U.S. SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
______________________________
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
[ ] Form 10-K [ ] Form 20-F [ ] Form 11-K
[X] Form 10-Q [ ] Form N-SAR
For Period Ended: June 30, 1999
SEC File Number 1-1525
[ ] Transition Report on Form 10-K CUSIP
Number 376684 10 6
[ ] Transition Report on Form 20-F(The Registrant is in the process
[ ] Transition Report on Form 11-K of applying for a new CUSIP
[ ] Transition Report on Form 10-Q number for its new name)
[ ] Transition Report on Form N-SAR
[ ] For the Transition Period Ended:
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PART I - REGISTRANT INFORMATION
GLADSTONE ENERGY, INC.
(Full Name of Registrant)
(Former Name: Gladstone Resources, Inc.)
3500 Oak Lawn, Suite 590, LB 49
(Address of Principal Executive Office)
Dallas, Texas 75219
(City and State) (Zip Code)
Registrant's telephone number including Area Code: (214) 528.9710
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PART II - RULES 12b-25(b) and (c)
If the subject report could not be filed without
unreasonable effort or expense and the Registrant seeks relief
pursuant to Rule 12b-25(b), the following should be completed.
(Check box if appropriate.)
(a) The reasons described in reasonable detail in Part
III of this form could not be eliminated without
unreasonable effort or expense;
[X] (b) The subject quarterly report on Form
10-Q will be filed on or before the fifth
calendar day following the prescribed due
date; and
(c) The accountant's statement or other
exhibit required by rule 12b-25(c) has been
attached, if applicable.
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PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-Q
could not be filed within the prescribed time period.
SEE ATTACHMENT III.
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PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification:
KATHERINE MURPHY (214) 528-9710
(Name) (Area Code) (Telephone Number)
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(2) Have all other periodic reports
required under Section 13 or 15(d)
of the Securities Exchange Act of
1934 or Section 30 of the Investment
Company Act of 1940 during the
preceding 12 months been filed? [X] Yes [ ] No
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(3) Is it anticipated that any significant
change in results of operations from
the corresponding period for the last
fiscal year will be reflected by the
earnings statements to be included
in the subject report or portion
thereof? [X] Yes [ ] No
If so: attach an explanation of the
anticipated change, both narratively
and quantitatively, and, if appropriate,
state the reasons why a reasonable
estimate of the results cannot be made.
See Attachment IV(3)
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GLADSTONE ENERGY, INC.
(Name of Registrant as specified in Charter)
(Former name: Gladstone Resources, Inc.)
has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: August 16, 1999
By: /s/ KATHERINE R. MURPHY
-------------------------------------
Katherine R. Murphy
Treasurer and Chief Financial Officer
ATTENTION
Intentional misstatements or omissions constitute Federal
Criminal Violations (see 18 U.S.C. 1001).
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ATTACHMENT III
TO
NOTIFICATION OF LATE FILING
OF FORM 10-Q
FOR FISCAL QUARTER ENDED JUNE 30, 1999
The Registrant was unable to file its Quarterly Report on
Form 10-Q for its fiscal quarter ended June 30, 1999 because,
among other reasons, the Registrant consummated the acquisition
of certain oil and natural gas working interests in the Right
Hand Creek Field located in Allen and Beauregard Parishes,
Louisiana, on July 15, 1999 with an effective date of May 1,
1999, and, as of August 16, 1999, management of the Registrant
and its professional advisors had not completed the analysis and
accounting required in connection with this transaction.
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ATTACHMENT IV(3)
TO
NOTIFICATION OF LATE FILING
OF FORM 10-Q
FOR FISCAL QUARTER ENDED JUNE 30, 1999
On January 19, 1999, the Registrant sold its oil and gas
properties in Schleicher and Kent Counties, Texas (the
"Properties Sale") to EXCO Resources, Inc., a Texas corporation.
These properties constituted approximately 90.418% of the gross
productive wells (71.17% of the net productive wells) and
approximately 88.68% of the barrels of oil and 59.38% of the
cubic feet of natural gas per day then produced by all of the
Registrant's oil and gas properties. The Registrant's results of
operations were significantly affected by the Properties Sale.
Management of the Registrant expects that, because of the
Properties Sale, the Registrant's net loss for the three-month
period ended June 30, 1999 and the six-month period ended
June 30, 1999 will decrease by approximately $165,000 and
$170,000, respectively, from the corresponding periods of 1998.
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