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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 1-13513
NOTIFICATION OF LATE FILING
(Check One):
[X]Form 10-KSB [ ]Form 20-F [ ]Form 11-K [ ]Form 10-Q [ ]Form N-SAR
For Period Ended: December 31, 1999
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[ ] 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
For the Transition Period Ended:
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Read attached instruction sheet before preparing form. Please print or
type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates:
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PART I -- REGISTRANT INFORMATION
Full name of registrant United States Exploration, Inc.
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Former name if applicable
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Address of principal executive office (Street and number)
1560 Broadway, Suite 1900
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City, state and zip code Denver, Colorado 80202
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PART II -- RULE 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.)
(a) The reasons described in reasonable detail in Part III 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 or 10-KSB, Form 11-K or Form N-SAR, or portion
thereof will be filed on or before the 15th calendar day
[X] following the prescribed due date; or the subject quarterly
report or transition report on Form 10-Q or Form 10-QSB, 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, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period. (Attach extra sheets if needed.)
The financial information required for the preparation of the Form 10-KSB
could not be completed prior to the due date.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
F. Michael Murphy (303) 863-3544
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(Name) (Area Code) (Telephone Number)
(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
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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.
Based upon engineering reserve studies prepared at December 31, 1998,
the Company incurred an impairment loss related to its oil and gas
property and equipment of approximately $15,000,000. No such impairment
loss is anticipated for the year ended December 31, 1999. The Company
expects its net loss for 1998, without impairment losses related to the
Company's oil and gas properties and equipment experienced in 1998, to
be comparable to its net loss for 1999. The Company expects its
preferred stock dividends applicable to 1999 to be approximately
$800,000 less than its preferred stock dividends applicable to 1998.
United States Exploration, Inc.
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(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date March 28 , 2000 By /s/ F. Michael Murphy
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F. Michael Murphy, Chief Financial Officer
