<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, 1997 Commission File Number 0-9394
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BLACK DOME ENERGY CORPORATION
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(Exact name of registrant as specified in its charter)
Colorado 84-0808397
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1536 Cole Blvd., Ste #325
Golden, Colorado 80401
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(Address of principal executive (Zip code)
offices)
Registrant's telephone number, including area code: (303)231-9059
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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, 1997, 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
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INDEX TO FORM 10-Q
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JUNE 30, 1997
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PART I - FINANCIAL INFORMATION
PAGE
----
Item 1. Financial Statements
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Condensed balance sheet 3
at June 30, 1997 and
December 31, 1996.
Statement of operations for 5
for the six-month periods ended
June 30, 1997 and 1996
Statement of cash flows 6
for the six-month periods ended
June 30, 1997 and 1996
Notes to Financial Statements 7
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
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Item 1. Financial Statements
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BLACK DOME ENERGY CORPORATION
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CONDENSED BALANCE SHEET
- -----------------------
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
--------- ----------
(Unaudited) (Note)
ASSETS
------
<S> <C> <C>
Current Assets:
Cash $ < 4,980> $ 128,220
Cash, Money Market Fund 864,912 --
Accounts Receivable 103,657
-------- --------
Total current assets $ 859,932 $ 231,877
Property and equipment, at cost:
Oil and gas properties - net
(successful efforts method) -- 161,511
Materials and supplies -- 9,772
--------- --------
171,283
Deferred income tax assets -- 300,000
Total assets $ 859,932 $ 703,160
========== ==========
</TABLE>
Note: The balance sheet at December 31, 1996 has been taken from the audited
financial statements at that date, and condensed.
Page 3
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BLACK DOME ENERGY CORPORATION
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CONDENSED BALANCE SHEET (CONT'D)
--------------------------------
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
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(Unaudited) (Note)
LIABILITIES AND STOCKHOLDER'S EQUITY
------------------------------------
<S> <C> <C>
Current Liabilities:
Accounts Payable $ 24,308 $ 99,431
Deferred Compensation -- 132,100
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Total Current Liabilities 24,308 231,531
Stockholders' Equity:
Common stock; no par value;
authorized 10,000,000 shares,
issued and outstanding 73,755
2,188,353 2,188,353
Retained earnings (deficit) <1,357,729> <1,716,724>
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Total stockholders' equity 830,624 471,629
--------- ---------
Total liabilities and
stockholders' equity $ 854,932 $ 703,160
=========== ===========
</TABLE>
Note: The balance sheet at December 31, 1996 has been taken from the audited
financial statements at that date, and condensed.
Page 4
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BLACK DOME ENERGY CORPORATION
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CONDENSED STATEMENT OF OPERATIONS
- ---------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
June 30,
1997 1996
----------------------
(Unaudited)
<S> <C> <C>
Income <loss> from discontinued
operations $ -- $< 73,902>
--------- --------
Expenses during liquidation period <78,500> --
Gain on sale of oil and gas properties 742,484 --
Less income taxes 300,000 --
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$ 442,484 --
-------- -------
Net income <loss> $ 363,984 $< 73,902>
-------- -------
Earnings <loss> per share $4.94 <$1.01>
========= ========
</TABLE>
At the December 1996 Stockholders' Meeting, the stockholders approved the
sale of the Company's oil and gas properties and the liquidation of the
Company. In February 1997, the Company completed the sale of all its
properties effective December 31, 1996. The Company has discontinued
operating and plans to liquidate in the next calendar year.
Page 5
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BLACK DOME ENERGY CORPORATION
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STATEMENT OF CASH FLOWS
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<TABLE>
<CAPTION>
Six Months
Ended
June 30,
1997 1996
---------------------
(Unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net income <loss> $ 363,994 $< 73,902>
Depreciation, depletion, amortization -- 130,250
Less gain on sale of oil and gas properties <742,484> --
Changes in assets and liabilities:
<Increase> decrease in accounts receivables 103,657 < 1,796>
Increase <decrease> in accounts payable < 75,033> 32
Decrease in deferred tax asset 300,000 --
Increase <decrease> in deferred comp. <132,100> 62,500
Increase <decrease> in note payable -- < 31,690>
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Net cash provided (used) by <181,966> 85,394
operating activities ------- -------
Cash flows from investing activities:
Proceeds from sale of oil and gas properties 921,250 --
Purchase of capital items < 7,572> <13,640>
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Net cash (used in) provided by
investing activities 913,678 <13,640>
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Cash flows from financing activities:
Increase (decrease) in cash 731,712 71,754
Cash balance at beginning of period 128,220 63,008
------- ------
Cash balance at end of period $ 859,932 $ 134,762
========= =========
</TABLE>
Page 6
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Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
General
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This discussion and analysis covers variations in the balance sheets December
31, 1996, and June 30, 1997, and in the statements of operations and changes
in cash flows for the six-month periods ended June 30, 1997 and 1996.
Liquidity and Capital Resources
- -------------------------------
As a result of the sale of all the Corporation's oil and gas properties,
working capital at June 30, 1997 was $830,624 compared to the $346 at December
31, 1996.
Results of Operations
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The Corporation sold all of its operating oil and gas properties effective
December 31, 1996 and ceased operations. Costs incurred in the six months
ended June 30, 1997 resulted mostly from administrative costs incurred in the
closing of operations.
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
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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
(Date) August 8, 1997
BY:(Signature) /s/Edgar J. Huff
(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-30-1997
<CASH> 859,932
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 859,932
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 859,932
<CURRENT-LIABILITIES> 24,308
<BONDS> 0
0
0
<COMMON> 73,755
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 854,932
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 78,500
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 663,984
<INCOME-TAX> 300,000
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 742,484
<CHANGES> 0
<NET-INCOME> 363,984
<EPS-PRIMARY> 4.94
<EPS-DILUTED> 4.94
</TABLE>
