FORM 10-Q/A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
for the transition period from ______ to ______
Commission file number 1-12108
GULFWEST OIL COMPANY
(Exact name of Registrant as specified in its charter)
Texas 87-0444770
(State or other jurisdiction (IRS Employer
of incorporation) Identification No.)
16800 Dallas Parkway
Suite 250
Dallas, Texas 75248
(Address of principal executive offices) (zip code)
(972) 250-4440
(Registrant's telephone number, including area code)
2644 Sherwood Forest Plaza, Suite 229, Baton Rouge, Louisiana 70816
(504) 293-1100
(Registrant's former address and telephone number)
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 for such 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.
NO YES X
1,759,185 shares of the registrant's Class A Common Stock, $.001 par value per
share, were outstanding as of November 13, 1997.
<PAGE>
This Quarterly Report on Form 10-Q/A is intended to amend and restate in
their entirety the following items of the Company's Quarterly Report on Form
10-Q for the period ended September 30, 1997 to ensure that the information
contained in the report is true, accurate and complete as of the date of the
filing of this Quarterly Report on Form 10-Q/A, April 8, 1998:
Front Cover Page
Part I: Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets, September 30, 1997
and December 31, 1996
Consolidated Statements of Operations-for the three months
and nine months ended September 30, 1997, and 1996
Consolidated Statements of Cash Flows-for the nine
months ended September 30, 1997, and 1996
Notes to Consolidated Financial Statements
Item II: Management's Discussion and Analysis
of Financial Condition and Results
of Operations
The above items have been amended to give effect to (1) correct the number
of shares outstanding as of November 13, 1997, (2) Preferred Stock dividend
requirements, (3) the increase in non-cash expense charged to earnings due to
the issuance of Common Stock options and warrants, (4) the elimination of
revenues and expenses of VanCo Well Service, Inc., a subsidiary of the Company,
attributable to work performed for other subsidiaries of the Company, (5)
eliminate the Company's Working Interest share of overhead and truck income
related to the operations of its oil and gas properties, and (6) eliminate
interest income from the Company's investment in a partnership generated from
the Company's indebtedness to that partnership.
All other information in the report remains as previously filed with the
Commission in the Company's Quarterly Report on Form 10-Q for the period ended
September 30, 1997 and is incorporated by reference herein.
<PAGE>
<TABLE>
GULFWEST OIL COMPANY
FORM 10-Q FOR THE QUARTER ENDED
SEPTEMBER 30, 1997
<CAPTION>
Page of
Form 10-Q
<S> <C>
Part I: Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets, September 30, 1997
and December 31, 1996 3
Consolidated Statements of Operations for the three months
and nine months ended September 30, 1997 and 1996 5
Consolidated Statements of Cash Flows for the nine
months ended September 30, 1997 and 1996 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 8
Part II: Other Information
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 14
</TABLE>
2
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<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
GULFWEST OIL COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
(UNAUDITED)
<CAPTION>
September 30, December 31,
1997 1996
<S> <C> <C>
ASSETS
Current Assets:
Cash and Cash Equivalents $ 100,764 $ 84,477
Accounts Receivable - Trade, Net of Allowance for Doubtful
Accounts of -0- in 1997 and 1996 688,669 612,439
Prepaid Expenses 80,879 2,343
Notes Receivable 100,000 -
Total Current Assets 970,312 699,259
Oil & Gas Properties, Using the Successful Efforts Method of Accounting:
Undeveloped Properties 100,095 37,910
Developed Properties 16,692,880 14,823,561
Other Property and Equipment 1,053,655 735,507
Less - Accumulated Depreciation, Depletion,
and Amortization (2,136,293) (1,249,472)
Net Oil and Gas Properties and
Other Property and Equipment 15,710,337 14,347,506
Long-Term Accounts and Notes Receivable -
Related Party, Net of Allowance for Doubtful Accounts
of $446,948 in 1997 and 1996 26,166 112,659
Total Assets $ 16,706,815 $ 15,159,424
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
3
<PAGE>
<TABLE>
GULFWEST OIL COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
(UNAUDITED)
<CAPTION>
September 30, December 31,
1997 1996
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C>
Current Liabilities:
Accounts Payable - Trade $ 959,055 $ 1,018,419
Accrued Expenses 232,955 156,663
Current Portion of Long-Term Debt 4,142,764 1,702,208
