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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB/A
AMENDMENT III
(Mark One)
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from...............to...............
Commission file number 0-16552
ENEX OIL & GAS INCOME PROGRAM III - Series 4, L.P.
(Name of small business issuer in its charter)
New Jersey 76-0179822
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
800 Rockmead Drive
Three Kingwood Place
Kingwood, Texas 77339
(Adress of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (713) 358-8401
Securities registered under Section 12(b) of the Exchange Act: None
Securities registered under Section 12(g) of the Exchange Act:
Limited Partnership Interest
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 (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.
Yes x No
Check if there is no disclosure of delinquent filers in response
to Item 405 of Regulation S-B is not contained in this form, and no disclosure
will be contained, to the best of the registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-KSB or any amendment to this Form 10-KSB.[x]
State issuer's revenues for its most recent fiscal year. $ 128,169
State the aggregate market value of the voting stock held by
non-affiliates computed by reference to the price at which the stock was sold,
or the average bid and asked prices of such stock as of a specified date within
the past 60 days (See definition of affiliate in Rule 12b-2 of the Exchange
Act):
Not Applicable
Documents Incorporated By Reference:
None
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<PAGE>
PART II
Item 5. Market for Common Equity and Related Security Holder Matters
Market Information
There is no established public trading market for the Company's
outstanding limited partnership interests.
Number of Equity Security Holders
Number of Record Holders
Title of Class (as of March 1, 1996)
----------------- ------------------------------
General Partner's Interests 1
Limited Partnership Interests 396
Dividends
The Company made cash distributions to partners of $1 and $7 per $500
investment in 1995 and 1994, respectively. The Company discontinued the payment
of distributions in the second quarter of 1995. Future distributions are
dependent upon, among other things, an increase in the prices received for oil
and gas. The Company will continue to recover its reserves and reduce
obligations in 1996. Based upon current projected cash flows from its property,
it does not appear that the Company will have sufficient net cash flow after
debt service to pay distributions.
II-1
<PAGE>
Item 6. Management's Discussion and Analysis or Plan of Operation
Results of Operations
This discussion should be read in conjunction with the financial
statements of the Company and the notes thereto included in this Form 10-KSB.
Oil and gas sales in 1995 were $128,169 as compared with $158,248 in
1994. Oil and gas sales decreased by $30,079 or 19% from 1994 to 1995. Oil sales
decreased by $1,433 or 1%. A 21% decrease in oil production reduced sales by
$24,144. This decrease was partially offset by a 24% increase in the average oil
sales price. Gas sales decreased by $28,646 or 69%. A 62% decline in gas
production reduced sales by $25,565, while a 20% decrease in the average gas
sales price reduced sales by an additional $3,081. The increase in the average
oil sales price was primarily the result of lower net profits royalty payments
on the Shana acquisition which had a pump replaced on the Dorothy Stevens #4
well, coupled with higher prices in the overall market for the sale of oil. The
lower oil and gas production was due to the shut-in of production from the Shana
and Hightower acquisitions, to perform workovers in 1995, coupled with natural
production declines. The decrease in the average gas sales price was due to
lower prices in the overall market for the sale of gas.
Lease operating expenses were $89,190 in 1995 as compared with
$80,511 in 1994. Lease operating expenses increased by $8,679 or 11% from 1994
to 1995. This increase was primarily due to workover expenses incurred on the
Hightower and Shana acquisitions in 1995.
Depreciation and depletion expense was $41,919 in 1995 as compared
with $53,600 in 1994. Depreciation and depletion expense decreased by $11,681 or
22% from 1994 to 1995. The declines in production, noted above, caused
depreciation and depletion expense to decrease by $16,041. This decrease was
partially offset by a 12% increase in the depletion rate. The rate increase was
primarily a result of downward revisions of the oil and gas reserves during
1995.
Effective July 1, 1995, the Company sold its interests in the Garcia
1, 2 & 5 wells in the Shana acquisition to Mueller Engineering Corp. for
$10,000. A $3,969 gain was recognized on the sale.
General and administrative expenses were $30,180 in 1995 as compared
with $38,310 in 1994. General and administrative expenses decreased by $8,130 or
21% from 1994 to 1995. The decrease was primarily the result of less staff time
being required to manage the Company's operations coupled with a $3,904 decrease
in direct expenses incurred by the Company in 1995.
Capital Resources and Liquidity
The Company's cash flow from operations is a direct result of the
amount of the net proceeds realized from the sale of oil and gas production.
