PAGE
<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 March 31, 1998
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 Identification No.)
incorporation or organization)
2374 Eldorado Lane
Evergreen, Colorado 80439
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (303)674-8756
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 March 31, 1998, 73,755 shares of no par value common stock (the registrant's
only class of voting stock) were outstanding.
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
BLACK DOME ENERGY CORPORATION
CONDENSED BALANCE SHEET
March 31, December 31,
1998 1997
(Unaudited) (Note)
------------- ----------
ASSETS
Current Assets:
Cash $ -- $ --
Accounts Receivable -- --
Total current assets $ -- $ --
Property and equipment, at cost:
Oil and gas properties - net
(successful efforts method) -- --
Materials and supplies -- --
--
Deferred income tax assets -- --
Total assets $ -- $ --
----------- ----------
Note: The balance sheet at December 31, 1997 has been taken from the audited
financial statements at that date, and condensed.
Page 3<PAGE>
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BLACK DOME ENERGY CORPORATION
CONDENSED BALANCE SHEET (Continued)
March 31, December 31,
1998 1997
(Unaudited) (Note)
------------- -----------
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities:
Accounts Payable $ -- $ 99,431
Deferred Compensation -- 132,100
Total Current Liabilities -- 231,531
Stockholders' Equity:
Common stock; no par value;
authorized 10,000,000 shares,
issued and outstanding 73,755 295,415 295,415
Additional paid-in capital 1,895,938 1,895,938
Accumulated deficit (2,188,353) (2,188,353)
$ -- $ --
Retained earnings (deficit) (1,369,911) (1,716,724)
Total stockholders' equity 818,442 471,629
Total liabilities and
stockholders' equity $ 837,180 $ 703,160
----------- -----------
Note: The balance sheet at December 31, 1997 has been taken from the audited
financial statements at that date, and condensed.
Page 4<PAGE>
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BLACK DOME ENERGY CORPORATION
STATEMENT OF OPERATIONS
(Unaudited)
Three Months
Ended
March 31,
1998 1997
-------- --------
Income (loss) from:
Discontinued Operations -- $ (58,555)
Gain on sale of oil and gas properties -- 742,484
Income Tax expense -- 300,000
-- 442,484
Net Income (loss) -- $ 383,929
Income (loss) per common share -- $ 5.09
-------- --------
Page 5
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BLACK DOME ENERGY CORPORATION
STATEMENT OF CASH FLOWS
Three Months Ended
March 31,
1998 1997
-------- --------
Cash flows from operating activities:
Net income (loss) -- $375,242
Less gain on sale of oil & gas properties -- (742,484)
Changes in assets and liabilities:
Increase decrease in receivables -- 97,326
(Decrease) in accounts payable -- (48,019)
Incease in deferred tax asset -- 300,000
(Decrease) in deferred compensation -- (132,100)
Net cash (used) by operating activities -- (150,035)
Cash flows from investing activities:
Proceeds from sale of oil and gas properties -- 921,250
Purchase of capital items -- (7,518)
Net cash provided by investing activities -- 913,732
Cash flows from financing activities:
Increase in cash -- 763,732
Cash balance at end of period -- $891,952
Page 6
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Notes to Financial Statements of
Black Dome Energy Corporation
March 31, 1998
(UNAUDITED)
NOTE 1 -- Basis of Preparation and Presentation
The Black Dome Energy Corporation financial statements included herein have
been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission and include all
adjustments which are, in the opinion of management, necessary for a fair
presentation. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to
such rules and regulations. The Company believes that the disclosures are
adequate to make the information presented not misleading; however, it is
suggested that these financial statements be read in conjunction with the
financial statements and the notes thereto which are incorporated by
reference in the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 1997. The financial data for the interim periods may not
necessarily be indicative of results to be expected for the year.
NOTE 2 -- On May 15, 1998, all of the assets were distributed to the
shareholders of the Corporation.
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 of December
31, 1997, and March 31, 1998, and in the statements of operations and changes in
cash flows for the three-month periods ended March 31, 1998 and 1997.
Liquidity and Capital Resources
As a result of the sale of all the Corporation's oil and gas properties, working
capital at March 31, 1998 was.
Results of Operations
The Corporation sold all of its operating oil and gas properties effective
December 31, 1996 and ceased operations. Costs incurred through March 31, 1998
resulted mostly from administrative costs incurred in the closing of
operations.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings. None.
Item 2. Changes in Securities. None.
Item 3. Defaults upon Senior Securities. None.
Item 4. Submission of Matters to a Vote of Security Holders. None.
Item 5. Other Information. None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits: None
(b) Reports: None
Page 7
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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: May 15, 1998 By:/s/ Edgar J. Huff
Edgar J. Huff, President
and Chief Financial Officer
Page 9<PAGE>
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EXHIBIT INDEX
EXHIBIT METHOD OF FILING
- ------- ------------------------------
27. Financial Data Schedule Filed herewith electronically
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the balance
sheets and statements of operations found on pages 3-5 of the Company's Form 10-Q
for the year to date, and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1998
<CASH> 07
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
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<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 195,415
0
0
<OTHER-SE> (1,895,938)
<TOTAL-LIABILITY-AND-EQUITY> 0
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<TOTAL-REVENUES> 0
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<INCOME-PRETAX> 0
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</TABLE>