Total Current Liabilities 5,334,774 2,877,290
Long-Term Debt, Net of Current Portion 7,850,476 8,352,941
Long-Term Debt, Related Parties 325,000 525,000
Total Long-Term Debt 8,175,476 8,877,941
Commitments and Contingencies - -
Stockholders' Equity:
Preferred Stock, Par Value at $.01, 10,000,000 Shares
Authorized, 5,415 and 4,621 Shares Issued and Outstanding
In 1997 and 1996, respectively 54 46
Common Stock, Par Value at $.001, 20,000,000 Shares
Authorized, 1,753,428 and 1,611,154 Shares Issued and Outstanding
in 1997 and 1996, respectively 1,753 1,611
Additional Paid-in Capital 7,555,258 6,909,092
Retained Deficit (4,360,500) (3,506,556)
Total Stockholders' Equity 3,196,565 3,404,193
Total Liabilities and Stockholders'
Equity $16,706,815 $15,159,424
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
4
<PAGE>
<TABLE>
GULFWEST OIL COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND NINE MONTHS ENDED
SEPTEMBER 30, 1997 AND 1996
(UNAUDITED)
<CAPTION>
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Revenues:
Oil and Gas Sales $ 921,891 $ 283,340 $ 3,132,514 $ 757,937
Well Servicing Revenues 130,731 - 250,572 -
Operating Overhead and Other Income 51,020 56,497 168,076 141,909
Total Revenues 1,103,642 339,837 3,551,162 899,846
Costs and Expenses:
Lease Operating Expenses 537,956 176,711 1,360,135 387,888
Cost of Well Servicing Operations 103,604 - 189,728 -
Depreciation and Depletion 335,100 99,813 886,821 281,565
Lease Abandonments - - - 85,696
General and Administrative 384,640 261,271 1,042,305 719,779
Total Costs and Expenses 1,361,300 537,795 3,478,989 1,474,928
Income (Loss) From Operations (257,658) (197,958) 72,173 (575,082)
Other Income and Expense:
Interest Income 1,455 - 1,896 332
Interest Expense (294,893) (45,898) (777,951) (146,176)
Total Other Income and Expense (293,438) (45,898) (776,055) (145,844)
Net (Loss) Before Taxes (551,096) (243,856) (703,882) (720,926)
Income Tax Provision - - - -
Net (Loss) (551,096) (243,856) (703,882) (720,926)
Preferred Stock Dividend Requirement (60,621) - (210,682) -
Net (Loss) to Common Shareholders $ (611,717) $ (243,856) $ (914,564) $ (720,926)
(Loss) Per Share $ (.35) $ (.18) $ (.53) $ (.61)
Weighted Average Number of Shares 1,753,428 1,360,931 1,715,055 1,184,393
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
5
<PAGE>
<TABLE>
GULFWEST OIL COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(UNAUDITED)
<CAPTION>
1997 1996
<S> <C> <C>
Cash Flows Provided (Used) By Operating Activities:
Net Income (Loss) $ (703,882) $ (720,926)
Adjustments to Reconcile Net Income (Loss) to Net
Cash Provided (Used) by Operating Activities:
Depreciation, Depletion, and Amortization 886,821 281,564
Lease Abandonments - 85,696
Common Stock Options and Warrants
Issued and Charged to Operations 59,087 -
(Increase) in Accounts Receivable - Other, Net (76,230) (112,153)
(Increase) Decrease in Prepaid Expenses (78,536) 23,025
Increase (Decrease) in Accounts Payable - Trade (59,364) 87,297
Increase (Decrease) in Accrued Expenses 76,292 (6,792)
Net Cash Provided (Used) By Operating Activities 104,188 (362,289)
Cash Flows Provided (Used) By Investing Activities:
Purchase of Oil and Gas Properties (1,931,504) (762,636)
Purchase of Other Equipment (318,148) (60,410)
Net Cash Provided (Used) By Investing Activities (2,249,652) (823,046)
Cash Provided (Used) By Financing Activities:
Amortization Prepaid Interest - 25,002
(Increase) Decrease in Accounts and Notes Receivable - Related Parties 86,493 (119,238)
(Increase) in Notes Receivable (100,000) (69,578)
Proceeds From Notes Payable - Related Parties - 200,000
(Payments) on Notes Payable - Related Parties (200,000) -
Proceeds From Notes Payable - Other 3,252,083 158,344
(Payment) on Notes Payable - Other (1,313,992) (185,474)
Proceeds From Sale of Common Stock and Preferred Stock 587,229 1,304,638
Dividends on Preferred Stock (150,062) -
Net Cash Provided By Financing Activities 2,161,751 1,313,694
Increase in Cash and Cash Equivalents 16,287 128,359
Cash and Cash Equivalents, Beginning of Period 84,477 10,548
Cash and Cash Equivalents, End of Period $ 100,764 $ 138,907
Cash Interest Paid $ 707,780 $ 168,911
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
6
<PAGE>
GULFWEST OIL COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1997 AND 1996
(UNAUDITED)
1. During interim periods, GulfWest Oil Company ("the Company") follows the
accounting policies set forth in its Annual Report on Form 10-K filed with
the Securities and Exchange Commission. Users of financial information
produced for interim periods are encouraged to refer to the footnotes
contained in the Annual Report when reviewing interim financial results.
