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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission File Number : 0-22349
(Check One)
(X) Form 10-KSB ( ) Form N-SAR
( ) Form 10-Q ( ) Form 11-K
( ) Form 20-F
For Period Ended: December 31, 1997
( ) Transition Report on Form 10-K
( ) Transition Report on Form 20-F
( ) Transition Report on Form 11-K
( ) Transition Report on Form 10-Q
( ) Transition Report on Form N-SAR
For the Transition Period Ended:________________________________________
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
PART I - REGISTRANT INFORMATION
Pan Western Energy Corporation
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Full Name of Registrant
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Former Name if Applicable
1850 S. Boulder Avenue, Suite 300
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Address of Principal Executive Office (Street and Number)
Tulsa, Oklahoma 74119
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City, State and Zip Code
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PART II - RULES 12b-25 (b) and (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
(b) The subject annual report, semi-annual report, transition report on
(X) Form 10-K, Form 20-F, 11-K, of Form N-SAR, or portion thereof,
will be filed on or before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report of transition
report on Form 10-Q, or portion thereof will be filed on or before the
fifth calendar day following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
Registrant is waiting on outside third party oil and gas reservoir
engineers to complete the calculation of Registrant's oil and gas reserves at
December 31, 1997. This information is also needed for the completion of the
Registrant's annual audit which is being conducted by the Registrant's outside
third party auditors.
The Registrant is currently attempting to raise financing with an
investment banker located in Houston, Texas. As part of their due diligence, the
investment banker required that a reserve report for the Registrant be prepared
by a reservoir engineer which was on their list of approved reserve engineers.
Since the Registrant's past reservoir engineer was not included on the list the
Registrant was forced to pick a new reservoir engineer from the list to complete
it's oil and gas engineering report. The new reserve engineers began working on
our reserve report on February 26, 1998 and since the Registrant's reserves are
new to them they are completing a substantial amount of due diligence.
In addition, our annual audit which has been in progress since March 9,
1997 cannot be completed until the reserve report is received since the results
of the report affect both the depreciation, depletion and amortization
calculation to be included in the audited financial statements as well as the
unaudited Supplemental Information About Oil and Gas Producing Activities which
must be included in our Form-10KSB filing.
It is currently anticipated the Registrant will file Form-10KSB on or before the
fifteenth calendar day following the prescribed due date.
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PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Vincent R. Kemendo
(918) 582-4957
(2) Have all other periodic reports required under Section 13 or 15 (d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If answer is no,
identify report(s). (X) Yes ( ) No
The Registrant became subject to the filing requirements by virtue of a
Form-10SB which became effective on June 26, 1997.
(3) Is it anticipated that any significant changes in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof.
(X) Yes ( ) No
As reflected in Form 10-Q filings for the periods ended June 30, 1997 and
September 30, 1997, the registrant currently expects the audited financial
statements for the year ended December 31, 1997 to reflect a significantly
larger net loss than that which was reflected in the audited financial
statements for the year ended December 31, 1996. The registrant experienced
lower production volumes as well as lower prices for its oil and gas production
for the year ended December 31, 1997 when compared to the year ended December
31, 1996. The registrant also experienced increased general and administrative
expenses during the year ended December 31, 1997 as compared to the year ended
December 31, 1996. In addition, in November, 1997, the registrant sold three
wells and plugged two wells on its' properties located near Stillwater, Ok.
These transactions accounted for a loss on sale of assets of approximately
$214,400. The registrant continues to hold an interest in three producing wells
on these properties.
PAN WESTERN ENERGY CORPORATION
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has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date MARCH 25, 1998
By /s/ SID L. ANDERSON
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Sid L. Anderson, President and Director
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