Accordingly, the changes in cash flow from 1994 to 1995 are primarily due to the
changes in oil and gas sales described above. It is the general partner's
intention to distribute substantially all of the Company's available net cash
flow to the Company's partners.
II-2
<PAGE>
The Company discontinued the payment of distributions in the second
quarter of 1995. Future distributions are dependent upon among other things, an
increase in the prices received for oil and gas. The Company will continue to
recover its reserves and reduce its obligations in 1996. The Company does not
intend to purchase additional properties or fund extensive development of
existing oil and gas properties, and as such; has no long-term liquidity needs.
The Company's projected cash flows from operations will provide sufficient
funding to pay its operating expenses and debt obligations. The general partner
does not intend to accelerate the repayment of the debt beyond the cash flow
provided by operating, financing and investing activities. The Company plans to
repay the amount owed to the general partner over a five year period. Based upon
current projected cash flows from its property, it does not appear that the
Company will have sufficient cash to pay distributions and pay its operating
expenses, and meet its debt obligations .
At December 31, 1995, the Company had no material commitments for
capital expenditures. The Company does not intend to engage in any significant
developmental drilling activity.
II-3
<PAGE>
Item 7. Financial Statements and Supplementary Data
INDEPENDENT AUDITORS' REPORT
- ----------------------------------------------------
The Partners
Enex Oil & Gas Income
Program III - Series 4, L.P.:
We have audited the accompanying balance sheet of Enex Oil & Gas Income Program
III - Series 4, L.P. (a New Jersey limited partnership) as of December 31, 1995
and the related statements of operations, changes in partners' capital, and cash
flows for each of the two years in the period ended December 31, 1995. These
financial statements are the responsibility of the general partner of Enex Oil &
Gas Income Program III - Series 4, L.P. Our responsibility is to express an
opinion on the financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Enex Oil & Gas Income Program III - Series
4, L.P. at December 31, 1995 and the results of its operations and its cash
flows for each of the two years in the period ended December 31, 1995 in
conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Houston, Texas
March 18, 1996
II-4
<PAGE>
<TABLE>
<CAPTION>
ENEX OIL & GAS INCOME PROGRAM III - SERIES 4, L.P.
BALANCE SHEET, DECEMBER 31, 1995
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ASSETS
1995
---------------
CURRENT ASSETS:
<S> <C>
Cash $ 215
Accounts receivable - oil & gas sales 12,262
Other current assets 4,339
---------------
Total current assets 16,816
---------------
OIL & GAS PROPERTIES
(Successful efforts accounting method) - Proved
mineral interests and related equipment & facilities 1,694,106
Less accumulated depreciation and depletion 1,238,229
---------------
Property, net 455,877
---------------
TOTAL $ 472,693
===============
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 22,103
Payable to general partner 162,671
---------------
Total current liabilities 184,774
---------------
PARTNERS' CAPITAL:
Limited partners 276,583
General partner 11,336
---------------
Total partners' capital 287,919
---------------
TOTAL $ 472,693
===============
Number of $500 Limited Partner units outstanding 5,410
</TABLE>
See accompanying notes to financial statements.
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II-5
<PAGE>
ENEX OIL & GAS INCOME PROGRAM III - SERIES 4, L.P.
STATEMENTS OF OPERATIONS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
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<TABLE>
<CAPTION>
1995 1994
------------ ------------
REVENUES:
<S> <C> <C>
Oil and gas sales $ 128,169 $ 158,248
------------ ------------
EXPENSES:
Depreciation and depletion 41,919 53,600
Lease operating expenses 89,190 80,511
Production taxes 9,029 9,013
General and administrative:
Allocated from general partner 27,484 31,710
Direct expense 2,696 6,600
------------ ------------
Total expenses 170,318 181,434
------------ ------------
LOSS FROM OPERATIONS (42,149) (23,186)
------------ ------------
OTHER INCOME:
Interest income 15 -
Gain on sale of property 3,969 -
------------ ------------
Total other income 3,984 -
-
------------ -----------
NET LOSS $ (38,165) $ (23,186)
============ ============
</TABLE>
See accompanying notes to financial statements.
