<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 2054
FORM 10Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 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 Employee
incorporation or organization) Identification No.)
1536 Cole Blvd., Ste #32
_______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
requiredto 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 March 31, 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
------------------
MARCH 31, 1996
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PART I - FINANCIAL INFORMATION PAGE
----
Item 1. Financial Statements
- -----------------------------
Consolidated condensed balance 3
sheet at March 31, 1996 and
December 31, 1995.
Consolidated statement of 5
operations for the three-month
periods ended March 31, 1996 and 1995.
Consolidated condensed statement 6
of cash flows for the three-month
periods ended March 31, 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
------------------------------------
March 31, December 31,
____1996__ ____1995____
(Unaudited) (Note)
<TABLE>
<CAPTION>
ASSETS
------
<S> <C> <C>
Current Assets:
Cash $ 64,579 $ 63,008
Accounts Receivable 78,370 80,130
-------- --------
Total current assets $142,949 $143,138
-------- --------
Property and equipment, at cost:
Oil and gas properties - net
(successful efforts method) 182,536 220,99
Materials and supplies 45,829 44,92
Other property and equipment - net 238 1,988
------- ------
Total assets $371,552 $411,04
========== =========
</TABLE>
Note: The balance sheet at December 31, 1995 has been taken from the audited
financial statements at that date, and condensed.
Page 3
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BLACK DOME ENERGY CORPORATION AND SUBSIDIARY
--------------------------------------------
CONSOLIDATED BALANCE SHEET (CONT'D)
-----------------------------------
March 31, December 31,
____1996___ ____1995____
(Unaudited) (Note)
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDER'S EQUITY
------------------------------------
Current Liabilities:
<S> <C> <C>
Accounts Payable $ 103,138 $ 79,24
Note Payable - Bank 64,968 84,98
Other Payables 9,600 9,600
--------- --------
Total Current Liabilities 177,706 173,830
--------- --------
Deferred Liability 191,250 160,000
--------- --------
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 (2,167,757) (2,093,137)
--------- ---------
Total stockholders' equity 2,596 77,216
--------- ---------
Total liabilities and
stockholders' equity $ 371,552 $ 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
------------------------------------
Three Months
Ended
March 31,
------------
1996 1995
------ ------
(Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C>
Oil and gas sales $117,235 $135,948
Operating income 2,839 2,839
Interest Income 77 67
Miscellaneous < 54> 305
-------- --------
Total $120,097 $139,159
-------- --------
Expenses:
Oil & Gas production 73,227 43,33
Production and windfall
profit taxes 6,405 --
Depreciation, depletion
and amortization 46,750 16,500
General & Administrative 66,920 69,755
Interest Expense 1,415 --
------ ------
Total $194,717 $129,586
-------- --------
Income (loss) before
taxes $(74,620) $ 9,572
Provision for Income
taxes -- < 1,435>
Net Income (Loss) before
Income Tax Benefit $(74,620) $8,137
-------- ------
Income Tax Benefit -- 1,435
-------- ------
Net Income (loss) $(74,620) $ 9,572
======== =======
Income per common and
common equivalent share $ <1.01> $ <.013>
========= =========
</TABLE>
Page 5
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BLACK DOME ENERGY CORPORATION AND SUBSIDIARY
--------------------------------------------
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
----------------------------------------------
Three Months Ended
March 31,
1996 1995
------ ------
(Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C>
Net Cash Flows Provided <USED> By Operating
Activities $(74,620) $ 9,572
Net Cash Used In Investing Activities 56,172 < 6,053>
Net Cash Used In Financing Activities 20,019 --
Net Increase(Decrease) in Cash $ 1,571 $ 3,519
======== ========
</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 March 31, 1996, and in the statements of operations and changes
in cash flows for the three-month periods ended March 31, 1996 and 1995.
Liquidity and Capital Resources
- -------------------------------
Cash increased by $1,571 from December 31, 1995 to the end of the first
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 decreased compared to the three-month period in
1995 due to decreased production from the Company's operated oil and gas
properties.
Gross income from Company owned and operated wells is comparable to the
three-month period ended March 31, 1995.
Interest income is comparable to the prior period in 1995.
Depreciation, Depletion and Amortization (DDA) for the period has
increased from the same three-month period in 1995.
The Company's exploration expense reflects minimal exploration
activity for both periods.
Oil and gas production expenses were substantially higher in the
three-month period of 1996 due to workover costs.
The Company's General and Administrative expense for the quarter
ended March 31, 1996, decreased compared to the first 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
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) May 10,1996
(NAME AND TITLE) Edgar J. Huff, President and
Chief financial Officer
Page 8
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 64,579
<SECURITIES> 0
<RECEIVABLES> 78,370
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 142,949
<PP&E> 182,536
<DEPRECIATION> 0
<TOTAL-ASSETS> 371,552
<CURRENT-LIABILITIES> 177,706
<BONDS> 0
<COMMON> 73,755
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 371,552
<SALES> 117,235
<TOTAL-REVENUES> 120,097
<CGS> 73,227
<TOTAL-COSTS> 194,717
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,415
<INCOME-PRETAX> (74,620)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (74,620)
<EPS-PRIMARY> (.01)
<EPS-DILUTED> (.01)
</TABLE>
