-----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, Ho+sROyFBg9nrlJh0r4fOftZ88/of+hXPyr8GQ0nIoPP8vZA9zPGNM7HCRTQdjk6 mzSlZhkoBMBMKIQjW64eRA== 0000950150-97-000801.txt : 19970520 0000950150-97-000801.hdr.sgml : 19970520 ACCESSION NUMBER: 0000950150-97-000801 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPTIMA PETROLEUM CORP CENTRAL INDEX KEY: 0000872248 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 980115468 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19020 FILM NUMBER: 97609437 BUSINESS ADDRESS: STREET 1: 600 HOWE ST STREET 2: VANCOUVER BRITISH COLUMBIA CITY: CANADA V6C 2T5 STATE: A1 BUSINESS PHONE: 6046846886 MAIL ADDRESS: STREET 1: 600 HOWE ST STREET 2: VANCOUVER BRITISH COLUMBIA CITY: CANADA V6C 2T5 STATE: A1 10-Q 1 FORM 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ------------------ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 1997 Commission file number: 019020 OPTIMA PETROLEUM CORPORATION (Exact name of registrant as specified in its charter) CANADA 98-0115468 (State of Incorporation) (I.R.S. Employee identification No.) 600- 595 HOWE STREET, VANCOUVER, BRITISH COLUMBIA, CANADA V6C 2T5 (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (604) 684-6886 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 X No . ----- ----- Number of shares of Common Stock outstanding at May 1, 1997 11,298,070 -1- 2 OPTIMA PETROLEUM CORPORATION QUARTERLY REPORT ON FORM 10-Q INDEX PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS 3 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 12 PART II - OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. 14 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. 14 SIGNATURES -2- 3 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS OPTIMA PETROLEUM CORPORATION Consolidated Balance Sheets
=================================================================================================== March 31 December 31 1997 1996 - --------------------------------------------------------------------------------------------------- ASSETS (unaudited) (audited) CURRENT Cash and cash equivalents $ 1,190,365 $ 2,055,062 Accounts receivable 3,194,462 2,516,578 Note receivable - current portion 125,675 124,423 - --------------------------------------------------------------------------------------------------- 4,510,502 4,696,063 OTHER Cash held in trust 655,252 638,142 Advances to operators 688,148 468,864 Note receivable - long term portion 377,028 373,269 Petroleum and natural gas interests, full cost method (Note 2) 34,895,814 34,764,350 Deferred charges 257,057 273,980 - --------------------------------------------------------------------------------------------------- $ 41,383,801 $ 41,214,668 =================================================================================================== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT Accounts payable and accrued liabilities $ 2,684,900 $ 2,676,605 Current portion of long-term debt -- 730,947 - --------------------------------------------------------------------------------------------------- 2,684,900 3,407,552 LONG-TERM DEBT 6,884,887 6,119,670 SITE RESTORATION AND ABANDONMENT 215,018 215,018 SHAREHOLDERS' EQUITY Share capital (Note 3) Authorized 100,000,000 common shares Issued 11,297,294 (1996 - 11,318,894) common shares 31,709,515 31,790,695 Contributed surplus 608,222 608,222 Deficit (718,741) (926,489) - --------------------------------------------------------------------------------------------------- 31,598,996 31,472,428 - --------------------------------------------------------------------------------------------------- $ 41,383,801 $ 41,214,668 ===================================================================================================
See accompanying notes to consolidated financial statements. ON BEHALF OF THE BOARD /s/ Robert L. Hodgkinson /s/ Ronald P. Bourgeois - ------------------------------ ----------------------------- Robert L. Hodgkinson, Director Ronald P. Bourgeois, Director -3- 4 OPTIMA PETROLEUM CORPORATION Consolidated Statements of Operations and Deficit (unaudited)
============================================================================================= Three months ended March 31, 1997 1996 - --------------------------------------------------------------------------------------------- OPERATING INCOME Petroleum and natural gas sales $ 3,380,171 $ 3,266,465 Royalties and production taxes 993,677 749,246 Operating costs 360,311 335,114 - --------------------------------------------------------------------------------------------- 2,026,183 2,182,105 EXPENSES General and administrative (Schedule) 394,990 390,601 - --------------------------------------------------------------------------------------------- EARNINGS BEFORE INTEREST, DEPLETION, DEPRECIATION, AMORTIZATION AND INCOME TAXES 1,631,193 1,791,504 Depletion and depreciation 1,278,000 1,299,240 Interest and bank charges 134,456 128,758 Amortization of deferred financing costs 17,082 17,074 Foreign exchange loss 7,251 2,466 Interest revenue (13,344) (3,770) - --------------------------------------------------------------------------------------------- NET INCOME 207,748 347,736 DEFICIT, beginning of period (926,489) (1,155,062) - --------------------------------------------------------------------------------------------- DEFICIT, end of period $ (718,741) $ (807,326) ============================================================================================= INCOME PER SHARE $ 0.02 $ 0.03 =============================================================================================
