESSION NUMBER: 0000788965-96-000013 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HALLADOR PETROLEUM CO CENTRAL INDEX KEY: 0000788965 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 841014610 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-14731 FILM NUMBER: 96562255 BUSINESS ADDRESS: STREET 1: 1660 LINCOLN ST STE 2700 CITY: DENVER STATE: CO ZIP: 80264 BUSINESS PHONE: 3038395505 MAIL ADDRESS: STREET 1: 1660 LINCOLN STREET STREET 2: SUITE 2700 CITY: DENVER STATE: CO ZIP: 80264 FORMER COMPANY: FORMER CONFORMED NAME: KIMBARK OIL & GAS CO /CO/ DATE OF NAME CHANGE: 19900102 FORMER COMPANY: FORMER CONFORMED NAME: KIMBARK INC DATE OF NAME CHANGE: 19860624 10QSB 1 FIRST QUARTER FORM 10-QSB U.S. Securities and Exchange Commission Washington, D.C. 20549 FORM 10-QSB [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1996 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT Commission File Number 0-14731 HALLADOR PETROLEUM COMPANY (Exact name of small business issuer as specified in its charter) COLORADO 84-1014610 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 1660 Lincoln St., Suite 2700, Denver, Colorado 80264 (Address of principal executive offices) 303-839-5504 FAX 303-832-3013 (Issuer's telephone number) 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, and (2) has been subject to such filing requirements for the past 90 days. Yes [x]. No [ ]. As of May 10, 1996 70,982,723 shares of the issuer's common stock were outstanding. This report contains 7 pages. The only exhibit is the Financial Data Schedule. PART I. FINANCIAL INFORMATION: HALLADOR PETROLEUM COMPANY Consolidated Balance Sheet (in thousands)
March 31, December 31, 1996 1995 * ------------ ------------- ASSETS - ------ Current assets: Cash and cash equivalents $ 3,742 $ 3,459 Accounts receivable- Oil and gas sales 429 419 Well operations 282 331 Insurance claim received in January 114 -------- ------- Total current assets 4,453 4,323 -------- ------- Oil and gas properties (full cost accounting), at cost: Evaluated properties 39,645 39,562 Less - accumulated depreciation, depletion, amortization (32,259) (32,118) -------- ------- 7,386 7,444 -------- ------- Other assets 160 159 -------- ------- $ 11,999 $ 11,926 ======== =======
*Derived from the Form 10-KSB. See accompanying notes. 2 HALLADOR PETROLEUM COMPANY Consolidated Balance Sheet (in thousands)
March 31, December 31, 1996 1995 * ------------ ------------- LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current liabilities: Accounts payable and accrued liabilities $ 210 $ 185 Oil and gas sales payable 104 39 Debt with recourse only to the South Cuyama Field 611 670 -------- ------- Total current liabilities 925 894 -------- ------- Debt with recourse only to the South Cuyama Field 6,084 6,203 -------- ------- Deferred Bonus Plan 136 127 -------- ------- Other 65 65 -------- ------- Stockholders' equity: Common stock, $.01 par value; 100,000,000 shares authorized; 70,982,723 shares issued 710 710 Preferred stock, $.10 par value; 10,000,000 shares authorized; no shares issued Additional paid-in capital 17,428 17,428 Accumulated deficit (13,349) (13,501) ------- ------- 4,789 4,637 ------- ------ $ 11,999 $ 11,926 ======= =======
*Derived from the Form 10-KSB. See accompanying notes. 3 HALLADOR PETROLEUM COMPANY Consolidated Statement of Operations (in thousands)
Three months ended March 31, ------------------ 1996 1995 -------- -------- Revenue: Oil $ 970 $ 884 Gas 80 150 NGLs 128 140 Interest 53 8 Other 35 ------- ------- 1,266 1,182 ------- ------- Costs and expenses: Lease operating 727 721 Depreciation, depletion and amortization 141 156 General and administrative 89 88 Interest 157 237 ------- ------- 1,114 1,202 ------- ------- Net income (loss) $ 152 $ (20) ======= ======= Per share amounts are not meaningful.
