FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly period ended January 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 159D0 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to___________
Commission File No. 0-9558
INTERMOUNTAIN RESOURCES, INC.
(Exact name of registrant as specified in its charter)
NV 84-0817164
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P. O. Box 51600, Sparks, NV 89435
(address of principal executive offices) (zip code)
Registrant's telephone number, including area code (702) 359-2884
Not Applicable
Former name, former address, former fiscal year, if changed
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.
Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
13,700,000 shares of Common Stock, $.01 par value at January 31,
1997
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.
BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
April 30, January 31,
ASSETS: 1996 1997
---- ----
<S> <C> <C>
Current asset - Cash 27,315 5,678
Mineral Properties 73,781 73,781
-------- --------
101,096 79,459
======== ========
LIABILITIES AND EQUITIES:
Stockholders' equity:
Common stock, par value $.01 per share.
Authorized 25,000,000 shares; issued
and outstanding 13,700,000 shares 137,000 137,000
Additional paid-in capital 1,351,318 1,351,318
Accumulated deficit (1,387,222) (1,408,859)
----------- -----------
101,096 79,459
=========== ===========
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF OPERATIONS (Unaudited)
_________________________________________________________________
<CAPTION>
Three Months Ended Nine Months Ended
January 31, January 31,
1996 1997 1996 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Mineral royalties 4,548 - 51,447 18,146
------ ------ ------ ------
Expenses:
Unallocated exploration
expenses and rentals - - 4,318 932
General and
administrative 16,433 13,199 44,399 38,851
Franchise tax 804 - 2,412 -
------- ------ ------ ------
Total expenses 17,237 13,199 51,129 39,783
------- ------ ------ ------
Net earnings (loss) (12,689) (13,199) 318 (21,637)
======= ====== ====== ======
<FN>
Net earnings (loss) per
share is less than $.005
per share in each period
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF CASH FLOWS (Unaudited)
_________________________________________________________________
<CAPTION>
Nine Months Ended
January 31,
1996 1997
---- ----
<S> <C> <C>
Cash provided by (used in) operating
activities:
Net earnings (loss) 318 (21,637)
Reduction in current liabilities (3,914) -
------- -------
Net cash provided by (used in) operations (3,596) (21,637)
Cash at beginning of period 43,546 27,315
------- -------
Cash at end of period 39,950 5,678
====== ======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
Notes To Unaudited Financial Statements
January 31, 1997
_________________________________________________________________
1. The financial statements as of January 31, 1997 are unaudited
but, in the opinion of management, reflect all adjustments
necessary for a fair presentation.
2. The Company has a substantial investment in mineral properties.
The existence of mineral reserves in commercial quantities on those
properties has not been determined except for the Sonrisa claims.
Recovery of the investment is dependent on the discovery of
minerals in commercial quantities.
3. As disclosed in the April 30, 1994, 1995, and 1996 Forms 10-K, the
U. S. Forest Service has determined a release of hazardous substances
covered under the Comprehensive Environmental Response, Compensation,
and Liability Act occurred at Siskon Mine, a property which the Company
once had under option. On November 27, 1996, the Company received a
letter from the Forest Service inviting the submission by November
29, 1996 of an offer to settle the matter. The Company requested
an extension of time to January 15, 1997 to respond. By letter dated
January 13, 1997, the Company denied any responsibility for the matters
described by the Forest Service, and advised them that the Company has
neither the technical expertise nor financial capability to conduct the
response actions contemplated by them. No further substantive communi-
cation has occurred with respect to the matter.
4. Reference is made to the Company's annual financial statements
for the year ended April 30, 1996 for a description of its
accounting policies which have continued without change. Also,
refer to the footnotes to those financial statements for additional
details of the Company's financial condition and results of
operations. The details in those notes have not changed except as
a result of normal transactions in the interim.
<PAGE>
MANAGEMENT ANALYSIS AND DISCUSSION OF FINANCIAL STATEMENTS
Production royalty income from the Sonrisa claims for the three
months and nine months ended January 31, 1996 were $5,000 and $51,000
respectively. During the same periods in 1997, income from this source
was zero and $1,000. As disclosed previously, the Lessee of the Sonrisa
claims has announced the shut down of the Baltic leach pad. Consequently,
future production royalties if any, from this source will be minimal.
During the three months ended October 31, 1996, the Iron Point prospect
was leased out for an advance minimum royalty of $17,000.
Unallocated exploration and rental expenses declined $3,000 because
the Federal lease rentals on the Iron Point prospect were paid by the
lessee. General and administrative expenses were comparable for the
quarter and nine month periods. Franchise taxes measured by income of
$2,400 were recorded during the 1996 period but were zero in 1997.
<PAGE>
PART II - OTHER INFORMATION
Item #6 Exhibits and Reports on Form 8-K
a. Exhibits
Exhibit 27. Financial Data Schedule
b. Reports on Form 8-K
None
SIGNATURE
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 6, 1997 INTERMOUNTAIN RESOURCES, INC.
(a Nevada corporation)
/s/L. W. Watson
------------------------
L. W. Watson, President,
Treasurer, and principal
accounting officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> JAN-31-1997
<CASH> 5,678
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 5,678
<PP&E> 73,781
<DEPRECIATION> 0
<TOTAL-ASSETS> 79,459
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 137,000
0
0
<OTHER-SE> (44,352)
<TOTAL-LIABILITY-AND-EQUITY> 79,459
<SALES> 0
<TOTAL-REVENUES> 18,146
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (21,637)
<INCOME-TAX> 0
<INCOME-CONTINUING> (21,637)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (21,637)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
