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UNITED STATES SEC File Number
SECURITIES AND EXCHANGE COMMISSION 0-9378
Washington, D.C. 20549 -------
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One) [ ]Form 10-K [ ]Form 20-F [ ]Form 11-K [X]Form 10-QSB [ ]Form N-SAR
For Period Ended: December 31, 1998
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[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
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READ ATTACHED INSTRUCTION SHEET BEFORE PREPARING FORM. PLEASE PRINT OR TYPE
Nothing in the form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:
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PART I - REGISTRANT INFORMATION
ENEX RESOURCES CORPORATION
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Full Name of Registrant
N/A
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Former Name if Applicable
1221 Lamar Street, Suite 1020
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Address of Principal Executive Office (STREET AND NUMBER)
Houston, Texas 77010
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City, State and Zip Code
PART II - RULES 12b-25(b) and (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following
should be completed. (Check appropriate box)
[ ] (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
[X] (b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion
thereof, will be filed on or before the fifteenth calendar
day following the prescribed due date; or the subject
quarterly report of transition report on Form 10-Q, or portion
thereof will be filed on or before the fifth calendar day
following the prescribed due date; and
[ ] (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed with the
prescribed time period. (Attach Extra Sheets if Needed)
Continued consolidation of accounting records and computer systems
with Middle Bay Oil Company, Inc. pursuant to the acquisition of
approximately 80% of Enex common stock (reported on Form 8K on
May 4, 1998), together with additional unanticipated accounting
system changes, have delayed the preparation and completion of the
subject report.
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PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Larry Morris (713) 759-6808
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such shorter
period that the registrant was required to file such reports been
filed? If answer is no identify report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject
report or portion thereof? [X] Yes [ ] No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made:
Three Months Ended March 31, 1999 and 1998 (Dollar Amounts in Thousands)
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For the comparable period, the results of operations included the results of
operations of the Consolidated Partnership. The Company's entire interest in
the Consolidated Partnership was sold to Middle Bay Oil Company, Inc.,
effective October 1, 1998. Because of the sale, the results of operations of
the Consolidated Partnership are not included in the accounts of the Company
subsequent to October 1.
For the current period, the net loss before minority interest of $49,000
decreased $114,000 from a net loss before minority interest of $163,000 in the
comparable period. The net loss before minority interest decreased because of
a reduction in general and administrative expenses and an increase in interest
and other income which were partially offset by a decrease in income from oil
and gas operations and gain on property sales.
The Company's oil and gas revenues, operating expenses, production taxes and
depletion, depreciation and amortization for the current period decreased from
the comparable period because of the divestiture of the Consolidated
Partnership.
General and administrative expenses decreased because of the consolidation of
the Company's general and administrative functions with those of Middle Bay.
Subsequent to the March 27, 1998 tender offer by Middle Bay, the Company began
to consolidate its operations with Middle Bay. As of October, 1, 1998,
substantially all of the employees of the Company had resigned and the Company
headquarters were vacated. As of the March, 31, 1999, the Company had no
permanent or temporary employees. Substantially all of the general and
administrative functions for the current period were performed by Middle Bay
employees at a cost substantially less than was previously incurred by the
Company. Although Middle Bay is incurring certain expenses in the operation of
the Company, no general and administrative expense is being allocated to the
Company by Middle Bay.
The net los for the current period of $45,000 decreased $379,000 from the net
loss of $424,000 in the comparable period. The decrease in the net loss was
caused by a decrease in the net loss before minority interest, a decrease in
the minority interest deduction and a decrease in deferred tax benefit. In
the comparable period, the Company recorded a minority interest for the 44% of
the Consolidated Partnership that it did not own.
During the current period, the Company sold 4,400 barrels of oil at an average
price of $11.12 per barrel and 85,000 Mcf of gas at an average price of $1.67
per Mcf.
The interest income in the current period was the interest accrued on the loans
to Middle Bay.
During the current period, the Company incurred approximately $48,000 of
plugging and abandonment expense related to certain wells in Florida. This
expense is included in lease operating and other expenses.
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Enex Resources Corporation
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date May 18, 1999 By
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Frank C. Turner, II
INSTRUCTION: The form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the
persons signing the form shall be typed or printed beneath the signature. If
the statement is signed on behalf of the registrant by an authorized
representative (other than an executive officer), evidence of the
representative's authority to sign on behalf of the registrant shall be filed
with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
GENERAL INSTRUCTION
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the
General Rules and Regulations under the Securities Exchange Act of
1934.
2. One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the Securities and
Exchange Commission, Washington, D.C. 20549 in accordance with Rule
0-3 of the General Rules and Regulations under the Act. The
information contained in or filed with the form will be made a matter
of public record in the Commission files.
3. A manually signed copy of the form and amendments thereto shall be
filed with each national securities exchange on which any class of
securities of the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but
need not restate information that has been correctly furnished. The
form shall be clearly identified as an amendment notification.
5. ELECTRONIC FILERS. This form shall not be used by electronic filers
unable to timely file a report solely due to electronic difficulties.
Filers unable to submit a report within the time period prescribed due
to difficulties in electronic filing should comply with either Rule
201 or Rule 202 of Regulation S-T (Section 232.201 or Section 232.202
of this chapter) or apply for an adjustment in filing date pursuant to
Rule 13(b) of Regulation S-T (Section 232.12(c) of this chapter).
