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Previous: WESTLINK RESOURCES LTD, F-1, EX-13.1, 2000-06-21 |
Next: WESTLINK RESOURCES LTD, F-1, EX-21.1, 2000-06-21 |
<PAGE> 1
Exhibit 13.2
WESTLINKS RESOURCES LTD.
[WESTLINKS RESOURCES LOGO]
Interim Report
For the Three Months Ended
March 31, 2000
<PAGE> 2
CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
MARCH 31 DECEMBER 31
2000 1999
-------- -----------
<S> <C> <C>
ASSETS
Current:
Cash and short term investments $ 8,410 $ 42,288
Accounts receivable 1,210,753 684,787
Inventory 7,253 0
Advances and prepaid expenses 32,227 0
------------------------------
1,258,643 727,075
Capital assets 10,036,144 7,016,726
------------------------------
$11,294,787 $7,743,801
==============================
LIABILITIES
Current:
Account payable $ 1,746,221 $ 687,042
Current portion of bank loan 1,850,000 1,075,000
------------------------------
3,596,221 1,762,042
Bank loan 2,550,000 1,525,000
Future income taxes 444,389 297,793
Provision for site restoration 190,221 181,332
SHAREHOLDERS EQUITY
Share capital 4,041,458 3,663,330
Retained earnings (deficit) 472,498 314,304
------------------------------
4,513,956 3,977,634
------------------------------
$11,294,787 $7,743,801
==============================
</TABLE>
<PAGE> 3
CONSOLIDATED STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
As at As at
Mar 31 Mar 31
2000 1999
------ ------
<S> <C> <C>
REVENUE
Oil and gas $1,740,985 $ 352,491
Royalty, net of ARTC (391,860) (35,557)
Other income 0 30
--------------------------
1,349,125 316,964
EXPENSES
Operating costs 405,464 157,134
Exploration 0 9,114
General and administrative costs 214,175 121,129
Interest 64,356 16,393
Depletion, depreciation & site restoration 360,340 146,100
--------------------------
1,044,335 449,870
Income (loss) before the following 304,790 (132,906)
Gain on sale of oil and gas properties 0 8,377
--------------------------
Income before income taxes 304,790 (124,529)
Deferred income taxes 146,596 (52,000)
--------------------------
NET INCOME 158,194 (72,529)
Retained earnings, beginning of period 314,304 442,132
--------------------------
Retained earnings, end of period $ 472,498 $ 369,603
==========================
Common shares outstanding 4,231,210 2,624,456
Net income per share
Basic and fully diluted $0.04 $(0.03)
</TABLE>
<PAGE> 4
CONSOLIDATED STATEMENT OF
CHANGES IN FINANCIAL POSITION
<TABLE>
<CAPTION>
As at As at
Mar 31 Mar 31
2000 1999
------ ------
<S> <C> <C>
OPERATING:
Net income $ 158,194 $ (72,529)
Items not requiring the outlay of cash
Future income taxes 146,596 (52,000)
Deletion, depreciation and
site restoration 360,340 146,100
Gain on sale of properties 0 (8,377)
-------------------------------
Funds generated from operations 665,130 13,194
Change in non-cash working capital 493,733 (83,248)
-------------------------------
1,158,863 (70,054)
FINANCING:
Issue of common 378,128 (6,424)
Bank loan 1,800,000 250,000
-------------------------------
2,178,128 243,576
-------------------------------
INVESTING
Capital expenditures (3,379,758) (240,480)
Proceeds on disposal of oil &
gas properties 0 9,449
Site restoration 8,889 0
-------------------------------
(3,370,869) (231,031)
-------------------------------
-------------------------------
Increase (decrease) in cash (33,878) (57,509)
Cash, beginning of period 42,288 73,839
-------------------------------
Cash, end period $ 8,410 $ 16,330
===============================
Common shares outstanding (average) 4,231,210 2,072,700
Funds generated per share
Basic and fully diluted $0.16 $0.01
</TABLE>
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