SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended March 31, 1996
Commission File Number 0-10701
TATONKA ENERGY, INC.
(Exact name of registrant as specified in its charter)
Oklahoma, U.S.A.
(State or other jurisdiction
of incorporation or organiz-
ation)
73-1457920
(I.R.S. Employer
Identification No.)
9320 East Central
Wichita, Kansas
(address of principal
executive officers)
67206
(Zip Code)
Registrant's telephone number, including area code (316) 636-2667.
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 at the close of the period
covered by this report.
5,540,556 shares of common stock, $.001 par value.
135,139 shares of Series A non-voting preferred stock, $1
par value.
Transitional Small Business Disclosure Format (Check one):
Yes ___ No X
<PAGE>
PART I - FINANCIAL INFORMATION
<TABLE>
<CAPTION>
TATONKA ENERGY, INC.
BALANCE SHEETS
March 31, December 31,
1996 1995
(Unaudited)
--------- ---------
ASSETS
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 99,982 $ 111,329
PROPERTY AND EQUIPMENT, AT COST, NET 1,717 1,818
---------- ----------
Total Assets $ 101,699 $ 113,147
========== ==========
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable (includes $2,000
to affiliate at 3/31/96 and
12/31/95) $ 2,196 $ 6,524
Total current liabilities
STOCKHOLDERS' EQUITY
Series "A" non-voting preferred
stock authorized,
5,000,000 shares of $1 par value,
issued and outstanding, 135,139
shares at 3/31/96 and 12/31/95 135,139 135,139
Common stock, authorized 50,000,000
shares of $.001 par value, issued
5,540,556 at 3/31/96 and 12/31/95 5,540 5,540
Paid-in Capital 5,282,635 5,282,635
Accumulated deficit (5,321,101) (5,313,981)
Treasury stock, at cost
- - - 25,000 common shares (2,710) (2,710)
---------- ----------
Total Stockholders' Equity 99,503 106,623
---------- ----------
Total Liabilities and
Stockholders' Equity $ 101,699 $ 113,147
========== =========
<FN>
The accompanying notes are an integral part of these financial
statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TATONKA ENERGY, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
3 MOS ENDED MAR 31,
1996 1995
-------- --------
<S> <C> <C>
REVENUE
Interest Income $ 1,082 $ 1,389
COSTS AND EXPENSES
Depreciation 101 759
General and administrative 8,101 10,585
---------- ----------
Total costs and expenses 8,202 11,344
---------- ----------
NET LOSS $ (7,120) $ (9,955)
========== =========
NET LOSS PER COMMON SHARE $ -- $ --
========== =========
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING 5,540,556 5,513,143
========== =========
<FN>
The accompanying notes are an integral part of these financial
statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TATONKA ENERGY, INC.
STATEMENTS OF CASH FLOW
(Unaudited)
3 MOS ENDED MAR 31,
1996 1995
--------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (7,120) $ (9,955)
Adjustments to reconcile net loss
to net cash used in operating
activities
Depreciation 101 759
Changes in operating assets
and liabilities:
(Increase) Decrease in accounts
receivable -- 10,594
Increase (decrease) in trade accounts
payable (4,328) (6,390)
---------- ----------
Net cash used in operating activities (11,347) (4,992)
Cash and cash equivalents at
beginning of year 111,329 146,488
---------- ----------
Cash and cash equivalents at end
of year $ 99,982 $ 141,496
========== =========
<FN>
The accompanying notes are an integral part of these financial
statements.
</TABLE>
<PAGE>
TATONKA ENERGY, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
Condensed financial statements
The balance sheet of Tatonka Energy, Inc. (the "Company") as of
March 31, 1996, the statements of operation for the quarters
ending March 31, 1996 and 1995, and the statements of cash flows
for the periods then ended have been prepared by the Company,
without audit. In the opinion of management, all adjustments
(which include only normal recurring adjustments) necessary to
present fairly the financial position, results of operations and
cash flows for all periods presented have been made.
The balance sheet at December 31, 1995 has been taken from the
audited financial statements at that date, and condensed.
Certain other information and footnote disclosures normally
included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or
omitted. It is suggested that these condensed financial
statements be read in conjunction with the Company's audited
financial statements and notes thereto included in its December
31, 1995 annual report to shareholders. The results of
operations for the period ended March 31, 1996 are not
necessarily indicative of the operating results for the full
year.
For purposes of the statements of cash flows, only cash is used
as the Company does not have any items meeting the definitions
of cash equivalents contained in Statement of Financial
Accounting Standards No. 95.
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Three months ended March 31, 1996 versus
three months ended March 31, 1995
Results of Operations
Interest income decreased by $307 for the three month period
ended March 31, 1996, as compared to the same period for 1995.
This is due to a reduction in cash available for investment.
Depreciation decreased by $658 for the three month period ended
March 31, 1996, as compared to the same period for 1995. General
and administrative expenses decreased by $2,484 for the three
month period ended March 31, 1996, as compared to the same
period for 1995. This decrease is mainly due to reduced
professional services.
Liquidity and Capital Resources
The Company's working capital at March 31, 1996 was $97,786
versus $104,805 at December 31, 1995, for a decrease in working
capital of $7,019. This is due to the payment of administrative
fees such as audit and management fees.
Management is of the opinion that the Company is dependent upon
obtaining additional working capital to continue operations.
The Company's immediate needs for working capital include
development or purchase of oil and gas properties. The Company
is currently looking to acquire larger working interest in a
small number of properties with increased upside potential. In
the future, the Company's efforts to obtain additional capital
include continuing efforts to conduct a public or private
offering of the Company's equity securities, and proposed
acquisitions of additional oil and gas properties in exchange
for common stock of the Company. During 1995, management met
with several investment bankers and broker-dealers in an effort
to generate interest in conducting a public offering of the
Company's securities. However, as of March 31, 1996 such
discussions had not resulted in an agreement for such offering.
Nonetheless, the Company will continue to investigate
opportunities which are presented through the contacts of
management.
The Company does not have a formal plan for capital expenditures
in 1996 and will continue to depend on internally generated
funds as its major source of liquidity, as it has no unused line
of credit or any formal arrangements with any lending
institution to borrow any funds.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Not applicable
Item 2. Changes in Securities
Not applicable
Item 3. Defaults Upon Senior Securities
Not applicable
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable
Item 5. Other Information
Not applicable
Item 6. Exhibits and Reports on Form 8-K
A. Exhibits: None
B. Reports on Form 8-K: Not applicable.
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.
TATONKA ENERGY, INC.
Date: May 13, 1996
By:_____________________________
C. J. Lett, III
President
Date: May 13, 1996
By:_____________________________
Dean Pattisson
Secretary
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<CAPTION>
BALANCE SHEET
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 99982
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 99982
<PP&E> 1717
<DEPRECIATION> 0
<TOTAL-ASSETS> 101699
<CURRENT-LIABILITIES> 2196<F1>
<BONDS> 0
0
135139
<COMMON> 5540
<OTHER-SE> (41176)
<TOTAL-LIABILITY-AND-EQUITY> 101699
<PAGE>
<CAPTION>
INCOME STATEMENT
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<SALES> 0
<TOTAL-REVENUES> 1082
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 8202
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (7120)
<INCOME-TAX> 0
<INCOME-CONTINUING> (7120)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (7120)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1> INCLUDES $2,000 TO AFFILIATE AT 3/31/96.
</TABLE>
