U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
[ ] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[X] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For period ended: September 30, 1997
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
If the notification relates to a portion of the filing checked
above, identify the Item(s) to which the notification relates:
Part I - Registrant Information.
Full name of registrant: Petro Union, Inc. d/b/a Horizontal Ventures,
Inc.
Former name if applicable:
Address of Principal Executive Office (Street and Number)
575 Madison Avenue, Suite 1006
New York, NY 10022
Part II - Rules 12b-25(b) and (c).
If the subject report could not be filed without unreasonable
effort or expense and the registrant seeks relief pursuant to
Rule 12b-25(b), the following should be completed (Check box if
appropriate) [X]
(a) The reasons described in reasonable detail in Part II of this
form could not be eliminated without unreasonable effort or
expense;
(b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F, Form 11-K, or Form N-SAR, or
portion thereof will be filed on or before the fifteenth calendar
day following the prescribed due date; or the subject quarterly
report or transition report on Form 10-Q, or portion thereof will
be filed on or before the fifth calendar day following the
prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
Part III - Narrative.
State below in reasonable detail the reasons why Form 10-K and
Form 10-KSB, 20-F, 11-K, 10-Q and Form 10-QSB, N-SAR, or the
transition report or portion thereof could not be filed within
the prescribed period.
As previously reported on a Form 8-K for an event occurring on August
28, 1997, Petro Union, Inc. (the former name of the registrant)(Petro)
acquired Horizontal Ventures, Inc. ("HVI") in a transaction which closed on
September 9, 1997 and which resulted in a change in control of the
registrant. The transaction is treated for accounting purposes as a
recapitalization of Petro Union, Inc. with HVI considered to be the
acquiror (a reverse acquisition). As a result, the required financial
statements in the 10QSB are now those of HVI rather than Petro and
management is still in the process of finishing these financial
statements for the comparative prior periods to be included in the
subject report, which interim statements were heretofore not necessary.
The audited financial statements of HVI and the pro forma financial
statements required by Form 8-K were filed with the Form 8-K/A filed by
the registrant on October 16, 1997 for an event occurring on August 11,
1997.
Part IV - Other Information.
(1) Name and telephone number of person to contact in regard to
this notification:
Roger V. Davidson, Esq.
Cohen Brame & Smith Professional Corporation
(303) 837-8800
(2) Have all other periodic reports required under section 13 or
15(d) of the Securities Exchange Act of 1934 or section 30 of the
Investment Company Act of 1940 during the preceding 12 months or
for such shorter period that the registrant was required to file
such report(s) been filed? If the answer is no, identify
report(s). [X] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in
the subject report or portion thereof? [X] Yes [ ] No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results cannot be made.
As discussed in Part III hereof, the registrant acquired Horizontal
Ventures, Inc. in a transaction which closed on September 9, 1997 and
which is treated for accounting purposes as a reverse acquisition.
Accordingly, it is anticipated that there will be a significant change
in results of operations from the corresponding period for the last
fiscal year reflected by the earnings statements to be included in the
subject report. The estimated quantitative changes are as follows:
<TABLE>
<CAPTION>
As Originally Reported To Reflect Reverse Acquisition
3 Months 9 Months 3 Months 9 Months 3 Months 9 Months
Ended Ended Ended Ended Ended Ended
9/30/96 9/30/96 9/30/96 9/30/96 9/30/97 9/30/97
<S> <C> <C> <C> <C> <C> <C>
Revenues $ 36,691 $129,540 $199,787 $411,601 $31,659 $160,824
Income (loss)
from
operations $ (80,394) $(215,003) $ 7,617 $(170,402)$(111,929) $(268,714)
Net income
(loss) $(285,902) $(421,120) $ 6,257 $(190,533)$(120,589) $(313,739)
</TABLE>
PETRO UNION, INC. d/b/a HORIZONTAL VENTURES, INC.
(Name of registrant as specified in its charter)
has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: November 14, 1997 By: /s/ RANDEEP S. GREWAL
(Name)
Randeep S. Grewal
(Print Name)
Chief Executive Officer
(Title)
