<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended June 30, 1996 Commission File Number 0-9394
___________BLACK DOME ENERGY CORPORATION_____________
(Exact name of registrant as specified in its charter)
_____________Colorado____________ __________84-0808397_______
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1536 Cole Blvd., Ste #325
_______Golden,_Colorado_______ __________80401____________
(Address of principal executive (Zip code)
offices)
Registrant's telephone number, including area code: (303)231-9059
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.
__X__ Yes _____ No
At June 30, 1996, 73,755 shares of no par value common stock (the registrant's
only class of voting stock) were outstanding.
Page 1
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BLACK DOME ENERGY CORPORATION
INDEX TO FORM 10-Q
JUNE 30, 1996
PART I - FINANCIAL INFORMATION PAGE
Item 1. Financial Statements.
Consolidated condensed balance 3
sheet at June 30, 1996 and
December 31, 1995.
Consolidated statement of 5
operations for the six-month
periods ended June 30, 1996 and 1995.
Consolidated condensed statement 6
of cash flows for the six-month
periods ended June 30, 1996 and 1995
Item 2. Management's Discussion and 7
Analysis of Financial Conditions and
Results of Operations.
PART II - OTHER INFORMATION 8
------------------------------
The financial information furnished in this Form 10-Q reflects all
adjustments which are, in the opinion of management, necessary for a fair
presentation of the financial position of the Company and results of its
operations for the interim periods presented.
Page 2
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
BLACK DOME ENERGY CORPORATION AND SUBSIDIARY
--------------------------------------------
CONSOLIDATED CONDENSED BALANCE SHEET
------------------------------------
<TABLE>
<CAPTION>
June 30, December 31,
____1996_____ ____1995____
(Unaudited) (Note)
ASSETS
------
<S> <C> <C>
Current Assets:
Cash $134,762 $ 63,008
Accounts Receivable 81,926 80,130
-------- --------
Total current assets $216,688 $143,138
-------- --------
Property and equipment, at cost:
Oil and gas properties - net
(successful efforts method) 105,108 220,994
Materials and supplies 45,952 44,926
Other property and equipment - net 238 1,988
------- -------
Total assets $ 367,986 $ 411,046
========= =========
</TABLE>
Note: The balance sheet at December 31, 1995 has been taken from the audited
financial statements at that date, and condensed.
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BLACK DOME ENERGY CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET (CONT'D)
--------------------------------------------
<TABLE>
<CAPTION>
June 30, December 31,
____1996___ ____1995____
(Unaudited) (Note)
LIABILITIES_AND_STOCKHOLDER'S_EQUITY
------------------------------------
<S> <C> <C>
Current Liabilities:
Accounts Payable $ 79,275 $ 79,243
Note Payable - Bank 53,297 84,987
Other Payables 9,600 9,600
------- -------
Total Current Liabilities 142,172 173,830
------- -------
Deferred Liability 222,500 160,000
------- -------
Stockholders' Equity:
Common stock; no par value;
authorized 10,000,000 shares,
issued and outstanding 73,755
and 73,455 shares, respectively 2,170,353 2,170,353
Accumulated deficit (2,167,039) (2,093,137)
----------- -----------
Total stockholders' equity 3,314 77,216
----------- -----------
Total liabilities and
stockholders' equity $ 367,986 $ 411,046
============ ============
</TABLE>
Note: The balance sheet at December 31, 1995 has been taken from the audited
financial statements at that date, and condensed.
Page 4
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BLACK DOME ENERGY CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
--------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended June 30,
1996 1995
---------------------
(Unaudited)
Revenue:
<S> <C> <C>
Oil and gas sales $296,226 $223,177
Operating income 5,678 5,678
Interest Income 158 198
Miscellaneous -- 248
-------- --------
Total $302,062 $229,301
-------- --------
Expenses:
Oil & Gas production 104,409 96,726
Production and windfall
profit taxes 16,640 13,435
Depreciation, depletion
and amortization 83,500 33,000
General & Administrative 171,415 135,265
Total $375,964 $278,426
-------- --------
Income (loss) before
taxes $<73,902> $<49,125>
Provision for Income
taxes -- --
Net Income (Loss) before
Income Tax Benefit $<73,902> $<49,125>
--------- ---------
Income Tax Benefit -- --
Net Income (loss) $<73,902> $<49,125>
======== ========
Income per common and
common equivalent share $ <1.00> $ <.67>
========= =========
Page 5
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BLACK DOME ENERGY CORPORATION AND SUBSIDIARY
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Six Months
Ended
June 30,
------------------
1996 1995
(Unaudited)
<S> <C> <C>
Net Cash Flows Provided <USED> By
Operating Activities $<73,902> $<49,125>
Net Cash Used In Investing Activities 118,880 28,767
Net Cash Used In Financing Activities 26,776 --
------- -------
Net Increase(Decrease) in Cash $ 71,754 $<20,358>
======== ========
</TABLE>
Page 6
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Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
-------------------------------------------------
General
- -------
This discussion and analysis covers variations in the balance sheets December
31, 1995, and June 30, 1996, and in the statements of operations and changes
in cash flows for the six-month periods ended June 30, 1996 and 1995.
Liquidity_and_Capital_Resources
- -------------------------------
Cash increased by $71,754 from December 31, 1995 to the end of the second
quarter, 1996. This increase in cash was attributable primarily to the
maintenance and recompletion of existing oil and gas properties. Cash flows
and current revenues are estimated to be sufficient to meet anticipated
operating requirements for more than one year.
Results_of_Operations
- ---------------------
Oil and gas sales have increased compared to the six-month period in 1995 due
to increased production from the Company's operated oil and gas properties.
Gross income from Company owned and operated wells is comparable to the
six-month period ended June 30, 1995.
Interest income is comparable to the prior period in 1995.
Depreciation, Depletion and Amortization (DDA) for the period has increased
from the same six-month period in 1995.
The Company's exploration expense reflects minimal exploration activity for
both periods.
Oil and gas production expenses are comparable to the six-month period of
1996.
The Company's General and Administrative expense for the quarter ended June
30, 1996, increased compared to the second quarter of 1995. Management is
attempting to contain general and administrative expenses by fully utilizing
its existing personnel.
Page 7
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PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits: None
(b) Reports: None
Form EX-27 Financial Data Schedule
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the
undersigned thereunto duly authorized.
(Registrant) BLACK DOME ENERGY CORPORATION
BY (Signature) /s/ Edgar J. Huff
(Date) August 6, 1996
(Name and Title) Edgar J. Huff, President
and Chief Financial
Officer
Page 8
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 134,762
<SECURITIES> 0
<RECEIVABLES> 81,926
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 216,688
<PP&E> 105,108
<DEPRECIATION> 0
<TOTAL-ASSETS> 367,986
<CURRENT-LIABILITIES> 138,402
<BONDS> 0
73,755
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 367,986
<SALES> 296,226
<TOTAL-REVENUES> 302,062
<CGS> 204,549
<TOTAL-COSTS> 375,964
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (73,902)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (73,902)
<EPS-PRIMARY> (1.00)
<EPS-DILUTED> (1.00)
</TABLE>