2. The accompanying financial statements include the Company and its
wholly-owned subsidiaries: WestCo Oil Company ("WestCo"), formed in 1995;
VanCo Well Service, Inc. ("VanCo") , GulfWest Texas Company ("GWT") and
GulfWest Permian Company ("GWP") all formed in 1996, and DutchWest Oil
Company ("DutchWest") formed July 28, 1997, the owners of record of certain
oil and gas properties. All material intercompany transactions and balances
are eliminated upon consolidation.
3. In management's opinion, the accompanying interim financial statements
contain all material adjustments, consisting only of normal recurring
adjustments necessary to present fairly the financial condition, the
results of operations, and the statements of cash flows of GulfWest Oil
Company for the interim periods.
4. Loss per share has been computed based upon the weighted average number of
common shares outstanding. Loss per share for the three months and nine
months ended September 30, 1997 was computed by adjusting the net loss to
reflect the computed preferred dividends divided by the weighted average
shares outstanding at September 30, 1997. Preferred dividends were in
arrears in the aggregate amount of $60,621 as of September 30, 1997.
7
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
GulfWest Oil Company ("GulfWest" or the "Company") is an independent oil and gas
company primarily engaged in the acquisition of producing oil and gas properties
with proved reserves which have the potential for increased value through
continued development and the application of enhanced recovery technology. The
Company's objective is to maximize production and continue to increase reserves
through relatively low-risk development activities, such as workovers,
recompletions, horizontal drilling from existing wellbores, and infield
drilling, efficient use of production facilities and expansion of existing
waterflood operations.
During the fourth quarter of 1996, the Company acquired in two separate
transactions ("Phase I" and "Phase II") oil properties in the Permian Basin area
of West Texas for a total purchase price of $10.65 million. WestCo Oil Company
("WestCo"), a Company subsidiary, is the operator of the acquired properties.
Results of Operations
Comparative results of operations for the periods indicated are discussed below.
Three-Month Period Ended September 30, 1997 compared to Three-Month Period Ended
September 30, 1996.
Revenues
Total revenues increased 225% to $1,103,642 for the third quarter of 1997
compared to $339,837 for the third quarter of 1996. Oil and gas revenues
increased by 225% to $921,891 for the period in 1997 compared to $283,340 for
the period in 1996 due to the acquisition of the additional properties discussed
above. Well servicing revenues for 1997 were generated by VanCo Well Service,
Inc. ("VanCo"), a Company subsidiary, which commenced operations in late
September 1996. Accordingly, there were no well servicing revenues generated for
the three-month period of 1996. Revenues from operating overhead and other
income in the third quarter of 1997 decreased to $51,020 from $56,497 in the
third quarter of 1996 and included management fees, rentals and saltwater
disposal fees.
Costs and Expenses
Costs and expenses increased 153% to $1,361,300 in the third quarter of
1997 compared to $537,795 in the third quarter of 1996. The increases in lease
operating expenses, depreciation and depletion and general and administrative
expenses were due to the acquisitions of the additional properties discussed
above and the associated expansion of operations.
