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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[ X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1999
________________________________
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
______________________________
Commission file number 333-26227
________________________________________
GOLDEN STATE PETROLEUM TRANSPORT CORPORATION
________________________________________________________________
(Exact name of Registrant as specified in its charter)
Delaware 13-392-7016
_______________________________ ___________________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Frontline Ltd., Mercury House,
101 Front Street, Hamilton, Bermuda
________________________________________________________________
(Address of principal executive offices)
(441) 295-6935
________________________________________________________________
(Registrant's telephone number, including area code)
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________________________________________________________________
(Former name, former address and former fiscal year
if changed since last report)
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 _______
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
Index to Consolidated Financial Statements
Statements of Operations and Retained Earnings
for the quarters and nine months ended September 30, 1999
and 1998 3
Balance Sheets as of September 30, 1999 and December 31,
1998 4
Statements of Cash Flows for the nine months ended September
30, 1999 and 1998 5
Notes to Financial Statements 6
3
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STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
for the quarters and nine months ended September 30, 1999 and 1998
(Unaudited)
Quarter Nine months Quarter Nine months
ended ended ended ended
Sept. 30, 1999 Sept. 30, 1999 Sept. 30, 1998 Sept. 30, 1998
Revenue
Agency fees $ - $ - $ - $ -
____________ ____________ ____________ ____________
Expenses
Transaction
expenses - - - -
____________ ____________ ____________ ____________
Net income $ - $ - $ - $ -
=========== =========== ============ ============
Retained earnings,
beginning of
period - - - -
____________ ____________ ____________ ____________
Retained earnings,
end of period $ - $ - $ - $ -
=========== =========== ============ ============
4
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Balance Sheets as of September 30, 1999 and December 31, 1998
(Unaudited)
September 30, December 31,
1999 1998
ASSETS
Cash $ 2 $ 2
Accounts receivable - -
____________ ____________
Total assets $ 2 $ 2
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ - $ -
____________ ____________
Total liabilities - -
____________ ____________
Stockholders' equity
Common stock, no par value; 100 shares authorized;
2 shares issued and outstanding 2 2
Retained earnings - -
____________ ____________
Total stockholders' equity 2 2
____________ ____________
Total liabilities and stockholders' equity $ 2 $ 2
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5
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Statements of Cash Flows
for the nine months ended September 30, 1999 and 1998
(Unaudited)
1999 1998
Cash flows from operating activities
Net income $ - $ -
Change in operating assets and liabilities - -
____________ ____________
Net cash provided by operating activities - -
____________ ____________
Cash flows from financing activities
Capital contribution - -
____________ ____________
Net cash provided by financing activities - -
____________ ____________
Cash at beginning of period 2 2
____________ ____________
Cash at end of period $ 2 $ 2
============ ============
6
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
Inapplicable
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
Inapplicable
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
None
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.
Inapplicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Inapplicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Inapplicable
ITEM 5. OTHER INFORMATION.
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits and reports to be filed: none
(b) Reports on Form 8-K: none
7
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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.
Golden State Petroleum
Transport Corporation
_____________________________
(Registrant)
Date November 12, 1999 By /s/ Kate Blankenship
_____________________ __________________________
Kate Blankenship
Director and Secretary
8
02089006.AB9
