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Previous: CONTINENTAL AIRLINES INC /DE/, 10-Q, 1995-11-13 |
Next: NEW ENGLAND ENERGY INC, 35-CERT, 1995-11-13 |
<PAGE>
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
(MARK ONE)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
[X] SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
[ ] SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NO. 0-9617
TERRITORIAL RESOURCES, INC.
(FORMERLY EGRET ENERGY CORPORATION)
(EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)
STATE OF COLORADO 84-0821158
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NUMBER)
1300 MAIN STREET, SUITE 1840
HOUSTON, TEXAS 77002
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 713/658-0850
CHECK WHETHER THE ISSUER: (1) FILED ALL REPORTS REQUIRED TO BE FILED
BY SECTION 13 OR 15(D) OF THE EXCHANGE ACT DURING THE PAST 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.
YES X NO ____
AS OF OCTOBER 24, 1995, THE ISSUER HAD 20,570,656 SHARES OF COMMON
STOCK ISSUED AND OUTSTANDING.
TRANSITIONAL SMALL BUSINESS DISCLOSURE FORMAT YES __ NO X
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
- - - - - - ------ --------------------
TERRITORIAL RESOURCES, INC.
Income Statements - Unaudited
September 30, 1995 and 1994
($1,000)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SEPTEMBER 30,
--------------------------------
1995 1994
---- ----
<S> <C> <C>
REVENUES:
Oil & Gas Sales $ 5 $ 12
Other Income 1 -
----------- -----------
Total Revenues 6 12
----------- ------------
COSTS AND EXPENSES:
Production Costs - 1
Depreciation, Depletion
and Amortization 6 9
General and Administrative 11 20
----------- -----------
Total Costs & Expenses 17 30
----------- -----------
NET INCOME (LOSS) BEFORE INCOME TAXES (11) (18)
----------- -----------
Income Tax Provision - -
----------- -----------
NET INCOME (LOSS) $ (11) $ (18)
----------- -----------
----------- -----------
Average Common Shares Outstanding:
Primary 20,570,656 12,374,778
Assuming full dilution 22,570,656 12,374,778
Net Income (Loss) per Common Shares:
Primary $ (.001) $ (.002)
Assuming full dilution (.001) (.002)
</TABLE>
See notes to condensed financial statements.
1
<PAGE>
PART I. FINANCIAL INFORMATION - Continued
TERRITORIAL RESOURCES, INC.
Income Statements - Unaudited
September 30, 1995 and 1994
($1,000)
<TABLE>
<CAPTION>
SIX MONTHS ENDED SEPTEMBER 30,
--------------------------------
1995 1994
---- ----
<S> <C> <C>
REVENUES:
Oil & Gas Sales $ 13 $ 48
Other Income 1 -
----------- -----------
Total Revenues 14 48
----------- -----------
COSTS AND EXPENSES:
Production Costs 1 22
Depreciation, Depletion
and Amortization 12 17
General and Administrative 24 42
----------- -----------
Total Costs & Expenses 37 81
----------- -----------
NET INCOME (LOSS) BEFORE INCOME TAXES (23) (33)
----------- -----------
Income Tax Provision - -
----------- -----------
NET INCOME (LOSS) $ (23) $ (33)
----------- -----------
----------- -----------
Average Common Shares Outstanding:
Primary 20,570,656 12,056,959
Assuming full dilution 22,570,656 12,056,959
Net Income (Loss) per Common Shares:
Primary $ (.001) $ (.003)
Assuming full dilution (.001) (.003)
</TABLE>
See notes to condensed financial statements.
2
<PAGE>
PART I. FINANCIAL INFORMATION - continued
TERRITORIAL RESOURCES, INC.
Balance Sheets
Assets
($1,000)
<TABLE>
<CAPTION>
UNAUDITED
SEPTEMBER MARCH
30, 1995 31, 1995
---------- --------
<S> <C> <C>
CURRENT ASSETS:
Cash $ 50 $ 50
Accounts Receivable:
Oil and Gas Sales 2 17
Other 2 5
Prepaids 3 -
------- -------
Total Current Assets 57 72
------- -------
NOTE RECEIVABLE 10 -
------- -------
INVESTMENT IN SOCO TAMTSAG
MONGOLIA, INC. 130 128
------- -------
PROPERTY AND EQUIPMENT, AT COST:
Oil and Gas (full cost accounting) 7,946 7,975
Less: Accumulated depreciation,
depletion & amortization (7,778) (7,766)
------- -------
Total Property & Equipment 168 209
------- -------
TOTAL ASSETS $ 365 $ 409
------- -------
------- -------
</TABLE>
See notes to condensed financial statements.
3
<PAGE>
PART I. FINANCIAL INFORMATION - continued
TERRITORIAL RESOURCES, INC.
Balance Sheets
Liabilities and Stockholders' Equity
($1,000)
<TABLE>
<CAPTION>
UNAUDITED
SEPTEMBER 30 MARCH
1995 31, 1995
------------ --------
<S> <C> <C>
CURRENT LIABILITIES:
Accounts payable $ 1 19
Accrued liabilities and other 1 4
------- -------
Total Current Liabilities 2 23
------- -------
Total Liabilities 2 23
------- -------
STOCKHOLDERS' EQUITY:
Common stock, no par value, $.001
stated value; 30,000,000 shares
authorized; 20,576,112 and 11,791,112
shares issued at September 30, 1995
and March 31, 1995, respectively 21 12
Stock subscriptions to acquire
8,785,008 shares of common stock - 9
Additional paid-in capital 3,854 3,853
Accumulated deficit, $5,121 deficit
eliminated in quasi-reorganization
effective March 31, 1986 (3,495) (3,471)
Treasury stock, 5,456 shares, at cost (17) (17)
------- -------
TOTAL STOCKHOLDERS' EQUITY 363 386
------- -------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 365 $ 409
------- -------
------- -------
</TABLE>
See notes to condensed financial statements.