Interest expense in the third quarter of 1997 increased 542% to $294,893
from $45,898 in the third quarter of 1996 due to the additional properties
acquired and financed in the fourth quarter of 1996. Also included is a non-cash
expense of $38,375 for options issued to a non-related third party who
guaranteed a $2,750,000 revolving line-of-credit.
8
<PAGE>
Nine-Month Period Ended September 30, 1997 compared to Nine-Month Period Ended
September 30, 1996.
Revenues
Total revenues increased 295% to $3,551,162 in the first nine months of
1997 compared to $899,846 in the first nine months of 1996. Oil and gas revenues
increased by 313% to $3,132,514 for the period in 1997 compared to $757,937 for
the period in 1996 due to the acquisition of the additional properties discussed
above.
Well servicing revenues for 1997 were generated by VanCo which commenced
operations in late September 1996. Accordingly, there were no well servicing
revenues generated in the nine-month period of 1996. Revenues from operating
overhead and other income in the nine-month period of 1997 increased 18% to
$168,076 from $141,909 in the nine-month period of 1996, due to the additional
management fees for the operation of the properties acquired in the fourth
quarter of 1996.
Costs and Expenses
Costs and expenses increased 136% to $3,478,989 in the first nine months in
1997 compared to $1,474,928 in the first nine months in 1996. The increases in
lease operating expenses, depreciation and depletion and general and
administrative expenses were due to the acquisitions of the additional
properties discussed above and the associated expansion of operations. There
were no well servicing expenses in the nine-month period of 1996.
Interest expense in the first nine months of 1997 compared to the first
nine months of 1996 increased 432% to $777,951 from $146,176 due to the
additional properties acquired and financed in the fourth quarter of 1996. Also
included is a non-cash expense of $37,500 for options issued to a non-related
third party who guaranteed a $2,750,000 revolving line-of-credit.
Financial Condition and Capital Resources
During the fourth quarter of 1996, the Company acquired and assumed
operations for $10,654,000 in oil properties in West Texas. In connection with
these acquisitions, the Company issued senior secured notes payable (the "Senior
Debt") due October and December, 1999 in the original principal amount of
$7,400,000. The Company is currently negotiating with banking institutions to
refinance the outstanding balance of the Senior Debt which was $6,645,000 at
October 31, 1997. There can be no assurance that this refinancing will be
completed, and that if completed, on terms favorable to the Company.
On January 7, 1997, the Company established a $2,000,000 revolving
line-of-credit with Southwest Bank of Texas, with part of the proceeds to be
used for payment of short-term notes incurred for acquisitions made during the
fourth quarter of 1996. The line-of-credit is guaranteed by an unrelated third
party in exchange for options to purchase 250,000 shares of the Company's Common
Stock at an exercise price of $2.88 per share. The Company used the Black-Sholes
option pricing model to estimate the fair value of the options, resulting in a
$62,500 non-cash interest expense over one year, with $10,000 recorded in each
of the first two quarters and $26,875 recorded in the third quarter.
On July 2, 1997, the Company's revolving line-of-credit was increased to
$2,750,000 with the additional funds to be used for acquisitions and further
enhancements of the Company's West Texas properties.
9
<PAGE>
In connection with the increase in the line-of-credit, the guarantor
received additional options to purchase 100,000 shares of the Company's Common
Stock at an exercise price of $2.56 per share. The Company used the Black-Sholes
option pricing model to estimate the fair value of the options, resulting in a
$23,000 non-cash interest expense over the last six months of 1997, with $11,500
to be recognized in each of the last two quarters.
The Company is currently negotiating with a group of investors (the
"Investor Partners") regarding the formation of a drilling partnership to fund
the intangible drilling costs associated with the exploitation and development
of several of the Company's Proved Undeveloped Reserves. The formation and terms
of the drilling partnership are conditioned upon several events the occurrence
of which are unable to be predicted with reasonable certainty.
To date, the Company has completed two separate acquisitions of oil and gas
properties in 1997, with a combined total of approximately 330 MBOE of net
Proved Reserves as of the effective date of each acquisition. (1) Effective May
1, 1997, the Company purchased a 25% Working Interest in certain oil and gas
properties in Hardin County, Texas from an independent oil company for a
purchase price of $240,000. (2) Effective October 1, 1997, the Company purchased
a 75% Working Interest in certain oil and gas properties in Blaine County,
Oklahoma from an independent oil company for a purchase price of $190,000.
