<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
FEBRUARY 29, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________
______ TO _______________
COMMISSION FILE NUMBER 0-9147
FOUNTAIN OIL INCORPORATED
(EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)
Delaware 91-0881481
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)
1400 Broadfield Blvd., Suite 200, Houston, Texas 77084-5163
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
713-492-6992
(ISSUER'S TELEPHONE NUMBER)
(FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR,
IF CHANGED SINCE LAST REPORT)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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 [ ]
The number of shares outstanding of issuer's common stock on February 29, 1996
was 10,846,063.
TRANSITIONAL SMALL BUSINESS DISCLOSURE FORMAT
Yes [ ] No [X]
<PAGE>
PART II - OTHER INFORMATION
FOUNTAIN OIL INCORPORATED AND SUBSIDIARIES
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27 Financial Data Schedule (EDGAR filing only)
2
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
FOUNTAIN OIL INCORPORATED
Date: April 15, 1996 By: /s/ Arnfin Haavik
------------------------
Arnfin Haavik
Chief Financial Officer
3
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
FILED WITH
EXHIBIT THIS
NUMBER EXHIBIT REPORT
- ------- --------- ------
<S> <C> <C>
27 Financial Data Schedule (EDGAR filing only) X
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> FEB-29-1996
<CASH> 1,724,296
<SECURITIES> 0
<RECEIVABLES> 1,806,282
<ALLOWANCES> 0
<INVENTORY> 17,596
<CURRENT-ASSETS> 4,066,214
<PP&E> 4,733,875
<DEPRECIATION> 583,062
<TOTAL-ASSETS> 12,629,706
<CURRENT-LIABILITIES> 1,678,999
<BONDS> 3,750,000
0
0
<COMMON> 1,084,606
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 12,629,706
<SALES> 0
<TOTAL-REVENUES> 44,085
<CGS> 0
<TOTAL-COSTS> 41,107
<OTHER-EXPENSES> 312,695
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 43,914
<INCOME-PRETAX> (1,644,260)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,644,260)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,644,260)
<EPS-PRIMARY> (.15)
<EPS-DILUTED> (.15)
</TABLE>
