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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: [X]Form 10-K [ ]Form 20-F [ ]Form 11-K [ ]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)
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 has 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:
12 Months Ended December 31, 1998 and 1997 (Dollar Amounts in Thousands)
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Total revenues for the 12 months ended December 31, 1998 of $7,394
were $4,069, or 35%, lower than the comparable period. This decrease in
total revenues is due principally to higher oil and gas revenues of
$3,743.
The decrease in oil and gas revenues consists primarily of a $2,065
decrease in oil revenues and a $1,678 decrease in gas revenues. This
decrease is primarily a result of lower oil and gas prices for the period
and the sale of Enex Consolidated Partners, L.P.
Total expenses decreased by $959 over the comparable period in 1997
primarily due to a decrease in lease operating expenses resulting from
the sale of properties with higher operating costs.
Enex Resources anticipated reporting an operating loss of $531 for the
12 months ended December 31, 1998 versus an operating income of $1,982
for the comparable period.
Enex Resources anticipates reporting a deferred income tax expense of
$72 for the current period, as compared to $16 in the comparable period.
Enex Resources anticipated reporting a net loss of $604 for the 12
months ended December 31, 1998 versus net income of $1,966 for the
comparable period.
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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 March 31, 1999 By /s/ Frank C. Turner, II
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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).