See accompanying notes to consolidated financial statements. -4- 5 OPTIMA PETROLEUM CORPORATION Consolidated Statements of Changes In Financial Position (unaudited)
============================================================================================== Three months ended March 31, 1997 1996 - ---------------------------------------------------------------------------------------------- CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Income for the period $ 207,748 $ 347,736 Items not involving cash Depletion, depreciation and amortization 1,295,082 1,316,314 - ---------------------------------------------------------------------------------------------- 1,502,830 1,664,050 Changes in non-cash working capital: Accounts receivable (677,884) (2,207,277) Accounts payable and accrued liabilities 8,295 788,799 Debenture receivable -- 493,874 - ---------------------------------------------------------------------------------------------- 833,241 739,446 - ---------------------------------------------------------------------------------------------- FINANCING ACTIVITIES Issue (repurchase) of common shares (net of issue expenses) (81,180) 186,582 Increase in bank debt 34,270 159,598 Note receivable (5,011) -- - ---------------------------------------------------------------------------------------------- (51,921) 346,180 - ---------------------------------------------------------------------------------------------- INVESTING ACTIVITIES Petroleum and natural gas interests (1,409,464) (1,602,297) Advances to operators (219,284) (73,723) Cash held in trust (17,110) -- Deferred charges (159) (2,483) - ---------------------------------------------------------------------------------------------- (1,646,017) (1,678,503) - ---------------------------------------------------------------------------------------------- DECREASE IN CASH (864,697) (592,877) CASH AND CASH EQUIVALENTS, beginning of period 2,055,062 1,022,925 - ---------------------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, end of period $ 1,190,365 $ 430,048 ==============================================================================================
See accompanying notes to consolidated financial statements. -5- 6 OPTIMA PETROLEUM CORPORATION Schedules of Consolidated General and Administrative Expense (unaudited)
================================================================================ Three months ended March 31, 1997 1996 - -------------------------------------------------------------------------------- Consultants $177,057 $152,032 Office expense 105,701 79,411 Investor communication 31,548 33,054 Public listing 25,225 23,997 Office rent 21,099 14,019 Travel 17,376 31,922 Legal, audit and tax 15,762 56,166 Directors 1,222 -- - -------------------------------------------------------------------------------- 394,990 390,601 ================================================================================
-6- 7 OPTIMA PETROLEUM CORPORATION Notes to Consolidated Financial Statements March 31, 1997 (unaudited) - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation The consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1996, as filed with the Securities and Exchange Commission. The consolidated financial statements included herein as of March 31, 1997, and for the three month periods ended March 31, 1997 and 1996 are unaudited. Management has reflected all adjustments, consisting of normal and recurring adjustments, which it believes are necessary to present fairly the financial position as at March 31, 1997 and the results of operations and cash flows for the three and nine month periods ended March 31, 1997 and 1996. The consolidated financial statements are presented in accordance with generally accepted accounting principles applicable in Canada and expressed in Canadian dollars. Except as disclosed in Note 5, these financial statements conform, in all material respects, with generally accepted accounting principles in the United States. (b) Basis of consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Optima Energy (U.S.) Corporation. All intercompany transactions and balances have been eliminated. (c) Cash and cash equivalents Cash and cash equivalents include short-term investments with a maturity of ninety days or less at the time of issue. (d) Petroleum and natural gas interests The Company follows the full cost method of accounting for petroleum and natural gas interests whereby all costs of exploring and developing petroleum and natural gas reserves, net of government grants, are capitalized by individual country cost centre. Such costs include land acquisition costs, geological and geophysical expenses, costs of drilling both productive and non-productive wells and overhead charges directly related to acquisition, exploration and development activities. The total carrying value of the Company's petroleum and natural gas interests, less accumulated depletion, is limited to the estimated future net revenue from production of proved reserves, based on unescalated prices and costs plus the lower of cost and net realizable value of unproved properties, less estimated future development costs, general and administrative expenses, financing costs and income taxes. The carrying value of unproved properties is reviewed periodically to ascertain whether impairment has occurred. Where impairment has occurred, the