On April 2, 1997, the Company entered into a Purchase and Sale Agreement to
acquire oil and gas properties ("Phase III") for a purchase price of $4,774,000,
subject to acceptable financing, with a balance to be paid in cash and through a
net profits interest from oil and gas sales under certain terms and conditions.
Closing will occur upon the Company's receipt of evidence of: (1) the properties
meeting a certain production quota, (2) satisfactory title to the properties,
and (3) acceptable financing.
Management does not anticipate closing any additional acquisitions in 1997;
however, management does intend to pursue an aggressive acquisition strategy
during 1998 and continues to explore the possibilities of issuing more Common
and/or Preferred Stock as the market allows to fund such acquisitions.
The matters discussed herein may contain "forward-looking" statements that
involve risks and uncertainties including, without limitation, competitive
factors in the marketplace.
10
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits -
Number Description
X2.1 Restructuring Agreement Regarding Madisonville Prospect, dated April
18, 1995.
X2.2 Unanimous Consent to First Amendment to Regulations of S.G.C.
Transmission, L.L.C., dated July 17, 1995.
X2.3 Security Agreement RE: Subsequently Acquired Interests, dated July 17,
1995.
@2.4 Purchase and Sale Agreement, with amendments, between Pharaoh Oil and
Gas, Inc, as Seller, and WestCo Producing Company, as Purchaser, dated
June 12, 1996.
@2.5 Addendum of Purchase and Sale Agreement by and between Gary O. Bolen,
Individually and d/b/a Badger Oil Company, Pharaoh Oil and Gas, Inc.,
and GulfWest Texas Company.
@2.6 Assignment of Purchase and Sale Agreement by and between Gary O.
Bolen, Individually and d/b/a Badger Oil Company, Pharaoh Oil and Gas,
Inc., GulfWest Texas Company and WestCo Producing Company.
@2.7 Assignment and Bill of Sale by and between Gary O. Bolen, Individually
and d/b/a Badger Oil Company and Pharaoh Oil and Gas, Inc. as Assignor
and GulfWest Texas Company as Assignee.
+2.8 Purchase and Sale Agreement between Pharaoh Oil and Gas, Inc., Taylor
Link Operating Co. and Gary O. Bolen, Individually and d/b/a Badger
Oil Company (collectively, "Pharaoh"), as Seller, and WestCo Producing
Company, as Purchaser, dated November 6, 1996.
+2.9 Addendum of Purchase and Sale Agreement between Pharaoh and WestCo
Producing Company, dated December 5, 1996.
+2.10Assignment of Purchase and Sale Agreement by and between Pharaoh,
GulfWest Permian Company and WestCo Producing Company, dated December
5, 1996.
+2.11Form of Assignment and Bill of Sale by and between Pharaoh as
Assignor and GulfWest Permian Company as Assignee.
*3.1 Articles of Incorporation of the Registrant and Amendments thereto.
11
<PAGE>
*3.2 Bylaws of the Registrant.
@4.1 Statement of Resolution Establishing and Designating the Company's
Class AA Preferred Stock, filed with the Secretary of State of Texas
as an amendment to the Company's Articles of Incorporation on
September 23, 1996.
@4.2 Statement of Resolution Establishing and Designating the Company's
Class AAA Preferred Stock, filed with the Secretary of State of Texas
as an amendment to the Company's Articles of Incorporation on
September 23, 1996.
$4.3 Form of Note Purchase and Sale Agreement for the Company's 1995
Series A 9.5% Subordinated Notes, undated.
$4.4 Subscription and Registration Rights Agreement for the Purchase of
Preferred Stock Between the Company and Eco2, Inc. dated March 13,
1996.
@4.5 Term note in the amount of $1,500,000.00 payable to the order of
Pharaoh Oil and Gas, Inc. and to be executed by GulfWest Texas
Company.
+4.6 Term note in the amount of $5,900,000.00 payable to the order of
Pharaoh Oil and Gas, Inc. and executed by GulfWest Permian Company,
dated December 5, 1996.
+4.7 Term note in the amount of $1,604,000.00 payable to the order of
Pharaoh Oil and Gas, Inc. and executed by GulfWest Permian Company,
dated December 5, 1996.
