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 October 31, 1997
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. 0-9558
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 October 31,
1997
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<TABLE>
INTERMOUNTAIN RESOURCES, INC.
BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
April 30, October 31,
ASSETS: 1997 1997
---- ----
<S> <C> <C>
Current asset - Cash 2,606 4,627
Mineral Properties 73,781 73,781
-------- --------
76,387 78,408
======== ========
LIABILITIES AND EQUITIES:
Accrued expenses - 10,765
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 (1,411,931) (1,420,675)
----------- -----------
76,387 67,643
----------- -----------
76,387 78,408
=========== ===========
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF OPERATIONS (Unaudited)
_________________________________________________________________
<CAPTION>
Three Months Ended Six Months Ended
October 31, October 31,
1996 1997 1996 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Advance royalties 17,000 20,000 18,146 20,000
Expenses:
Unallocated exploration
expenses and rentals 932 1,150 932 1,150
General and
administrative 13,285 15,150 25,652 27,594
------- ------ ------ ------
Total expenses 14,217 16,300 26,584 28,744
------- ------ ------ ------
Net earnings (loss) 2,783 3,700 (8,438) (8,744)
======= ====== ====== ======
<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>
Six Months Ended
October 31,
1996 1997
---- ----
<S> <C> <C>
Cash provided by (used in) operating
activities:
Net earnings (loss) (8,438) (8,744)
Increase in current liabilities - 10,765
------- -------
Net cash provided by (used in) operations (8,438) 2,021
Cash at beginning of period 27,315 2,606
------- -------
Cash at end of period 18,877 4,627
====== ======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
Notes To Unaudited Financial Statements
October 31, 1997
_________________________________________________________________
1. The financial statements as of October 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. Recovery of the investment is
dependent on the discovery of minerals in commercial quantities.
3. As disclosed in the April 30, 1994, 1995, 1996, and 1997 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. The Company is not aware of any developments in
this matter since the filing of the April 30, 1997 Form 10-K.
4. Reference is made to the Company's annual financial statements
for the year ended April 30, 1997 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.
5. Subsequent event: On November 18, 1997 the Company sold all of its
interest in the Sonrisa claims for $150,000. After transaction costs and
income taxes, the gain on this transaction is expected to approximate
$130-135,000 or approximately $.01 per share.
MANAGEMENT ANALYSIS AND DISCUSSION OF FINANCIAL STATEMENTS
Production royalty income from the Sonrisa claims for the three
months and six months ended October 31, 1996 were zero and $1,000
respectively. During the same periods in 1997, income from this source
was zero. Subsequent to the end of the quarter, the Company sold these
claims for $150,000. The Company does not anticipate any similar transaction
on any of its other properties in the foreseeable future.
During the three months ended October 31, 1996, the Iron Point prospect
was leased for an advance minimum royalty of $17,000; the lease was extended
for an additional year during the quarter ended October 31, 1997 resulting
in $20,000 of advance minimum royalty income.
Unallocated exploration and rental expenses were comparable for the
quarters and six-month periods ending October 31 each year. General and
administrative expenses were slightly higher during the current year due
primarily to legal expenses incurred in respect to the sale of the Sonrisa
claims mentioned above.
<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: December 5, 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> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<CASH> 4,627
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4,627
<PP&E> 73,781
<DEPRECIATION> 0
<TOTAL-ASSETS> 78,408
<CURRENT-LIABILITIES> 10,765
<BONDS> 0
<COMMON> 137,000
0
0
<OTHER-SE> (69,357)
<TOTAL-LIABILITY-AND-EQUITY> 78,408
<SALES> 0
<TOTAL-REVENUES> 20,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (8,744)
<INCOME-TAX> 0
<INCOME-CONTINUING> (8,744)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (8,744)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