costs have been written down to their net realizable value. For each cost centre, the costs associated with proved reserves are depleted on the unit-of-production method based on an independent engineering estimate of proved reserves, after royalties, with natural gas converted to its energy equivalent at a ratio of six thousand cubic feet of natural gas to one barrel of oil. -7- 8 OPTIMA PETROLEUM CORPORATION Notes to Consolidated Financial Statements March 31, 1997 (unaudited) - -------------------------------------------------------------------------------- Site restoration and abandonment costs, net of expected recoveries for production equipment and facilities, at the end of their useful life, are provided for on a unit-of-production basis. Equipment is depreciated on a straight-line basis over five years. (e) Deferred charges Debt financing costs are amortized on a straight line basis over the terms of the related loans. (f) Foreign currency translation Transactions of the Company and its subsidiaries that are denominated in foreign currencies are recorded in Canadian dollars at exchange rates in effect at the related transaction dates. Monetary assets and liabilities denominated in foreign currencies are adjusted to reflect exchange rates at the balance sheet date. Exchange gains and losses arising on the translation of monetary assets and liabilities, except as they relate to long-term debt, are included in the determination of income for the year. Unrealized foreign exchange gains and losses related to long-term debt are deferred and amortized over the remaining term of the related debt. (g) Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management estimates relate to the determination of rates for depreciation, depletion and amortization and the impairment of petroleum and natural gas interests. Actual results could differ from these estimates. (h) Fair value of financial instruments Financial instruments include cash and cash equivalents, accounts receivable, note receivable, accounts payable and accrued liabilities and the current and long term portions of long term debt. Fair values approximate carrying values for these financial instruments since they are short term in nature, receivable or payable on demand, or bear interest at floating rates. 2. PETROLEUM AND NATURAL GAS INTERESTS
===================================================================================== March 31, December 31, 1997 1996 - ------------------------------------------------------------------------------------- Petroleum and natural gas interests $ 51,819,589 $ 50,200,530 Other equipment 181,156 176,271 - ------------------------------------------------------------------------------------- 52,000,745 50,376,801 Accumulated depreciation, depletion and write-offs (17,104,931) (15,612,451) - ------------------------------------------------------------------------------------- $ 34,895,814 $ 34,764,350 =====================================================================================
As at March 31, 1997 and December 31, 1996, unproved properties with capitalized costs of $4,441,055 were not subject to depletion. It is expected that these properties will be evaluated over the next one to three years. -8- 9 OPTIMA PETROLEUM CORPORATION Notes to Consolidated Financial Statements March 31, 1997 (unaudited) - -------------------------------------------------------------------------------- 3. SHARE CAPITAL (a) Issued
===================================================================================== Number of Capital Shares Stock - ------------------------------------------------------------------------------------- Balance at December 31, 1996 11,318,894 $ 31,790,695 In lieu of consulting fees 1,500 5,445 Shares repurchased and canceled under Normal Course Issuer Bid (23,100) (86,625) - ------------------------------------------------------------------------------------- Balance at March 31, 1997 11,297,294 $ 31,709,515 =====================================================================================
Subsequent to March 31, 1997, 776 common shares were issued for cash proceeds of $2,817; comprised of 500 shares issued for $1,815 in lieu of consulting fees and 276 shares issued for $1,002 in lieu of directors fees. (b) Reserved in respect of options
================================================================================= Exercise Exercisable Holder Number Price On or Before - --------------------------------------------------------------------------------- Company directors and employees 193,000 $3.50 April 3, 1998 50,000 $3.55 April 3, 1998 110,000 $4.05 July 25, 1998 540,000 $4.15 June 12, 1999 Non-related persons 170,000 $3.50 April 3, 1998 100,000 $4.15 June 12, 1999 - --------------------------------------------------------------------------------- 1,163,000 =================================================================================
(c) Net income (loss) per share Net income (loss) per share has been calculated based on the following weighted average numbers of shares outstanding:
================================================================================ March 31, March 31, 1997 1996 - -------------------------------------------------------------------------------- Weighted average number of shares 11,313,653 10,584,543 ================================================================================
