-----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, AEvmx6kyR0Xp584vcyfV4+WNgsBeFQEDkBu95iY3Q9Lle9QLRdIwpLDIvNQLe6JE duj5R4WN3rbuH4myVldGAg== 0000788965-98-000010.txt : 19981119 0000788965-98-000010.hdr.sgml : 19981119 ACCESSION NUMBER: 0000788965-98-000010 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981118 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/A SEC ACT: SEC FILE NUMBER: 000-14731 FILM NUMBER: 98754766 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/A 1 THIS AMENDED FORM 10-QSB IS BEING FILED TO CORRECT THE FOLLOWING TWO ERRORS IN PART I OF ITEM 1-FINANCIAL STATEMENTS WHICH WERE CAUSED WHEN THE DOCUMENT WAS CONVERTED TO ASCII FORMAT FOR THE EDGAR FILING: (1) The number 2,831 on the line "Debt to TCW" in the Consolidated Balance Sheet is now reported under the column "December 31, 1997," and (2) The number 106 on line "Gain on sale of prospects" in the Consolidated Statement of Operations is now reported under the column "Three months ended September 30, 1997 (restated)." 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 September 30, 1998 [ ] 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 of incorporation) (IRS Employer Identification No.) 1660 Lincoln Street, Suite 2700, Denver, Colorado 80264 (Address of principal executive offices) 303-839-5504 FAX: 303-832-3013 (Issuer's telephone numbers) 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 [ ] Shares outstanding as of November 3, 1998: 7,093,150 PART I. FINANCIAL INFORMATION HALLADOR PETROLEUM COMPANY Consolidated Balance Sheet (in thousands) September 30, December 31, 1998 1997* -------- --------- ASSETS Current assets: Cash and cash equivalents $ 3,440 $ 6,047 Available-for-sale securities 978 1,800 Accounts receivable- Oil and gas sales 265 331 Well operations 384 336 ------ ------ Total current asset 5,067 8,514 ------ ------ Oil and gas properties (successful efforts), at cost: Unproved properties 669 378 Proved property 18,797 18,366 Less - accumulated depreciation depletion, amortization and impairment (13,405) (13,039) ------ ------ 6,061 5,705 ------ ------ Other assets 288 266 ------ ------ $11,416 $14,485 ====== ====== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 390 $ 360 Oil and gas sales payable 101 211 Debt to TCW 3,177 2,492 ------ ------ Total current liabilities 3,668 3,063 ------ ------ Debt to TCW 2,831 ------ ------ Deferred bonus plan 214 205 ------ ------ Other 101 105 ------ ------ Minority interest 4,848 4,926 ------ ------ Stockholders' equity: Net unrealized loss on available-for-sale securities (587)** Preferred stock, $.10 par value; 10,000,000 shares authorized; no shares issued Common stock, $.01 par value; 100,000,000 shares authorized; 7,093,150 shares issued 71 71 Additional paid-in capital 18,061 18,061 Accumulated deficit (14,960) (14,777) ------ ------ 2,585 3,355 ------ ------ $11,416 $14,485 ====== ====== - ---------------------- *Derived from the Form 10-KSB. **At November 2, 1998 this amount was a ($293,000). See accompanying notes. HALLADOR PETROLEUM COMPANY Consolidated Statement of Operations (in thousands, except per share amounts)
Nine months ended Three months ended September 30, September 30, 1998 1997 1998 1997 ------ ------ ------ ------ (restated) (restated) Revenue: Oil $2,052 $2,978 $ 669 $ 949 Gas 520 260 199 93 NGLs 227 310 57 89 Interest and other 294 168 97 82 Gain on sale of prospects 343 113 106 ----- ----- ----- ----- 3,436 3,829 1,022 1,319 ----- ----- ----- ----- Costs and expenses: Lease operating 2,148 2,048 753 766 Depreciation, depletion and amortization 366 329 124 118 General and administrative 479 314 149 111 Impaired leasehold costs 26 12 Geological and geophysical 305 696 203 171 Dry hole 73 357 73 33 Interest 326 379 97 125 ----- ----- ----- ----- 3,697 4,149 1,399 1,336 ----- ----- ----- ----- Loss before minority interest (261) (320) (377) (17) Minority interest 78 5 113 5 ----- ----- ----- ----- Net loss $ (183) $ (315) $ (264) $ (12) ----- ----- ----- ----- Net loss per share $ (.03) $ (.04) $ (.04) $ (.00) ===== ===== ===== ===== Weighted average shares outstanding 7,093 7,093 7,093 7,093 ===== ===== ===== =====
See accompanying notes. HALLADOR PETROLEUM COMPANY Consolidated Statement of Cash Flows (in thousands)
Nine months ended September 30, 1998 1997* -------- ------- (restated) Net cash provided by operating activities $ 48 $ 92 ------ ------ Cash flows (used in) investing activities: Short-term investments 235 (3,212) Additions to properties (722) (1,060) Other assets (22) (88) ------ ------ Net cash (used in) investing activities (509) (4,360) ------ ------ Cash flows from financing activities: Yorktown investment 5,025 Repayments of debt (2,146) (498) ------ ------ Net cash provided by (used in) financing activities (2,146) 4,527 ------ ------ Net increase (decrease) in cash and cash equivalents (2,607) 259 Cash and cash equivalents, beginning of period 6,047 2,898 ------ ------ Cash and cash equivalents, end of period $ 3,440 $ 3,157 ====== ======
See accompanying notes. HALLADOR PETROLEUM COMPANY 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 1997 Form 10-KSB. This quarterly report should be read in conjunction with such annual report. 2. During the fourth quarter of 1997, the Company changed from the full cost method to the successful efforts method of accounting for its oil and operations. 3. Comprehensive loss for the nine-month period ended September 30, 1998 is approximately $594,000 and the loss for the three-month period ended September 30, 1998 is approximately $675,000. Per share amounts are losses of $.08 and $.10, respectively. 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: November 17, 1998 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 officer. -----END PRIVACY-ENHANCED MESSAGE-----