THIS AMENDED FORM 10-QSB IS BEING FILED TO CORRECT THE FOLLOWING TWO ERRORS
IN PART I OF ITEM 1-FINANCIAL STATEMENTS WHICH WERE CAUSED WHEN THE DOCUMENT
WAS CONVERTED TO ASCII FORMAT FOR THE EDGAR FILING: (1) The number 2,831
on the line "Debt to TCW" in the Consolidated Balance Sheet is now reported
under the column "December 31, 1997," and (2) The number 106 on line "Gain on
sale of prospects" in the Consolidated Statement of Operations is now reported
under the column "Three months ended September 30, 1997 (restated)."
U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1998
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
Commission File Number 0-14731
HALLADOR PETROLEUM COMPANY
(Exact name of small business issuer as specified in its charter)
COLORADO 84-1014610
(State of incorporation) (IRS Employer Identification No.)
1660 Lincoln Street, Suite 2700, Denver, Colorado 80264
(Address of principal executive offices)
303-839-5504 FAX: 303-832-3013
(Issuer's telephone numbers)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months, and
(2) has been subject to such filing requirements for the past 90 days.
Yes [x] No [ ]
Shares outstanding as of November 3, 1998: 7,093,150
PART I. FINANCIAL INFORMATION
HALLADOR PETROLEUM COMPANY
Consolidated Balance Sheet
(in thousands)
September 30, December 31,
1998 1997*
-------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 3,440 $ 6,047
Available-for-sale securities 978 1,800
Accounts receivable-
Oil and gas sales 265 331
Well operations 384 336
------ ------
Total current asset 5,067 8,514
------ ------
Oil and gas properties (successful efforts), at cost:
Unproved properties 669 378
Proved property 18,797 18,366
Less - accumulated depreciation depletion,
amortization and impairment (13,405) (13,039)
------ ------
6,061 5,705
------ ------
Other assets 288 266
------ ------
$11,416 $14,485
====== ======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 390 $ 360
Oil and gas sales payable 101 211
Debt to TCW 3,177 2,492
------ ------
Total current liabilities 3,668 3,063
------ ------
Debt to TCW 2,831
------ ------
Deferred bonus plan 214 205
------ ------
Other 101 105
------ ------
Minority interest 4,848 4,926
------ ------
Stockholders' equity:
Net unrealized loss on available-for-sale securities (587)**
Preferred stock, $.10 par value; 10,000,000
shares authorized; no shares issued
Common stock, $.01 par value; 100,000,000
shares authorized; 7,093,150 shares issued 71 71
Additional paid-in capital 18,061 18,061
Accumulated deficit (14,960) (14,777)
------ ------
2,585 3,355
------ ------
$11,416 $14,485
====== ======
- ----------------------
*Derived from the Form 10-KSB.
**At November 2, 1998 this amount was a ($293,000).
See accompanying notes.
HALLADOR PETROLEUM COMPANY
Consolidated Statement of Operations
(in thousands, except per share amounts)
<TABLE>
<CAPTION>
Nine months ended Three months ended
September 30, September 30,
1998 1997 1998 1997
------ ------ ------ ------
(restated) (restated)
<S> <C> <C> <C> <C>
Revenue:
Oil $2,052 $2,978 $ 669 $ 949
Gas 520 260 199 93
NGLs 227 310 57 89
Interest and other 294 168 97 82
Gain on sale of prospects 343 113 106
----- ----- ----- -----
3,436 3,829 1,022 1,319
----- ----- ----- -----
Costs and expenses:
Lease operating 2,148 2,048 753 766
Depreciation, depletion
and amortization 366 329 124 118
General and
administrative 479 314 149 111
Impaired leasehold costs 26 12
Geological and geophysical 305 696 203 171
Dry hole 73 357 73 33
Interest 326 379 97 125
----- ----- ----- -----
3,697 4,149 1,399 1,336
----- ----- ----- -----
Loss before minority interest (261) (320) (377) (17)
Minority interest 78 5 113 5
----- ----- ----- -----
Net loss $ (183) $ (315) $ (264) $ (12)
----- ----- ----- -----
Net loss per share $ (.03) $ (.04) $ (.04) $ (.00)
===== ===== ===== =====
Weighted average shares
outstanding 7,093 7,093 7,093 7,093
===== ===== ===== =====
</TABLE>
See accompanying notes.
HALLADOR PETROLEUM COMPANY
Consolidated Statement of Cash Flows
(in thousands)
<TABLE>
<CAPTION>
Nine months ended
September 30,
1998 1997*
-------- -------
(restated)
<S> <C> <C>
Net cash provided by operating activities $ 48 $ 92
------ ------
Cash flows (used in) investing activities:
Short-term investments 235 (3,212)
Additions to properties (722) (1,060)
Other assets (22) (88)
------ ------
Net cash (used in) investing activities (509) (4,360)
------ ------
Cash flows from financing activities:
Yorktown investment 5,025
Repayments of debt (2,146) (498)
------ ------
Net cash provided by (used in) financing activities (2,146) 4,527
------ ------
Net increase (decrease) in cash and cash equivalents (2,607) 259
Cash and cash equivalents, beginning of period 6,047 2,898
------ ------
Cash and cash equivalents, end of period $ 3,440 $ 3,157
====== ======
</TABLE>
See accompanying notes.
HALLADOR PETROLEUM COMPANY
Notes to Financial Statements
1. The interim financial data is unaudited; however, in the opinion of
management, the interim data includes all adjustments, consisting only
of normal recurring adjustments necessary for a fair statement of the
results for the interim periods. The financial statements included
herein have been prepared by the Company pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principals have been condensed or omitted pursuant to such rules and
regulations, although the Company believes that the disclosures
included herein are adequate to make the information presented not
misleading.
The organization and business of the Company, accounting policies
followed by the Company and other information are contained in the
notes to the Company's financial statements filed as part of the
Company's 1997 Form 10-KSB. This quarterly report should be read in
conjunction with such annual report.
2. During the fourth quarter of 1997, the Company changed from the full
cost method to the successful efforts method of accounting for its oil
and operations.
3. Comprehensive loss for the nine-month period ended September 30, 1998
is approximately $594,000 and the loss for the three-month period
ended September 30, 1998 is approximately $675,000. Per share amounts
are losses of $.08 and $.10, respectively.
SIGNATURE
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
HALLADOR PETROLEUM COMPANY
Date: November 17, 1998 By: /s/ Victor P. Stabio
--------------------
Victor P. Stabio
Chief Executive Officer and
Chief Financial Officer
Signing on behalf of the registrant
and as principal financial officer.