-9- 10 OPTIMA PETROLEUM CORPORATION Notes to Consolidated Financial Statements March 31, 1997 (unaudited) - -------------------------------------------------------------------------------- 4. RELATED PARTY TRANSACTIONS In the three months ended March 31, 1997, the Company was charged consulting expenses of $104,445 (1996 - $51,500) by companies related by virtue of common directors. Office expense includes $29,400 (1996 - $85,254) paid to a related company. General and administrative recoveries of $26,265 were received from a company with a common director and were used to reduce consulting, rent and office expenses. 5. RECONCILIATION BETWEEN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN CANADA AND THE UNITED STATES (a) Accounting for income taxes Under the asset and liability method of Statement of Financial Accounting Standards No. 109 ("SFAS 109"), deferred income tax assets and liabilities, reduced by a valuation allowance to an amount more likely than not to be recovered, are measured using enacted tax rates for the future income tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. The approximate effect of each component of deferred income tax assets and liabilities at December 31, 1996 is as follows: Net operating losses $ 8,911,000 Petroleum and natural gas interests (4,977,000) - ------------------------------------------------------------------------------- Net deferred tax assets 3,934,000 Less valuation allowance (3,934,000) - ------------------------------------------------------------------------------- Deferred tax assets, net of valuation allowance $ -- ===============================================================================
The valuation allowance equals the entire amount of the net deferred tax assets as the recognition criteria for deferred tax assets has not been met. Therefore, there is no effect of applying the provisions of SFAS 109 on the Company's financial statements. (b) Consolidated statements of changes in financial position . Under United States accounting principles, the following items are not considered to be cash items and would not appear in the consolidated statements of changes in financial position: (i) the conversion of debentures (ii) the acquisition of subsidiary in exchange for the issuance of shares; and (iii) the issuance of shares on settlement of consulting fees and directors fees payable. -10- 11 OPTIMA PETROLEUM CORPORATION Notes to Consolidated Financial Statements March 31, 1997 (unaudited) - -------------------------------------------------------------------------------- As a result, cash flows from operating, financing and investing activities would be presented as follows under United States accounting principles:
=============================================================================== March 31, March 31, 1997 1996 - ------------------------------------------------------------------------------- Cash flows from: Operating activities $ 838,686 $ 750,191 Financing activities (57,366) 335,435 Investing activities (1,646,017) (1,678,503) - ------------------------------------------------------------------------------- Decrease in cash $ (864,697) $ (592,877) ===============================================================================
Under United States accounting principals the following supplementary cash flow information would be disclosed:
================================================================================= March 31, March 31, 1997 1998 - --------------------------------------------------------------------------------- Interest Paid $134,456 $128,758 ================================================================================= Income Taxes Paid -- -- =================================================================================
-11- 12 PART I - FINANCIAL INFORMATION CONTINUED ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Company's financial statements are stated in Canadian Dollars (CDN$) and are prepared in accordance with Canadian Generally Accepted Accounting Principles. The value of the U.S. Dollar in relation to the Canadian Dollar was U.S. $1.3895 as at May 12, 1997.
Working Interest Quarter Ended 1997 1997 March 31 - --------------------------------------------------------------------------------------- CDN$ 1997 1996 Increase Percentage (Decrease) Increase (Decrease) - --------------------------------------------------------------------------------------- Volume Natural Gas (mcf) 685,227 923,458 (238,231) (25%) Oil (bbls) 44,778 29,865 14,913 50% Average Price per Unit CDN Natural Gas (mcf) $ 1.84 $ 1.54 $ 0.30 19% Oil (bbls) $ 30.97 $ 24.56 $ 6.41 26% USA Natural Gas (mcf) $ 4.26 $ 3.67 $ 0.59 16% Oil (bbls) $ 30.45 $ 26.93 $ 3.52 13% Gross Revenue, Natural Gas $2,013,025 $2,481,997 $(468,972) (19%) Oil $1,367,146 $ 784,468 $ 582,678 74% - --------------------------------------------------------------------------------------- Total Revenue $3,380,171 $3,266,465 $ 113,706 - ---------------------------------------------------------------------------------------
