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Previous: WESTLINK RESOURCES LTD, F-1/A, EX-5.1, 2000-10-24 |
Next: WESTLINK RESOURCES LTD, F-1/A, EX-23.4, 2000-10-24 |
<PAGE> 1
Exhibit 13.3
WESTLINKS RESOURCES LTD.
BALANCE SHEET
(unaudited)
<TABLE>
<CAPTION>
JUNE 30 DECEMBER 31
2000 1999
----------- -----------
<S> <C> <C>
ASSETS
Current:
Cash and short term investments C$ 1,935 C$ 42,288
Accounts receivable 1,375,007 684,787
------------ -----------
1,376,942 727,075
Capital assets 20,393,209 7,016,726
Investments 680,000
Deferred share issuance costs 282,110
------------ -----------
$22,732,261 $7,743,801
============ ===========
LIABILITIES
Current:
Accounts payable and accrued liabilities $ 1,690,720 $ 687,042
Notes payable 2,237,100 1,075,000
------------ -----------
3,927,820 1,762,042
Long-term debt 11,790,000 1,525,000
Future income taxes 1,151,719 297,793
Provision for site restoration 207,933 181,332
SHAREHOLDERS' EQUITY
Share capital 3,902,830 3,663,330
Contributed surplus 150,500
Retained earnings (deficit) 1,601,459 314,304
------------ -----------
5,654,789 3,977,634
------------ -----------
$22,732,261 $7,743,801
============ ===========
</TABLE>
<PAGE> 2
WESTLINKS RESOURCES LTD.
STATEMENT OF OPERATIONS AND RETAINED EARNINGS
(unaudited)
<TABLE>
<CAPTION>
For The Three Months For The Six Months
Ended June 30, Ended June 30,
-------------------- -------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUE:
Oil and gas $4,497,051 $ 471,701 $ 6,238,036 $ 824,192
Royalty costs, net of ARTC (886,905) (51,768) (1,278,765) (87,235)
---------- --------- ----------- ----------
3,610,146 419,933 4,959,271 736,867
EXPENSES:
Operating costs 915,761 165,021 1,321,225 322,155
Exploration 0 136,356 0 145,470
General and administrative costs 303,561 106,108 517,736 227,237
Interest 165,280 24,929 229,636 41,292
Depletion, depreciation and site restoration 1,017,153 143,217 1,377,493 289,317
---------- --------- ----------- ----------
2,401,755 575,631 3,446,090 1,025,540
Income (loss) before the following 1,208,391 (155,698) 1,513,181 (288,604)
Gain on sale of oil and gas properties 627,900 31,250 627,900 39,627
---------- --------- ----------- ----------
Income before income taxes 1,836,291 (124,448) 2,141,081 (248,977)
Future income taxes 707,330 (64,145) 853,926 (116,145)
---------- --------- ----------- ----------
NET INCOME 1,128,961 (60,303) 1,287,155 (132,832)
Retained earnings, beginning of period 472,498 291,302 314,304 363,831
---------- --------- ----------- ----------
Retained earnings, end of period $1,601,459 $ 230,999 $1,601,459 $ 230,999
========== ========= =========== ==========
Common shares outstanding (average) 4,331,925 2,640,433 4,331,925 2,640,433
Net income per share
Basic $0.26 ($0.02) $0.30 ($0.05)
</TABLE>
<PAGE> 3
WESTLINKS RESOURCES LTD.
STATEMENT OF CHANGES IN FINANCIAL POSITION
(unaudited)
<TABLE>
<CAPTION>
For The Three Months For The Six Months
Ended June 30, Ended June 30,
-------------------- -------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
OPERATING:
Net Income C$ 1,128,962 C$ (60,303) C$ 1,287,155 C$(132,832)
Items not requiring the outlay of cash
Future income taxes 707,330 (64,145) 853,926 (116,145)
Deletion, depreciation and site restoration 1,017,153 143,217 1,377,493 289,317
Gain on sale of properties (627,900) (31,250) (627,900) (39,627)
------------- ---------- ------------- ----------
Funds generated from operations 2,225,545 (12,481) 2,890,674 713
Change in non-cash working capital (180,275) (455,602) 313,458 (538,850)
------------- ---------- ------------- ----------
2,045,270 (468,083) 3,204,132 (538,137)
FINANCING:
Issue of common shares, net of share issue costs 11,872 8,000 390,000 1,576
Deferred share issue costs (282,110) 0 (282,110) 0
Long-term debt 7,390,000 200,000 9,190,000 45,000
Promissory Notes 2,237,100 0 2,237,100 0
------------- ---------- ------------- ----------
9,356,862 208,000 11,534,990 451,576
------------- ---------- ------------- ----------
INVESTING:
Capital expenditures (11,737,717) 222,128 (15,117,475) (18,352)
Proceeds on disposal of oil & gas properties 588,000 31,250 588,000 40,699
Investments (250,000) 0 (250,000) 0
Site restoration costs (8,889) (170) 0 (170)
------------- ---------- ------------- ----------
(11,408,606) 253,208 (14,779,475) 22,177
------------- ---------- ------------- ----------
Increase (decrease) in cash (6,475) (6,875) (40,353) (64,384)
Cash, beginning of period 8,410 16,330 42,288 73,839
------------- ---------- ------------- ----------
Cash, end of period $ 1,935 $ 9,455 $ 1,935 $ 9,455
============= ========== ============= ==========
Common shares outstanding (average) 4,331,925 2,640,433 4,331,925 2,640,433
Funds generated per share
Basic $0.51 ($0.01) $0.67 ($0.00)
</TABLE>
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