UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
SEC FILE NUMBER
0-14096
NOTIFICATION OF LATE FILING
(Check One): XX Form 10-K Form 20-F Form 11-K Form 10-Q
Form N-SAR
For Period ended: DECEMBER 31, 1998
[] Transition Report on Form 10-K
[] Transition Report on Form 20-F
[] Transition Report on Form 11-K
[] Transition Report on Form 10-Q
[] Transition Report on Form N-SAR
For the Transition Period Ended:
Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
PART I REGISTRANT INFORMATION
FORELAND CORPORATION
- ----------------------
Full Name of Registrant
N/A
- ------------------------
Former Name if Applicable
143 UNION BOULEVARD, SUITE 210
- ------------------------------
Address of Principal Executive Office (Street and Number)
- ------------------------------
LAKEWOOD, COLORADO 80228
- ------------------------------
City, State and Zip Code
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;
(b) X The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion thereof, will be
filed on or before the fifteenth calendar day following the
prescribed due date; of the subject quarterly report or transition
report on Form 10-Q, or portion thereof 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.
PART III NARRATIVE
State below in reasonable detail the reasons why Form 10-K and Form 10-KSB, Form
20-F 11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report or portion
thereof, could not be filed within the prescribed time period.
The registrant has encountered delays in finalizing its annual report on Form
10-K due to open issues respecting its efforts to obtain the forbearance of its
principal secured lender, implement new cost-cutting measures, and related
matters.
PART IV OTHER INFORMATION
(1)Name and telephone number of person to contact in regard to this
notification
James R. Kruse 801 531-7090
-------------- ------------ ----------------
(Name) (Area Code) (Telephone Number)
(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 (or
for such shorter) period that the registrant was required to file
such reports) been filed? If answer is no, identify report(s).
X Yes No
(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 data attached.
FORELAND CORPORATION
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date March 31, 1999 By /s/ N. Thomas Steele, President
<PAGE>
FORELAND CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION
(In Thousands, except per share data)
As of and for the Years
Ended December 31,
-----------------------
Balance Sheet Data 1997 1998
------ ----------
Current assets $ 359 $ 6,652
Total assets 7,953 14,643
Current liabilities 854 15,205
Long-term debt 643 --
Stockholders' equity (deficit) 6,456 (562)
Statement of Operations Data
Total revenue $2,301 $10,542
Net loss (3,130) (13,872)
Net loss applicable to common
stockholders (3,510) (13,909)
======= =======
Net loss per common share $(0.46) (1.57)
======= =======
Weighted average shares outstanding 7,656 8,870
======= =======
