SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 2000
Commission file number: 2-99518D
(State of incorporation) Colorado
(I.R.S. employer identification number) 74-2-446999
Address:
GOLD HILL CORPORATION
2233 West Lindsey
Suite 117
Norman, Oklahoma
Zip code: 73069
Registrant's telephone number, including area code:
(405) 329-0930
Securities registered pursuant to Section 12 (B) of the Act:
Title of each class: None
Name of each exchange on which registered: None
Securities registered pursuant to Section 12 (G) of the Act:
Common Stock, $0.002 Par Value (Title of each class)
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 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.
[x] yes
[ ] no
The number of shares of the common stock of the registrant
outstanding: 4,809,322 shares
PART I
ITEM 1. BUSINESS
Results of Operations:
For the quarter ending September 30, 2000, Gold Hill
Corporation ("the Company") broke even, which is
detailed in the financial section of this
report. Most of the activity was directed toward oil and gas
studies with minimal overhead expenditures.
Summary of Business: Quarter ended September 30, 2000.
Mineral Exploration. During the quarter, the Company conducted a
reconnaissance search for potential gold prospects in northern Nevada
along the Carlin-Battle Mountain gold trends using remote radiometric
surveys and surface geological evaluations. Also, an evaluation was
made of gold prospect located in Spring Valley southerly of Virginia
City along the Comstock Lode. Extensive study was also made of the
Sleeper Mine area located north of Winnemucca. The mine, which
produced
nearly 2 million ounces of gold, is now dormant but has potential for
extension deposits. Continued studies are in progress along with
follow-up evaluation of prospective areas in the Battle Mountain trend.
The Company may participate in the drilling of a few test holes with
another party on a gold prospect located in Spring Valley as mentioned
above. The area is noted for high-grade deposits. Although the
Company
is very interested in gold exploration, the price of gold is in the
doldrums. Consequently there is not a lot of activity by the industry
in wildcat gold exploration, particularly in the U.S.
General Operations. Gold Hill will continue its conservative
policy of avoiding debt and maintaining very low overhead
costs. No salaries will be paid or allowed to accrue at this
time, nor will Gold Hill be charged for the use of office space
currently provided by its principals.
Private Placement. Gold Hill is continuing to make a private
placement of 450,000 shares of its common stock in order to
finance a portion of the costs of the projects described
herein. The price of the shares is still $1.00 per share.
ITEM 2. PROPERTIES
Oil and Gas Properties.
The Company is placing most of its efforts toward oil and gas
exploration since the price of oil and gas has more than doubled during
the year. The Company is currently participating with Oil Creek
Production Company in the search for oil and gas prospects in
east-central Oklahoma where several prospects have already been
identified and leasing thereof has been in progress. Oil and gas
leases
have been taken on three prospects to date. Drilling on two of the
prospects is expected by year-end or early next year depending upon
weather conditions and availability of rigs. The prospects are
considered "wildcat" plays with significant potential. Each prospect
if
successful is expected to contain several million barrels of oil plus
gas. However, as "wildcat" these activities should be considered
high-risk.
ITEM 3. LEGAL PROCEEDINGS
There are no pending legal proceedings, to which Gold Hill is a
party or of which any of its property is the subject.
<TABLE>
BALANCE SHEET
<CAPTION>
September 30, 2000
Assets
<S> <C> <C>
Current Assets
Total Current Assets (Cash) $ 218,496
Fixed Assets
Furniture and Fixtures 138
Tangible Equipment 31,953
Accumulated Depreciation ( 28,778 )
_________________________
Total Assets $ 221,809
</TABLE>
<TABLE>
Liabilities and Equity
<CAPTION>
<S> <C> <C>
Current Liabilities $ none
Equity
Common Stock $ 597,400
Retained Earnings ( 623,923 )
Paid In Capital 247,904
Current Income (loss) 428
Total Liabilities & Equity $ 221,809
</TABLE>
ITEM 4. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Private Placement. Efforts to make private placement of
restricted stock at $1.00 per share will continue. The company
plans to maintain a minimum price for the private placement
restricted stock at $1.00 per share for an additional six
months, and that the effort would be extended for that time.
In the event of drilling successes, Gold Hill may continue to
market restricted stock in a private placement, but at a higher
price per share, depending upon market conditions. In line
with its conservative policies, the management of Gold Hill
will not market more stock than its immediate capital needs in
order to keep the number shares outstanding at a minimum.
Oil and Gas Leases. Gold Hill is looking at additional oil and
gas prospects to lease in the forthcoming year.
Salaries and Operations Overhead. It was agreed that Gold Hill
will continue its policy of paying no salaries to its officers and
directors, and that it will continue to use the offices of
its directors rentfree.
Stock Options. It was agreed that no stock options will be
offered at this time.
SIGNATURES
Pursuant to the requirements of Sections 13 and 14 (D) of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf of Undersigned,
there unto duly authorized.
