-----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, MPorCwA6sJvtxG5NHzSMGfJ1y2V0hNQJAVspDJxylShbZJ8+Ya8nXxzkhKxmGEoB 4hQZxl2TYV5lu4YV0atrJA== 0000950134-96-002648.txt : 19960606 0000950134-96-002648.hdr.sgml : 19960606 ACCESSION NUMBER: 0000950134-96-002648 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960507 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960605 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DLB OIL & GAS INC CENTRAL INDEX KEY: 0000945982 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 731358299 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26484 FILM NUMBER: 96576805 BUSINESS ADDRESS: STREET 1: 1601 NORTHWEST EXPRESSWAY STREET 2: STE 700 CITY: OKLAHOMA CITY STATE: OK ZIP: 73118 BUSINESS PHONE: 4058488808 MAIL ADDRESS: STREET 1: 100 N BROADWAY STREET 2: 20TH FLOOR CITY: OKLAHOMA CITY STATE: OK ZIP: 73102 8-K 1 FORM 8-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (date of earliest event reported): May 7, 1996 DLB OIL & GAS, INC. (Exact name of registrant as specified in its charter) OKLAHOMA (State or other jurisdiction of incorporation or organization) 0-26484 73-1358299 (Commission File Number) (I.R.S. Employer Identification No.) 1601 N.W. EXPRESSWAY, SUITE 700 OKLAHOMA CITY, OKLAHOMA 73118-1401 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 405-848-8808 2 ITEM 5. OTHER EVENTS Registrant is filing as an exhibit to this report a press release dated May 7, 1996, announcing its First Quarter Results. Such exhibit is incorporated herein by this reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS The following exhibit is filed with this report: 99.3 Press release dated May 7, 1996. 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 hereunto authorized. DLB Oil & Gas, Inc. /s/ Fred W. Standefer Fred W. Standefer Vice President Corporate Development Date: May 7, 1996 3 INDEX TO EXHIBITS Exhibit Number Description ------- ----------- 99.3 Press release dated May 7, 1996. EX-99.3 2 PRESS RELEASE 1 [DLB LETTERHEAD] NEWS RELEASE - ------------ FOR IMMEDIATE RELEASE CONTACT: FRED STANDEFER VICE-PRESIDENT -- CORPORATE DEVELOPMENT (405) 848-8808 DLB OIL AND GAS, INC. ANNOUNCES FIRST QUARTER RESULTS OKLAHOMA CITY, OKLAHOMA - May 7, 1996 - DLB Oil and Gas, Inc. (NASDAQ - DLBI) today reported net income of $.51 million or $.04 per share for the three months ended March 31, 1996, as compared to $1.14 million, or $.11 per share for the same period in 1995. Earnings before interest, taxes, depreciation, depletion, and amortization ("EBITDA") were $2.82 million as compared to $3.70 million for the same period in 1995. Revenues and net income for the quarter were affected by the sale of gas gathering and processing assets, which generated a non-recurring loss of $0.2 million on the asset sale and eliminated revenues associated with the assets of $0.6 million. The asset sale was part of a joint venture dissolution in which the Company received its ratable interest in 140 wells and cash payments of $3.4 million. The Company has reinvested the cash payments into other income producing assets. Oil and natural gas sales revenues were $4.48 million, up 6%, as compared to $4.24 million in the first quarter of 1995. The Company's average sales price per barrel of oil equivalent rose 17% to $15.43 as compared to $13.20 for the same period in 1995. As of March 31, 1996 DLB had no long term debt, shareholders equity of $59.9 million, and working capital of $8.8 million. 2 OTHER ACTIVITY - - Due diligence efforts related to the Company's acquisition of 44 fields from Amerada Hess Corporation are proceeding according to plan. DLB currently anticipates closing June 1, 1996. - - The Rosalie 25-5 located in Woodward County (Northwest Oklahoma), has been completed at an initial rate of approximately 1500 mcf per day from the Chester and Tonkawa formations. DLB owns a 64% working interest in this well and serves as operator. The Company also controls 50% or more of three offset locations. - - The Company is currently obtaining permits for its initial 3-D seismic shoot on the Osage Mineral Estate (Northeast Oklahoma). The initial shoot design covers approximately 9 square miles and will determine parameters for subsequent shoots on an area covering approximately 750 square miles under exclusive contract to DLB for exploratory operations. - - DLB obtained a 12.5% interest in an area of mutual interest covering approximately 80,000 acres in Garza County, Texas (West Texas). The transaction included purchase of three 3-D seismic shoots totaling approximately 31 square miles, and approximately 23,000 net leasehold acres. DLB Oil & Gas, Inc. is an Oklahoma City based company engaged in the exploration for and the development of crude oil and natural gas fields with a special emphasis on the application of state-of-the-art technologies to underanalyzed and underexplored areas. DLB also engages in the gathering, processing, transportation and marketing of hydrocarbons. The Company's common stock trades under the symbol DLBI. 3 DLB OIL & GAS, INC. RESULTS OF OPERATIONS (in thousands, except per share data)
THREE MONTHS ENDED MARCH 31, ------------------------------------- 1996 1995 CHANGE --------- ------------ ------ PRODUCTION DATA Oil 143 179 (20.1)% Natural Gas 884 756 16.9 % Barrel Oil Equivalent (BOE) 290 305 (4.8)% Oil ($/Bbl) $ 18 65 $ 16 30 14.4 % Gas ($/Mcf) $ 2 05 $ 1 75 17.1 % BOE/$ $ 15 43 $ 13 20 16.9 % DRILLING DATA Gross Wells Exploratory** 0 0 2 0 Developmental** 4 0 2 0 Dry Hole 8 0 1 0 Success Rate 33% 80% (58.3)% Net Wells Exploratory** 0 0 1 6 Developmental** 1 0 1 0 Dry Hole 7 0 1 0 Success Rate 13% 72% (82.6)% ** Producing Properties INCOME STATEMENT DATA REVENUES Oil $ 2,671 $ 2,917 (8.4)% Natural Gas 1,810 1,323 36.8 % --------- ------------ 4,481 4,240 5.7 % Natural Gas Gathering, Processing & Trans. 77 664 (88.4)% Interest & Other Income 196 365 (46.3)% --------- ------------ 4,754 5,269 (9.8)% EXPENSES Lease Operating (includes production taxes) 1,211 1,238 (2.2)% General & Administrative 727 329 121.0 % 1,938 1,567 23.7 % EBITDA 2,816 3,702 (23.9)% Depreciation, Depletion & Amortization 1,794 1,631 10.0 % EBIT 1,022 2,071 (50.7)% Interest Expense 0 179 n/a EBT 1,022 1,892 (46.0)% Income Taxes Proforma 0 757 n/a Deferred 388 0 n/a --------- ------------ 388 757 n/a RECURRING NET INCOME 634 1,135 (44.2)% --------- ------------ Non-Recurring items Loss on sale of assets* (129) 0 n/a REPORTED NET INCOME (LOSS) $ 505 $ 1,135 (55.5)% ========= ============ Per Share Data RECURRING NET INCOME $ 0 05 $ 0 11 Reported Net Income (Loss) $ 0 04 $ 0 11 Average Shares Outstanding 12,988 10,000 * Net of Income Taxes @ 38.0%
MARCH 31, DECEMBER 31, 1996 1995 --------- ------------ BALANCE SHEET DATA Cash and Cash Equivalents 9,344 14,313 (34.7)% Working Capital 8,754 13,724 (36.2)% Total Assets 77,078 78,207 (1.4)% Long Term Debt 0 0 n/a Stockholders' Equity 59,868 59,544 0.5 %
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