See accompanying notes. 4 HALLADOR PETROLEUM COMPANY Consolidated Statement of Cash Flows (in thousands)
Three months ended March 31, ------------------ 1996 1995 -------- -------- Cash flows from operating activities $ 544 $ 369 ------- ------- Cash flows used in investing activities: Additions to oil and gas properties (30) (33) Unproved properties (53) ------- ------- Net cash (used in) investing activities (83) (33) ------- ------- Cash flows used in financing activities: Repayments of debt (178) (137) ------- ------- Net increase in cash and cash equivalents 283 199 Cash and cash equivalents, beginning of period 3,459 438 ------- ------- Cash and cash equivalents, end of period $ 3,742 $ 637 ======= =======
NOTES TO FINANCIAL STATEMENTS 1. The interim financial data is unaudited; however, in the opinion of management, the interim data includes all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods. The financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principals have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures included herein are adequate to make the information presented not misleading. The organization and business of the Company, accounting policies followed by the Company and other information are contained in the notes to the Company's financial statements filed as part of the Company's December 31, 1995 Form 10-KSB. This quarterly report should be read in conjunction with such annual report. 5 HALLADOR PETROLEUM COMPANY MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION RESULTS OF OPERATIONS Properties Sold in July ----------------------- In July 1995, the Company sold substantially all its Texas properties for $354,000. LOE for these properties in the first quarter of 1995 was $30,000. Oil and gas revenue for these properties in the first quarter of 1995 were $26,000 and $29,000, respectively. Oil and gas sales volume for these properties for the period were 1,589 barrels and 17,757 MCF. Average product prices and volumes are set forth in the following table: 1996 1995 -------------------------- ------------------------- Sales Volume Average Price Sales Volume Average Price ------------ ------------- ------------ ------------- Oil - barrels 55,696 $17.41 56,505 $15.64 Gas - MCF 52,945 1.51 102,271 1.46 NGLs- barrels 9,549 13.35 11,270 12.43 Revenue increased due to higher interest income and nonrecurring refunds. Higher prices more than offset the decline in gas sales resulting from lower production levels and property sales. Interest expense decreased due to the conversion of the convertible debt in November 1995. OUTLOOK FOR REMAINDER OF 1996 Hedging ------- The Company continues to evaluate hedging strategies for its oil production but has never entered into such actions and at this time does not expect to. As of May 9, 1996, the Company is receiving $19.00 per barrel for its California production as compared to an average price of $15.62 during the first quarter of 1995. Liquidity and Capital Resources ------------------------------- Cash from operations is expected to enable the Company to meet its obligations as they become due through the next 12 months. Future Results of Operations ---------------------------- Assuming stable production and prices, a profit is expected for the remaining nine months. 6 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits (27) Financial Data Schedule. (b) No reports on Form 8-K were filed by the Company during the quarter ended March 31, 1996. SIGNATURE In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. HALLADOR PETROLEUM COMPANY Date: May 10, 1996 By: /s/ VICTOR P. STABIO --------------------- Victor P. Stabio Chief Executive Officer and Chief Financial Officer Signing on behalf of the registrant and as principal financial and accounting officer. 7 EX-27 2 ARTICLE 5 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from the consolidated balance sheets and consolidated statement of operations found on pages 2 and 4 of the Company's Form 10-QSB for the year-to-date, and is qualified in its entirety by reference to such financial statements. 0000788965 HALLADOR PETROLEUM COMPANY 1000 3-MOS DEC-31-1995 MAR-31-1996 3,742 0 711 0 0 4,453 39,645 32,259 11,999 925 6,084 0 0 710 0 11,999 0 1,266 0 1,114 0 0 157 0 0 0 0 0 0 152 0 0 Per share amounts are not meaningful.
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