<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10Q
(REVISED)
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.
- ------------------------------
Condensed balance sheet 3
at June 30, 1996 and
December 31, 1995.
Statement of operations for 5
for the six-month periods ended
June 30, 1996 and 1995.
Condensed statement of cash flows 6
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
-----------------------------
CONDENSED BALANCE SHEET
-----------------------
June 30, December 31,
1996 1995
------------ -------------
(Unaudited) (Note)
ASSETS
Current Assets:
<TABLE>
<CAPTION>
<S> <C> <C>
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) 151,858 220,994
Materials and supplies 45,952 44,926
Other property and equipment - net 238 1,988
Total assets $ 414,736 $ 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 3
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BLACK DOME ENERGY CORPORATION
BALANCE SHEET (CONT'D)
June 30, December 31,
1996 1995
--------- -------------
(Unaudited) (Note)
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities:
<TABLE>
<CAPTION>
<S> <C> <C>
Accounts Payable $ 79,275 $ 79,243
Note Payable - Bank 53,297 84,987
Other Payables 9,600 9,600
Deferred Compensation 222,500 160,000
Total Current Liabilities 364,672 333,830
Stockholders' Equity:
Common stock; no par value;
authorized 10,000,000 shares,
issued and outstanding 73,755
2,170,353 2,170,353
Accumulated deficit (2,120,289) (2,093,137)
Total stockholders' equity 50,064 77,216
Total liabilities and
stockholders' equity $ 414,736 $ 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
STATEMENT OF OPERATIONS
Six Months Three Months
Ended Ended
June 30, June 30,
1996 1995 1996 1995
------------- --------------
(Unaudited)
Revenue:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Oil and gas sales $296,226 $223,177 $178,991 $ 87,229
Operating income 5,678 5,678 2,839 2,839
Interest Income 158 198 81 131
Miscellaneous 248 54 57
-------- -------- ------- -------
Total $302,062 $229,301 $181,965 $ 90,142
======== ======== ======= =======
Expenses:
Oil & Gas production 104,409 96,726 31,182 61,574
Production and windfall
profit taxes 16,640 13,435 10,235 5,256
Depreciation, depletion
and amortization 83,500 33,000 36,750 16,500
General & Administrative 124,665 135,265 56,330 65,510
-------- ------- ------ ------
Total Expenses $329,214 $278,426 $134,497 $148,840
-------- -------- -------- --------
Net Income (loss) $<27,152> $<49,125> $ 47,468 $<58,698>
========= ========= ======== =========
Income per common and
common equivalent share $ < .37> $ < .67> $ .64 $ <.80>
========= ========= ======== =========
</TABLE>
Page 5
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BLACK DOME ENERGY CORPORATION
CONDENSED STATEMENT OF CASH FLOWS
Six Months
Ended
June 30,
1996 1995
-------- --------
(Unaudited)
Cash flows from operating activities:
<TABLE>
<CAPTION>
<S> <C> <C>
Net earnings (loss) $< 27,152> $< 49,125>
Depreciation, depletion, amortization 83,500 33,000
Changes in assets and liabilities:
Increase (decrease) in receivables < 1,795> 4,434
Increase (decrease) in accounts payable 31 12,609
Increase (decrease) in other liabilities -- 6,634
Increase (decrease) in deferred comp. 62,500 19,600
------- ------
Net cash provided (used) by 117,084 27,152
operating activities ------- ------
Cash flows from investing activities:
Purchase of equipment < 14,666> < 763>
Purchase of well equipment inventory,
net of transfers to wells 1,026 < 5,532>
------- ------
Net cash (used in) provided by
investing activities < 13,640> < 6,295>
------ ------
Cash flows from financing activities:
Increase (decrease) in line-of-credit < 31,690> < 41,215>
Net cash (used in) provided by
financing activities < 31,690> < 41,215>
--------- --------
Increase (decrease) in cash 71,754 < 20,358>
Cash balance at beginning of period 63,008 53,429
--------- ---------
Cash balance at end of period $ 134,762 $ 33,071
========= =========
</TABLE>
Page 6
<PAGE>
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
increase in oil and gas sales resulting from increased prices. 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 better product prices from the Company's operated oil and gas
properties.
Gross income from Company owned and operated wells has increased compared 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
compared to the same six-month period in 1995 due to the changes in accounting
method for lease and well equipment from the straight line to units of
production method.
The Company's exploration expense reflects minimal exploration activity for
both periods.
Oil and gas production expenses are comparable for the six-month periods of
1996 and 1995.
The Company's General and Administrative expense for the quarter ended June
30, 1996, decreased compared to the second quarter of 1995. Management is
attempting to contain general and administrative expenses by fully utilizing
its existing personnel.
The Company's Management believes all adjustments to the statements are of a
normal recurring nature and that no non-recurring adjustments have been made.
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
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.
BLACK DOME ENERGY CORPORATION
-----------------------------
Date: August 6, 1996 by: /s/Edgar J. Huff
- --------------------- ------------------------
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> 238
<DEPRECIATION> 0
<TOTAL-ASSETS> 414,736
<CURRENT-LIABILITIES> 364,672
<BONDS> 0
0
0
<COMMON> 73,755
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 414,736
<SALES> 178,991
<TOTAL-REVENUES> 181,965
<CGS> 0
<TOTAL-COSTS> 134,497
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 47,468
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 47,468
<EPS-PRIMARY> .64
<EPS-DILUTED> .64
</TABLE>