OVERVIEW RESULTS OF OPERATIONS Three Months Ended March 31, 1997, as Compared to the Three Months Ended March 31, 1996 The Company realized a significant increase in oil production and commodity prices when compared to the first quarter of 1996, all of which contributed to the increase in gross revenue of 4% to $3,380,171 in the first quarter 1997 from $3,266,465 for the same period in 1996. While oil production increased by 50% or 14,913 barrels for the quarter, a result of new production at East Cameron and East Haynesville, gross gas production declined by 25% primarily due to the forecast decline in production volumes at Turtle Bayou. Based on barrel of oil equivalent (BOE) of 10 to 1 (1 barrel equals 10 mcf) which in our opinion reflects the current, comparative financial value of oil and gas quarterly production, the Company experienced a modest decrease of 7.3% to 113,301 BOE's for the first quarter 1997, from 122,211 BOE's from the same period 1996. Earnings before interest, depletion, depreciation and taxes ("EBITDA") showed a decline of 9% to $1,631,193 for the first quarter 1997 from $1,791,504 in 1996. EBITDA on a per share basis was $0.15 per share down from $0.17 per share in 1996. The Company posted a net profit of $207,748 or $0.02 per share for the first quarter 1997 as compared with $347,736 or $0.03 per share for the same period 1996. The weighted average number of shares was 11,313,653 shares in 1997 as compared to 10,584,543 in 1996. -12- 13 OPERATING REVENUES. Canadian gross revenue increased 6.2% to $913,523 from $860,551 a year earlier. Gross revenue from U.S. operations also increased modestly (2.5%) to $2,466,648 in the first quarter 1997 from $2,405,914 in 1996. Operating income, however, decreased 7% to $2,026,183 for the first quarter 1997 from $2,182,105 in 1996. OPERATING EXPENSES. Oil and natural gas operating expenses increased to $360,311 in 1997 from $335,114 in the first quarter of 1996. On a BOE basis, converting gas to its equivalent barrels at a ratio of 10 mcf equals 1 barrel, operating expenses increased to $3.18 per BOE in 1997 from $2.74 per BOE in 1996, an increase of $0.44 per BOE. INTEREST AND OTHER INCOME. Interest expense and bank charges increased slightly to $134,456 in the first quarter of 1997 as compared to $128,758 in the same period of 1996, an increase of 4%. This change is due to a combination of lower bank debt and higher U.S. interest rates. DEPLETION, DEPRECIATION AND AMORTIZATION. Depletion and depreciation was $1,278,000 in the first quarter of 1997 as compared to $1,299,240 a year earlier, representing a decrease of $21,240. On a BOE basis the 1997 expenses were $8.03 per BOE which is identical to the 1996 full fiscal year depletion and depreciation rate (this calculation is based on 6 mcf equals 1 barrel which is the energy equivalent). For the quarter ended March 31, 1996 the depletion and depreciation expense was $7.07 per BOE. Management, regardless of the first quarter 1997 reserve additions at East Cameron, has elected to utilize the 1996 depletion rate for the remainder of 1997 or until a independent reserve appraisal has been commissioned. The amortization expense of $17,082 is identical to a year earlier as it reflects the amortization of costs on a straight line basis. GENERAL AND ADMINISTRATIVE EXPENSE. General and administrative expenses of $394,990 reflect a modest increase of 1% from $390,601 a year earlier, on a BOE basis, converting gas to its equivalent barrels at a ratio of 10 mcf equals 1 barrel, general and administrative expenses increased to $3.49 per BOE as compared to $3.20 per BOE in 1996 an increase of 9%. This increase on a BOE basis is a result of the decline in natural gas production from the first quarter of 1997. BALANCE SHEET Total assets as at March 31, 1997 were $41,383,801 as compared to $40,660,445 a year earlier and $41,214,668 as at December 31, 1996. Petroleum and natural gas interests increased marginally since the beginning of the fiscal year as capital expenditures of $1,409,464 were offset by depletion and depreciation expenses of $1,278,000. Working capital has increased to $1,825,602 from $1,288,511 as at December 31, 1996. Shareholder's equity has increased by $126,568 since December 31, 1996, as the Company purchased 23,100 shares for consideration of $86,625 which partially offset the contribution from earnings for the period. -13- 14 PART II - OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There were no matters submitted to security holders for a vote in the quarter ended March 31, 1997. The Annual General Meeting of shareholders is scheduled for May 29, 1997 in the "Cardium Room" at the Calgary Petroleum Club, 319 5th Avenue, S.W., Calgary, Alberta , at the hour of 10:00 a.m. local time. Attached as Exhibit 4.A is the Proxy Statement, Notice of Annual General Meeting, Proxy Statement and Information Circular and Supplemental Mail List Return Card, which includes the resolution requiring approval of the shareholders. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. There were no transactions during the quarter ended March 31, 1997 which could require the filing of a Form 8-K. 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. OPTIMA PETROLEUM CORPORATION AND SUBSIDIARIES (Registrant) Date: May 14, 1997 By: /s/ Robert L. Hodgkinson ----------------------------------- Robert L. Hodgkinson President - CEO By: /s/ Ronald P. Bourgeois ----------------------------------- Ronald P. Bourgeois Chief Financial Officer - Secretary -14- EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FIRST QUARTER 10Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1 CANADIAN DOLLARS 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 0.7361 1,190,365 0 3,194,462 0 0 4,510,502 52,000,745 17,104,931 41,383,801 2,684,900 6,884,887 0 0 31,709,515 (110,519) 41,383,801 3,380,171 3,393,515 1,353,988 3,026,978 158,789 0 134,456 207,748 0 207,748 0 0 0 207,748 0.02 0.02
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