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") realized a small profit 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.
Nevada Gold. Gold Hill abandoned all of its mining claims and
leases in the Elko, Nevada area due to failure to discover
economic gold to the depth drilled. Altogether over a period
of several years the Company drilled approximately 15 reverse
circulation holes on a significant structural feature to depths
up to 1800 feet. To drill any deeper than these depths would
be very expensive. Also, deep ore deposits are less attractive
at today's depressed gold prices.
During the current year, Gold Hill conducted gold surveys over
other prospective areas in Nevada for potential gold trends and
deposits at shallower depths. Early reconnaissance has been
encouraging. The Company is planning more work during the
early part of year 2000, and is hopeful of following up with an
aggressive claim staking and drilling program. The area of
interest is still in northern Nevada, which hosts many world
class gold deposits, such as those of Placer Dome, Barrick Gold
and Newmont Mining. Proven gold reserves in the state of
Nevada are estimated at 100-200 million ounces. Some
individual gold deposits contain more than 30 million ounces.
A discovery of this magnitude would have a significant impact
upon the Company.
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. During the year, Gold Hill
participated with Oil Creek Production to the extent of a 25%
working interest in the acquisition of oil and gas leases
covering over 1,000 acres on a wildcat prospect located just
north of Paden in east-central Oklahoma. The objective targets
were lower Pennsylvanian sands, Hunton lime, and Wilcox sands
of Ordovician age.
During January of this current year (2000),
Oil Creek Production drilled a hole to a depth of
approximately 4,600 feet reaching the Second Wilcox sand.
The well was not successful with only slight shows of gas in
the Pennsylvanian
sands and a non-commercial show of oil and gas in the Hunton
Lime, a current producer adjoining our leases to the east.
Upon geological review of the drilling results, it is the
belief of management that the well was drilled on the down side
of a nearby fault and that the prospect still has considerable
merit, and could have oil and gas trapped in significant
amounts on our acreage south of the fault. Studies are
continuing. There is a strong possibility that another hole
will be drilled on the prospect early in the current year,
possibly in March or April.
Mining Properties. Gold Hill is continuing to evaluate the gold
potential under its leases and mining claims located in Elko
County, Nevada.
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) $ 312,995
Fixed Assets
Furniture and Fixtures 138
Tangible Equipment 31,953
Accumulated Depreciation ( 25,958 )
_________________________
Total Assets $ 319,128
</TABLE>
<TABLE>
Liabilities and Equity
<CAPTION>
<S> <C> <C>
Current Liabilities $ none
Equity
Common Stock $ 597,400
Retained Earnings ( 566,953 )
Paid In Capital 247,904
Current Income (loss) 40,777
Total Liabilities & Equity $ 319,128
</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.
