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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
August 31, 1999
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Date of Report (date of earliest event reported)
Pontotoc Production, Inc.
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Exact Name of Registrant as Specified in its Charter
Nevada 0-21313 84-1349552
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State or Other Jurisdiction Commission File IRS Employer Identifi-
of Incorporation Number cation Number
808 E. Main, Ada, Oklahoma 74820
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Address of Principal Executive Offices, Including Zip Code
(580) 436-6100
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Registrant's Telephone Number, Including Area Code
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ITEM 5. OTHER EVENTS.
During the two month period from June 30, 1999, the date of the Company's
latest Form 10-QSB, through August 31, 1999, the Company received $330,000
from the exercise of its common stock purchase warrants. As a result of the
proceeds received from the exercise of the warrants, the Company believes that
its net tangible assets have increased to the level required to meet the
requirements for listing on the NASDAQ Small Cap Market. Therefore, the
Company has prepared interim financials as of August 31, 1999, for inclusion
in this Form 8-K, in connection with the Company's application for listing on
the NASDAQ Small Cap Market.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial statements for Pontotoc Production, Inc.:
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Condensed Balance Sheet as of August 31, 1999
(Unaudited) .......................................... F-1
Condensed Statements of Earnings for the Five
Months Ended August 31, 1999 (Unaudited) ............. F-2
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 duly authorized.
PONTOTOC PRODUCTION, INC.
Dated: September 14, 1999 By:/s/ James Robby Robson
James Robby Robson, Jr., President
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PONTOTOC PRODUCTION, INC.
BALANCE SHEET
(Unaudited)
August 31, 1999
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 890,628
Trading securities 2,188
Accounts receivable (net) 444,833
Other current assets 29,567
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Total Current Assets 1,367,216
PROPERTY AND EQUIPMENT-COST, net 437,416
OIL AND GAS PROPERTIES-COST, net 5,088,146
NOTE RECEIVABLE-AFFILIATE 65,500
OTHER 101,171
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$7,059,449
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 64,780
Accrued and other current liabilities 12,457
Income taxes payable 228,930
Deferred income taxes 74,493
Current portion of long-term debt 1,792,070
Other 0
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Total Current Liabilities 2,172,730
LONG-TERM DEBT, Less Current Maturities 26,252
DEFERRED INCOME TAXES 453,723
COMMITMENTS AND CONTINGENCIES 0
STOCKHOLDERS' EQUITY
Common Stock - $.0001 Par Value; Authorized -
100,000,000 shares; issued and outstanding -
4,769,513 477
Additional paid-in earnings 2,454,596
Retained earnings 1,951,671
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4,406,744
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$7,059,449
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See accountant's compilation report.
F-1
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PONTOTOC PRODUCTION, INC.
STATEMENT OF EARNINGS
(Unaudited)
Five Month Period Ended August 31, 1999
Operating revenues
Oil and gas sales $1,659,278
Well supervision fees and overhead reimbursements 41,372
Other 0
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1,700,650
Operating costs and expenses
Production 705,761
Depreciation, depletion and amortization 125,060
General, administrative and other 142,301
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973,122
Earnings from operations 727,528
Other income 94,998
Interest expense (59,422)
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Earnings before income taxes 763,104
Provision for income taxes 228,930
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Net Earnings $ 534,174
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Basic and diluted earnings per share 0.11
Weighted average shares outstanding, basic and diluted 4,769,513
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See accountant's compilation report.
F-2
