UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 1999
Commission file Number 10-7539
Delta States Oil Inc.
(Exact name of registrant as specified in its charter.)
Delaware, U.S.A. 13-2599131
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Dr. Alfred Morgan, Ph.D.
888 Riverbank Road, Stamford, CT U.S.A. 06903
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(203) 322-1003
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 [ ]
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practical
date:
Common Stock, $0.05 Par Value - 2,390,000 shares as of
June 30, 1999, of which 780,132 were Treasury shares not in
Public Float..
<PAGE>
<TABLE>
PART I. - FINANCIAL INFORMATION
DELTA STATES OIL INC.
INCOME STATEMENT
FOR THE SIX MONTHS
ENDED JUNE 30, 1999 AND 1998
(Unaudited)
(Rounded to the nearest dollar)
<CAPTION>
Six months ended
September 30
__________________
1999 1998
______ ______
<S> <C> <C>
Interest Received (bank fund) $ 104 $ 130
Expenses (Transfer Agent,
phone, travel, mail) 600 250
______ ______
Net Income (Loss) (496) (120)
______ ______
Loss per share nm nm
(nm: not meaningful)
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
DELTA STATE OIL INC.
BALANCE SHEETS
(Unaudited)
(Amounts rounded to nearest dollar)
<CAPTION>
June, 1999 June, 1998
______________ ______________
<S> <C> <C>
ASSETS (Cash bank accounts) $ 9,250 $ 10,489
______ ______
TOTAL ASSETS $ 9,250 $ 10,489
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
<S> <C> <C>
Current Liabilities (est.) $ 500 $ 500
Stockholder's Equity (Deficiency)
Common stock par value $0.05
per share Authorized 6,000,000
shares. Issued and outstanding -
2,390,000 shares including
780,832 Treasury shares
not in float 108,500 108,500
Additional paid-in capital 7,660 7,660
Accumulated deficit (68,368) (67,397)
Less cost, Treasury shares (39,042) (39,042)
_______ _______
Total Stockholders' Equity $8,750 $9.989
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIENCY) $9,250 $10,489
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
<PAGE>
DELTA STATE OIL INC.
NOTES TO FINANCIAL STATEMENTS
June 30, 1999
Note 1. Summary of Significant Accounting Policies
The accompanying financial statements, which should be read
in conjunction with the financial statements of Delta State Oil
Inc.("the Company") included in the 1998 Annual Report filed on
Form 10-K, are unaudited but have been prepared in the ordinary
course of business for the purpose of providing information with
respect to the interim period. The Company believes that all
adjustments (none of which were other than normal recurring
accruals) necessary for a fair presentation for such periods
have been included.
Note 2. Assets
Assets consist of cash or equivalent at Fleet Bank,
Stamford, CT.
Note 3. Expenses
Expenses consist principally of annual corporate registration
fee to State of Delaware, accounting services, transfer agent
services, travel and communication expenses in behalf of the
corporation. The above expenses do not include annual registration
fee or accounting expense and in the quarter herein principally
include a payment to Liberty Transfer for recent stockholder list
required for any deal negotiations.
<PAGE>
DELTA STATE OIL INC.
MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
June 30, 1999
Registrant did not conduct any operations during this quarter.
Management, however, continued to search for means of engaging
in active operations by merger or acquisition. Although financial
resources at hand are inadequate for a significat acquisition by
cash, liquid assets at hand appear to be adequate to support
anticipated administrative costs for this fiscal year ending
September 30.
PART II - OTHER INFORMATION
1. The Company has not been informed of any legal proceeding
against it during this quarter or in the preceding fiscal
year. Nor have any legal actions been commenced by the
Company in the period herein referred to.
2. No changes in securities issued occurred during this Quarter.
However, during fiscal 1994 the Board voted to issue to each
Director 20,000 shares in lieu of a cash stipend for work
performed and responsibilities assumed in behalf of the
Company, and in view of lack of Directorial insurance or
other prequisites. During the past fiscal year the Board
was expanded to four Directors by the addition of Mr.
Robert P. Maerz, Esq. and Dr. Larry Neuman, MD.
3. The above-mentioned issuance of 60,000 shares to Directors
increased the common outstanding to 2,230,000 of which,
however, 780,132 shares remain as Treasury shares not in
public hand or float.
4. No securities were issued in the quarter concerned.
5. No matters required to be voted on by stockholders were
submitted during this period. When Corporate action will
require vote by majority of stockholders, the matter will
be submitted for vote by proxy to shareholders in accord
with the manner prescribed by Company by-laws.
Item #6 Exhibits and Reports on Form 8-K
Reports on Form 8-K
No reports have been filed on Form 8-K during this
quarter.
<PAGE>
DELTA STATE OIL INC.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of
1934, the registrant has duly cause this report to be signed on
its behalf by the undersigned thereunto duly authorized.
DELTA STATE OIL INC.
Registrant
July 31, 1996 Alfred D. Morgan, Ph.D.
Date Alfred D. Morgan, Ph.D.
President, Chairman, Treasurer
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 0
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> Sep-30-1999
<PERIOD-START> Oct-1-1998
<PERIOD-END> Jun-30-1999
<CASH> 9,250
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 9,250
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 9,250
<CURRENT-LIABILITIES> 500
<BONDS> 0
<COMMON> 2,390,000
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 9,250
<SALES> 0
<TOTAL-REVENUES> 104
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 600
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (496)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (496)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