4
<PAGE>
PART I. FINANCIAL INFORMATION - continued
TERRITORIAL RESOURCES, INC.
Statements of Cash Flows - Unaudited
For the Three Months Ended September 30, 1995 and 1994
($1,000)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SEPTEMBER 30,
--------------------------------
1995 1994
------ ------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $(11) $(18)
Adjustments to reconcile net income to
cash provided (used) by operations:
Depreciation, depletion and
amortization 6 9
Changes in operating assets
and liabilities:
Accounts receivable 2 17
Prepaid Expenses - -
Accounts payable (3) 3
Current maturity of long-term debt - (48)
Accrued liabilities (1) (6)
------- -------
Cash provided by (used in) operations (7) (43)
------- -------
CASH FLOW FROM INVESTMENT ACTIVITIES:
Investment in SOCO TAMTSAG MONGOLIA, INC. (3) (5)
Proceeds from sales of property 23 -
------- -------
Cash provided from investment activities 20 (5)
------- -------
CASH FLOW FROM FINANCING ACTIVITIES:
Repayment of Debt - -
Advances from affiliate - -
Note receivable advances (10) -
Issuance of common stock - 48
Other - -
------- -------
Cash provided by (used in)
financing activities (10) 48
------- -------
Change in cash balance 3 0
------- -------
Cash balance - beginning 47 32
------- -------
Cash balance - ending $50 $32
------- -------
------- -------
</TABLE>
See notes to condensed financial statements.
5
<PAGE>
PART I. FINANCIAL INFORMATION - continued
TERRITORIAL RESOURCES, INC.
Statements of Cash Flows - Unaudited
For the Six Months Ended September 30, 1995 and 1994
($1,000)
<TABLE>
<CAPTION>
SIX MONTHS ENDED SEPTEMBER 30,
------------------------------
1995 1994
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $(23) $(33)
Adjustments to reconcile net income to
cash provided (used) by operations:
Depreciation, depletion and
amortization 12 17
Changes in operating assets
and liabilities:
Accounts receivable 18 6
Prepaid Expenses (3) -
Accounts payable (18) -
Current maturity of long-term debt - (48)
Accrued liabilities (3) -
------- -------
Cash provided by (used in) operations (17) (58)
------- -------
CASH FLOW FROM INVESTMENT ACTIVITIES:
Investment in SOCO TAMTSAG MONGOLIA, INC. (2) (5)
Proceeds from sales of property 29 46
------- -------
Cash provided from investment activities 27 41
------- -------
CASH FLOW FROM FINANCING ACTIVITIES:
Repayment of Debt - -
Advances from affiliate - -
Note receivable advances (10) -
Issuance of common stock - 48
Other - -
------- -------
Cash provided by (used in)
financing activities (10) 48
------- -------
Change in cash balance - 31
------- -------
Cash balance - beginning 50 1
------- -------
Cash balance - ending $ 50 $ 32
------- -------
------- -------
</TABLE>
See notes to condensed financial statements.
6
<PAGE>
TERRITORIAL RESOURCES, INC.
Notes to Condensed Financial Statements
September 30, 1995 (Unaudited)
(1) The information presented in this report on Form 10-QSB is
condensed from what would appear in annual financial statements.
Accordingly, the financial statements included herein should be
read in conjunction with the consolidated financial statements
and notes thereto contained in the Territorial Resources, Inc.,
March 31, 1995 Form 10-KSB.
(2) The results for the interim period are not necessarily indicative
of results to be expected of the Company for the fiscal year
ended March 31, 1996, due to seasonal or other factors. The
Company believes that the interim period reports filed on Form
10-Q are representative of its financial position, changes in
financial position and results of operations for the periods
covered thereby.
(3) There is no provision for income taxes for the three month period
ended September 30, 1995.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
- - - - - - ------ -------------------------------------------------
CONDITION AND RESULTS OF OPERATIONS
-----------------------------------
Results of Operations
Oil and gas revenue and production costs for the quarter ending
September 30, 1995, decreased due to declining production and the
sale of reserves in place. These reserve sales are part of the Company's
overall strategy of liquidating most of its domestic properties while
focusing on foreign opportunities, primarily in Mongolia.
General and administrative expenses have remained consistently
lower than previous years due to cut backs in officers' salaries
and contract expenses.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- - - - - - ------ --------------------------------
(a) Exhibit 27. Financial Data Schedule
(b) The Company did not file any reports on Form 8-K during the
quarter for which this report is filed.
7
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TERRITORIAL RESOURCES, INC.
Dated: November 8, 1995 By: /s/ BRIAN LINGARD
__________________________________________
Brian Lingard
President and Chief Financial Officer
8
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 50
<SECURITIES> 0
<RECEIVABLES> 7
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 57
<PP&E> 8,086
<DEPRECIATION> (7,778)
<TOTAL-ASSETS> 365
<CURRENT-LIABILITIES> 2
<BONDS> 0
<COMMON> 21
0
0
<OTHER-SE> 351
<TOTAL-LIABILITY-AND-EQUITY> 365
<SALES> 13
<TOTAL-REVENUES> 14
<CGS> 1
<TOTAL-COSTS> 37
<OTHER-EXPENSES> 0
<LOSS-PROVISION> (23)
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (23)
<INCOME-TAX> 0
<INCOME-CONTINUING> (23)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (23)
<EPS-PRIMARY> (.001)
<EPS-DILUTED> (.001)
</TABLE>
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