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II-6
<PAGE>
ENEX OIL & GAS INCOME PROGRAM III - SERIES 4, L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
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<TABLE>
<CAPTION>
PER $500
LIMITED
PARTNER
GENERAL LIMITED UNIT OUT-
TOTAL PARTNER PARTNERS STANDING
------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
BALANCE, JANUARY 1, 1994 $ 400,755 $ 13,070 $ 387,685 $ 71
CASH DISTRIBUTIONS (43,979) (4,402) (39,577) (7)
NET INCOME (LOSS) (23,186) 3,042 (26,228) (5)
------------ ----------- ----------- ------------
BALANCE, DECEMBER 31, 1994 333,590 11,710 321,880 59
CASH DISTRIBUTIONS (7,506) (750) (6,756) (1)
NET INCOME (LOSS) (38,165) 376 (38,541) (7)
------------ ----------- ----------- ------------
BALANCE, DECEMBER 31, 1995 $ 287,919 $ 11,336 $ 276,583 (1) $ 51
============ =========== =========== ============
</TABLE>
(1) Includes 662 units purchased by the general partner as a limited partner.
See accompanying notes to financial statements.
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II-7
<PAGE>
ENEX OIL AND GAS INCOME PROGRAM III - SERIES 4, L.P.
STATEMENTS OF CASH FLOWS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
- --------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net loss $ (38,165) $(23,186)
----------- ----------
Adjustments to reconcile net loss to net cash
provided by operating activities
Depreciation and depletion 41,919 53,600
Gain from sale of property (3,969) -
(Increase) decrease in:
Accounts receivable - oil & gas sales 6,654 5,604
Other current assets (1,473) (1,175)
Increase (decrease) in:
Accounts payable 8,168 (4,498)
Payable to affiliated limited partnership (680) 680
Payable to general partner (11,663) 17,477
----------- ----------
Total adjustments 38,956 71,688
----------- ----------
Net cash provided by operating activities 791 48,502
----------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions - development costs (3,871) (6,902)
Proceeds from sale of property 10,000 -
----------- ----------
Net cash provided (used) by investing activities 6,129 (6,902)
----------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions (7,506) (43,979)
----------- ----------
NET (DECREASE) IN CASH (586) (2,379)
CASH AT BEGINNING OF YEAR 801 3,180
----------- ----------
CASH AT END OF YEAR $ 215 $ 801
=========== ==========
</TABLE>
See accompanying notes to financial statements.
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II-8
<PAGE>
ENEX OIL & GAS INCOME PROGRAM III - SERIES 4, L.P.
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
- ------------------------------------------------------------------
1. PARTNERSHIP ORGANIZATION
Enex Oil & Gas Income Program III - Series 4, L.P. (the "Company"),
a New Jersey limited partnership, commenced operations on May 1,
1987 for the purpose of acquiring proved oil and gas properties.
Total limited partner contributions were $2,704,880, of which
$27,049 was contributed by Enex Resources Corporation ("Enex"), the
general partner.
In accordance with the partnership agreement, the Company paid
commissions of $281,172 for solicited subscriptions to Enex
Securities Corporation, a subsidiary of Enex, and reimbursed Enex
for organization expenses of approximately $81,000.
Information relating to the allocation of costs and revenues
between Enex, as general partner, and the limited partners is as
follows:
Limited
Enex Partners
Commissions and selling expenses 100%
Company reimbursement of organization
expense 100%
Company property acquisition 100%
General and administrative costs 10% 90%
Costs of drilling and completing
development wells 10% 90%
Revenues from temporary investment of
partnership capital 100%
Revenues from producing properties 10% 90%
Operating costs (including general and
administrative costs associated with
operating producing properties) 10% 90%
At the point in time when the cash distributions to the limited
partners equal their subscriptions ("payout"), the costs of
drilling and completing development wells, revenues from producing
properties, general and administrative costs and operating costs
will be allocated 15% to the general partner and 85% to the limited
partners.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Oil and Gas Properties - The Company uses the successful efforts
method of accounting for its oil and gas operations. Under this
method, the costs of all development wells are capitalized.
Capitalized costs are amortized on the units-of-production method
based on estimated total proved reserves. The acquisition costs of
proved oil and gas properties are capitalized and periodically
assessed for impairment.
II-9
<PAGE>
The Financial Accounting Standards Board has issued Statement of
Financial Accounting Standards No. 121, "Accounting for the
Impairment of Long Lived Assets and for Long-Lived Assets to Be
Disposed Of." This statement requires that long-lived assets and
certain identifiable intangibles held and used by the Company be
reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be
recoverable.
The Company has not determined the effect, if any, on its financial
position or results of operations which may result from the
adoption of this statement in the first quarter of 1996.
The Company's operating interests in oil and gas properties are
recorded using the pro rata consolidation method pursuant to
Interpretation 2 of Accounting Principles Board Opinion 18.
