|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: SHEFFIELD EXPLORATION CO INC, 10-Q, 1996-02-14 |
Next: SOFTWARE PUBLISHING CORP, 10-Q, 1996-02-14 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q/A-1
QUARTERLY REPORT UNDER SECTION 13
OF THE SECURITIES EXCHANGE ACT OF 1934
December 31, 1995 Commission File Number 0-13201
SHEFFIELD EXPLORATION COMPANY, INC.
1801 Broadway, Suite 600
Denver, Colorado 80202
Incorporated in Delaware IRS ID #06-1052062
Telephone: (303) 296-1908
Sheffield Exploration Company, Inc. ("the Company") (1) has filed all
reports required to be filed by Section 13 of the Securities Exchange
Act of 1934 during the preceding 12 months and (2) has been subject to
such filing requirements for the past 90 days.
3,447,979 shares of common stock, $.01 par value,
outstanding at February 7, 1996
<PAGE>
PART ONE - FINANCIAL INFORMATION
SHEFFIELD EXPLORATION COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
ASSETS
<TABLE>
<CAPTION>
December 31, June 30,
1995 1995
------------- -------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 2,885,261 $ 43,594
Receivables, net 1,116,607 1,156,837
Gas in storage -- 237,810
Assets held for sale 87,450 4,144,040
Deferred income taxes, net -- 670,000
Other 70,531 78,809
------------- -------------
4,159,849 6,331,090
PROPERTY AND EQUIPMENT
(Using the successful efforts method)
Unproved oil and gas properties 668,218 624,980
Proved properties 4,381,685 4,258,381
Gas plant and related equipment 2,201,782 2,071,328
Other property and equipment 149,312 123,402
------------- -------------
7,400,997 7,078,091
Accumulated depreciation, depletion and
amortization and impairment (4,101,723) (3,800,247)
------------- -------------
3,299,274 3,277,844
Deferred income taxes, net 321,000 321,000
Other assets 38,743 105,832
------------- -------------
$ 7,818,866 $ 10,035,766
============= =============
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements
-1-<PAGE>
SHEFFIELD EXPLORATION COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
December 31, June 30,
1995 1995
------------- -------------
<S> <C> <C>
CURRENT LIABILITIES
Accounts payable $ 836,103 $ 849,349
Deposits -- 12,783
Current portion of long-term debt -- 1,175,250
Production and ad valorem taxes payable 113,153 147,781
------------- -------------
949,256 2,185,163
LONG-TERM DEBT, net of current portion 100,050 1,374,050
STOCKHOLDERS' EQUITY
Preferred stock $.01 par value; 2,000,000 shares
authorized; none issued -- --
Common stock, $.01 par value; 10,000,000 shares
authorized; 3,423,598 and 3,389,261 shares
issued and outstanding at December 31, 1995
and June 30, 1995, respectively 34,236 33,893
Additional paid-in capital 6,856,217 6,805,550
Accumulated deficit (120,893) (362,890)
------------- -------------
6,769,560 6,476,553
------------- -------------
$ 7,818,866 $ 10,035,766
============= =============
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements
-2-<PAGE>
SHEFFIELD EXPLORATION COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
December 31, December 31,
----------------------------- -----------------------------
1995 1994 1995 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues
Gas processing, gathering and storage $ 445,702 $ 1,588,169 $ 2,590,323 $ 3,584,912
Oil and gas sales 264,736 309,154 506,416 617,933
------------- ------------- ------------- -------------
Total revenues 710,438 1,897,323 3,096,739 4,202,845
Expenses
Gas processing, gathering and storage 298,195 1,368,581 1,929,257 3,087,216
Operation of producing properties 117,181 95,172 214,734 189,286
Production taxes 28,465 30,346 55,473 58,448
Exploration 13,413 6,919 43,677 21,107
Depreciation, depletion and amortization:
Gas processing, gathering and storage assets 49,671 98,499 171,503 211,633
Oil and gas properties 108,536 110,965 202,134 199,523
Other 2,811 12,635 16,348 22,195
Impairments:
Unproved properties -- 100,951 -- 100,951
Proved properties -- 511,347 -- 511,347
General and administrative, net 345,759 111,151 581,736 238,254
------------- ------------- ------------- -------------
Total expenses 964,031 2,446,566 3,214,862 4,639,960
------------- ------------- ------------- -------------
Operating loss (253,593) (549,243) (118,123) (437,115)
Other income (expense)
Interest income and other 43,551 11,289 49,492 13,089
Gain on sale of fixed assets 1,037,517 10,411 1,050,954 17,552
Interest expense, net of capitalized interest (6,450) (42,651) (70,326) (87,704)
------------- ------------- ------------- -------------
1,074,618 (20,951) 1,030,120 (57,063)
------------- ------------- ------------- -------------
Income (loss) before income taxes 821,025 (570,194) 911,997 (494,178)
Provision (benefit) for income taxes 636,000 (28,000) 670,000 --
------------- ------------- ------------- -------------
Net income (loss) $ 185,025 $ (542,194) $ 241,997 $ (494,178)
============= ============= ============= =============
Net income (loss) per share $ 0.05 $ (0.17) $ 0.07 $ (0.15)
============= ============= ============= =============
Weighted average common shares outstanding 3,402,157 3,266,565 3,396,035 3,266,565
============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements
-3-<PAGE>
SHEFFIELD EXPLORATION COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
December 31,
------------------------------
1995 1995
------------- -------------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 241,997 $ (494,178)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depletion, depreciation and amortization 389,985 433,351
Deferred income taxes 670,000 --
Impairment expense -- 612,298
(Gain) on asset sales (1,050,954) (5,628)
Cost of storage gas sales (purchases) 238,624 (110,600)
Stock as compensation 50,000 --
Other 12,330 8,631
Changes in current assets and liabilities:
Receivables 23,230 316,559
Payables (13,246) (73,649)
Taxes payable (34,628) 24,911
Other current assets 8,278 68,611
Other assets (3,972) 45,227
------------- -------------
Net cash provided by operating activities 531,644 825,533
Cash flows from investing activities:
Proceeds from asset sales 5,271,896 8,500
Additions to properties:
Producing properties (123,304) (190,637)
Gas plant, gathering and storage systems (130,836) (372,668)
Unproved properties (54,694) (97,406)
Other (25,910) (132,998)
Additions to assets held for sale (166,104) --
Gas in storage -- (266,000)
Deposits (12,783) 217,000
------------- -------------
Net cash provided by (used in) investing activities 4,758,265 (834,209)
Cash flows from financing activities:
Loan proceeds -- 173,715
Payment of loan principal (2,449,250) --
Proceeds from stock issuance 3,000 --
Purchase of common stock (1,992) --
------------- -------------
Net cash (used in) provided by financing activities (2,448,242) 173,715
------------- -------------
Net increase in cash and equivalents 2,841,667 165,039
Cash and equivalents at beginning of period 43,594 360,124
------------- -------------
Cash and equivalents at end of period $ 2,885,261 $ 525,163
============= =============
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements
-4-<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to be signed on its
behalf by the undersigned thereunto duly authorized.
SHEFFIELD EXPLORATION COMPANY, INC.
Date: February 14, 1996 By: David L. Milanesi
------------------------------------
David L. Milanesi
On behalf of registrant as Treasurer;
Principal Financial Officer
5
|
|