^10.1GulfWest Oil Company 1994 Stock Option Plan, approved by the Board of
Directors on February 11, 1994.
^10.2Form of Nonqualified Stock Option Agreement, dated February 11, 1994
between the Company and certain officers, directors and advisors of
the Company.
#10.3Letter Agreement between the Company and Madisonville Project,
Limited, dated December 28, 1993 and amendment dated March 28, 1994.
#10.4Investment Letter Subscription Agreement of the Madisonville Project,
Limited, executed by the Company on July 31, 1994.
#10.5The Madisonville Project, Limited Agreement of Limited Partnership,
dated July 31, 1994.
^10.6Warrant Agreement between the Company and Jackson & Walker, L.L.P.,
dated December 21, 1994.
$10.7Stock Option Agreement between the Company and John E. Loehr, dated
May 11, 1995.
$10.8Stock Option Agreement between the Company and Marshall A. Smith III,
dated May 11, 1995.
12
<PAGE>
%10.9 Employment Agreement between the Company and Marshall A Smith III,
dated September 9, 1997, filed herewith.
%10.10 Employment Agreement between the Company and Jim C. Bigham, dated
September 9, 1997, filed herewith.
%10.11 Employment Agreement between the Company and Richard L. Creel,dated
September 9, 1997, filed herewith.
27 Article 5 Financial Data Schedule
_______________
+ Previously filed with the Company's Current Report on Form 8-K, dated
December 5, 1996, filed with the Commission on December 17, 1996.
@ Previously filed with the Company's Current Report on Form 8-K, dated
October 10, 1996, filed with the Commission on October 25, 1996.
$ Previously filed with the Company's Annual Report on Form 10-K for the
year ended December 31, 1995, filed with the Commission on April 12,
1996.
X Previously filed with the Company's Current Report on Form 8-K, dated
July 17, 1995, filed with the Commission on July 31, 1995.
^ Previously filed with the Company's Annual Report on Form 10-K for the
year ended December 31, 1994, filed with the Commission on April 14,
1995.
# Previously filed with the Company's Quarterly Report on Form 10-Q for
the period ended June 30, 1994, filed with the Commission on August
14, 1994.
* Previously filed with the Company's Registration Statement (on Form
S-1, Reg. No. 33-53526), filed with the Commission on October 21,
1992.
% Previously filed with the Company's Quarterly Report on Form 10-Q for
the period ended September 30, 1997, filed with the Commission on
November 17, 1997.
(b) Form 8-K -
Current Report on Form 8-K/A-2 to amend the Company's Current Report on
Form 8-K dated October 10, 1996 as amended by the Company's Current Report
on Form 8-K/A dated December 30, 1996, filed with the Commission on July
15, 1997.
Current Report on Form 8-K/A-2 to amend the Company's Current Report on
Form 8-K dated December 5, 1996 as amended by the Company's Current Report
on Form 8-K/A dated February 19, 1997, filed with the Commission on July
15, 1997.
13
<PAGE>
SIGNATURES
Pursuant to the requirements of Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GULFWEST OIL COMPANY
(Registrant)
Date: April 8, 1998 By: /s/ Jim C. Bigham
Jim C. Bigham
Executive Vice President
and Secretary
Date: April 8, 1998 By: /s/ John E. Loehr
John E. Loehr
Chief Financial Officer
14
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE GULFWEST
OIL COMPANY'S QUARTERLY REPORT FILED ON FORM 10-Q/A FOR THE QUARTER ENDED
SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000813779
<NAME> 0
<MULTIPLIER> 1
<CURRENCY> 0
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JUL-1-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<CASH> 100,764
<SECURITIES> 0
<RECEIVABLES> 688,669
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 970,312
<PP&E> 17,876,630
<DEPRECIATION> 2,136,293
<TOTAL-ASSETS> 16,706,815
<CURRENT-LIABILITIES> 5,334,774
<BONDS> 0
0
54
<COMMON> 1,753
<OTHER-SE> 3,194,758
<TOTAL-LIABILITY-AND-EQUITY> 16,706,815
<SALES> 3,132,514
<TOTAL-REVENUES> 3,551,162
<CGS> 0
<TOTAL-COSTS> 3,478,989
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (777,951)
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