Cash Flows - The Company has presented its cash flows using the
indirect method and considers all highly liquid investments with an
original maturity of three months or less to be cash equivalents.
General and Administrative Expenses - The Company reimburses the
General Partner for direct costs and administrative costs incurred
on its behalf. Administrative costs allocated to the Company are
computed on a cost basis in accordance with standard industry
practices by allocating the time spent by the General Partner's
personnel among all projects and by allocating rent and other
overhead on the basis of the relative direct time charges.
Uses of Estimates - The preparation of the financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of
contigent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during
the reporting periods. Actual results could differ from these
estimates.
3. FEDERAL INCOME TAXES
General - The Company is not a taxable entity for federal income
tax purposes. Such taxes are liabilities of the individual partners
and the amounts thereof will vary depending on the individual
situation of each partner. Accordingly, there is no provision for
income taxes in the accompanying financial statements.
II-10
<PAGE>
Set forth below is a reconciliation of net income (loss) as reflected in the
accompanying financial statements and net loss for federal income tax purposes
for the year ended December 31, 1995:
<TABLE>
<CAPTION>
Allocable to
------------------ Per $500 Limited
General Limited Partner Unit
TOTAL Partner Partners Outstanding
--------- -------- --------- --------------
Net income (loss) as reflected in the
<S> <C> <C> <C> <C>
accompanying financial statements $(38,165) $ 376 $(38,541) $ (7)
Reconciling items:
Intangible drilling costs capitalized
for financial reporting purposes
which were charged-off for federal
income tax purposes (1,656) (166) (1,490) -
Difference in depreciation, depletion
and amortization computed for
federal income tax purposes and
the amount computed for financial
reporting purposes 376 - 376 -
Difference in gain on property sales for
federal income tax purposes and
the amount computed for financial
reporting purposes 4,860 (397) 5,257 1
--------- -------- --------- --------------
Net loss for federal
income tax purposes $(34,585) $ (187) $(34,398) $ (6)
========= ======== ========= ==============
</TABLE>
Net loss for federal income tax purposes is a summation of ordinary income
(loss), portfolio income (loss), cost depletion and intangible drilling costs as
presented in the Company's federal income tax return.
Set forth below is a reconciliation between partners' capital as reflected in
the accompanying financial statements and partners' capital for federal income
tax purposes as of December 31, 1995:
<TABLE>
<CAPTION>
Allocable to
-------------------- Per $500 Limited
General Limited Partner Unit
TOTAL Partner Partners Outstanding
--------- --------- ---------- ---------------
Partners' capital as reflected in the
<S> <C> <C> <C> <C>
accompanying financial statements $287,919 $ 11,336 $ 276,583 $ 51
Reconciling items:
Intangible drilling costs capitalized
for financial reporting purposes
purposes which were charged-off
for federal income tax purposes (77,389) (7,801) (69,588) (13)
Difference in accumulated
depreciation, depletion and
amortization for financial reporting
and federal income tax purposes 48,139 - 48,139 9
Accumulated difference in property sales
for financial reporting purposes and
for federal income tax purposes 4,860 (397) 5,257 1
Commissions and syndication fees
capitalized for income tax purposes 281,172 281,172 52
--------- --------- ---------- ---------------
Partners' capital for federal
income tax purposes $544,701 $ 3,138 $ 541,563 $ 100
========= ========= ========== ===============
</TABLE>
II-11
<PAGE>
4. PAYABLE TO GENERAL PARTNER
The payable to general partner primarily consists of general and
administrative expenses allocated to the Company by Enex during the
Company's start-up phase and for its ongoing operations. The
Company plans to repay the amounts owed to the general partner over
a period of five years.
5. REPURCHASE OF LIMITED PARTNER INTEREST
In accordance with the partnership agreement, the general partner
is required to purchase limited partner interests (at the option of
the limited partners) at annual intervals beginning after the
second year following the formation of the Company. The purchase
price, as specified in the partnership agreement, is based
primarily on reserve reports prepared by independent petroleum
engineers as reduced by a specified risk factor.
6. SIGNIFICANT PURCHASERS
Scurlock Oil Company, Sunniland Pipeline Company and Mueller
Engineering Corp. accounted for 34%, 15% and 13%, respectively, of
the Company's total sales in 1995. Scurlock Oil Company and
Sunniland Pipeline Company accounted for 36% and 17%, respectively,
of the Company's total sales in 1994. No other purchaser
individually accounted for more than 10% of such sales.
7. SALE OF PROPERTY
Effective July 1, 1995, the Company sold its interests in the
Garcia 1, 2 & 5 wells in the Shana acquisition to Mueller
Engineering Corp. for $10,000. A $3,969 gain was recognized on the
sale.
II-12
<PAGE>
ENEX OIL & GAS INCOME PROGRAM III - SERIES 4, L.P.
SUPPLEMENTARY OIL AND GAS INFORMATION
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
- ----------------------------------------------------------------------------
Proved Oil and Gas Reserve Quantities (Unaudited)
The following presents an estimate of the Company's proved oil and gas reserve
quantities and changes therein for each of the two years in the period ended
December 31, 1995. Oil reserves are stated in barrels ("BBLS") and natural gas
in thousand cubic feet ("MCF"). The amounts per $500 limited partner unit do not
include a potential 5% reduction after payout. All of the Company's reserves are
located within the United States.
<TABLE>
<CAPTION>
Per $500 Per $500
Limited Natural Limited
Oil Partner Unit Gas Partner Unit
(BBLS) Outstanding (MCF) Outstanding
--------- ------------ -------- ----------
PROVED DEVELOPED AND
UNDEVELOPED RESERVES:
<S> <C> <C> <C> <C>
January 1, 1994 37,908 6 411,255 68
Revisions of previous estimates 10,490 2 4,024 1
Production (8,246) (1) (14,419) (2)
--------- -------------- ---------- ------------
December 31, 1994 40,152 7 400,860 67
Revisions of previous estimates (5,280) (1) (19,212) (3)
Sales of minerals in place (834) - (177) -
Production (6,545) (1) (5,502) (1)
--------- -------------- ---------- ------------
December 31, 1995 27,493 5 375,969 63
========= ============== ========== ============
PROVED DEVELOPED RESERVES:
January 1, 1994 37,908 6 411,255 68
======== ============== ========= ============
December 31, 1994 40,152 7 400,860 67
======== ============== ========= ============
December 31, 1995 27,493 5 375,969 63
======= =============== ========== ============
</TABLE>
II-13
<PAGE>
Item 8. Changes In and Disagreements With Accountants on Accounting and
Financial Disclosure
Not Applicable
II-14
<PAGE>
SIGNATURES
In accordance with Section 13 or 15 (d) of the Exchange Act,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
ENEX OIL AND GAS INCOME PROGRAM III -
SERIES 4, L.P.
By: ENEX RESOURCES CORPORATION
the General Partner
December 23, 1996 By: /s/ G. B. Eckley
-------------------
G. B. Eckley, President
In accordance with the Exchange Act, this report has been
signed below on December 23, 1996, by the following persons in the capacities
indicated.
ENEX RESOURCES CORPORATION General Partner
By: /s/ G. B. Eckley
------------------------
G. B. Eckley, President
/s/ G. B. Eckley
President, Chief Executive
------------------ Officer and Director
G. B. Eckley
/s/ R. E. Densford Vice President, Secretary, Treasurer,
Chief Financial Officer and Director
-------------------
R. E. Densford
/s/ James A. Klein Controller and Chief Accounting Officer
-----------------
James A. Klein
S-1
<PAGE>
/s/ Robert D. Carl, III
--------------------------
Robert D. Carl, III Director
/s/ Martin J. Freedman
--------------------------
Martin J. Freedman Director
/s/ William C. Hooper, Jr.
--------------------------
William C. Hooper, Jr. Director
/s/ Tom Shorney
--------------------------
Tom Shorney Director
/s/ Stuart Strasner
--------------------------
Stuart Strasner Director
S-2
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
(Replace this text with the legend)
</LEGEND>
<CIK> 0000820159
<NAME> ENEX OIL & GAS INCOME PROGRAM III - SERIES 4, L.P.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> dec-31-1996
<PERIOD-START> jan-01-1996
<PERIOD-END> dec-31-1996
<CASH> 215
<SECURITIES> 0
<RECEIVABLES> 12262
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 16816
<PP&E> 1694106
<DEPRECIATION> 1238229
<TOTAL-ASSETS> 472693
<CURRENT-LIABILITIES> 184774
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 287919
<TOTAL-LIABILITY-AND-EQUITY> 472693
<SALES> 128169
<TOTAL-REVENUES> 128169
<CGS> 140138
<TOTAL-COSTS> 170318
<OTHER-EXPENSES> 30180
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (38165)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
