SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT - APRIL 9, 1999
(DATE OF EARLIEST EVENT REPORTED)
HS RESOURCES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
COMMISSION FILE NO. 0-18886
DELAWARE 94-3036864
(STATE OF INCORPORATION) (I.R.S. EMPLOYER
IDENTIFICATION NO.)
ONE MARITIME PLAZA, 15TH FLOOR, SAN FRANCISCO, CALIFORNIA 94111
(ADDRESS OF PRINCIPAL (ZIP CODE)
EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (415) 433-5795
<PAGE>
FORM 8-K
HS RESOURCES, INC.
ITEM 5. OTHER EVENTS
As of December 31, 1998, the Company has changed its accounting method
from the full cost to the successful efforts method. This report includes the
Company's restated financial statements for the quarters ending March 31, 1997,
June 30, 1997, September 30, 1997, December 31, 1997, March 31, 1998, June 30,
1998, September 30, 1998, and December 31, 1998. The restated financial
statements show a reclassification adjustment of general and administrative
expense from the third quarter of 1998 to the second quarter of 1998.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Restated Financial Statements.
INDEX TO FINANCIAL STATEMENTS
PAGE
1998 Quarterly Condensed Consolidated Statements of Operations................3
1998 Quarterly Operations Data................................................4
1998 Consolidated Balance Sheets..............................................4
1998 Condensed Consolidated Statements of Cash Flows..........................5
1998 Development, Exploitation and Exploration Costs..........................6
1997 Quarterly Condensed Consolidated Statements of Operations................8
1997 Quarterly Operations Data................................................9
1997 Consolidated Balance Sheets..............................................9
1997 Condensed Consolidated Statements of Cash Flows.........................10
-2-
<PAGE>
HS Resources, Inc.
1998 Quarterly Condensed Consolidated Statements of Operations
(In Thousands, Except Per Share Data)
<TABLE>
<CAPTION>
Quarter Ended
Twelve Months ----------------------------------------------
Ended
December 31, December 31, September 30, June 30, March 31,
1998 1998 1998 1998 1998
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Revenues:
Oil & gas sales $ 150,088 $ 33,488 $ 32,887 $ 38,341 $ 45,372
Trading and transportation 54,144 12,847 13,831 11,142 16,324
Other gas revenues 8,560 2,347 2,068 2,276 1,869
Other income 1,404 257 504 439 204
--------- --------- --------- --------- ---------
Total revenues 214,196 48,939 49,290 52,198 63,769
--------- --------- --------- --------- ---------
Expenses:
Production taxes 10,422 2,597 2,068 2,759 2,998
Lease operating 30,411 7,297 7,799 8,169 7,146
Cost of trading and transportation 50,451 11,541 12,550 10,563 15,797
DD&A 61,223 13,904 15,387 16,450 15,482
Exploratory and abandonment 15,420 12,412 1,335 1,157 516
Geological and geophysical 14,309 3,067 3,412 5,212 2,618
Impairment and gain/loss on sales
of oil & gas properties 11,985 5,316 6,742 (73) --
General and administrative 8,060 1,822 2,248(b) 2,152(b) 1,838
Interest 41,990 9,249 10,889 11,071 10,781
--------- --------- --------- --------- ---------
Total expenses 244,271 67,205 62,430 57,460 57,176
--------- --------- --------- --------- ---------
(Loss) income before benefit (provision)
for income taxes (30,075) (18,266) (13,140) (5,262) 6,593
Benefit (provision) for income taxes (11,458) (6,959) (5,006) (2,005) 2,512
--------- --------- --------- --------- ---------
Net (loss) income $ (18,617) $ (11,307) $ (8,134) $ (3,257) $ 4,081
========= ========= ========= ========= =========
Net (loss) income per share - diluted $ (1.00) $ (0.61) $ (0.43) $ (0.18) $ 0.22
========= ========= ========= ========= =========
Outstanding shares - diluted 18,609 18,577 18,796 18,590 18,709
========= ========= ========= ========= =========
Operating cash flow (a) $ 72,862 $ 16,432 $ 13,737 $ 17,484 $ 25,209
========= ========= ========= ========= =========
Operating cash flow per share - diluted $ 3.92 $ 0.88 $ 0.73 $ 0.94 $ 1.35
========= ========= ========= ========= =========
</TABLE>
(a) Net income before geological and geophysical costs, exploratory and
abandonment costs, depreciation, depletion and amortization, impairment and
gain/loss on sales of oil and gas properties and income taxes. The Company
recorded a current tax provision of $5.3 million in the year ended December
31, 1998 for taxes payable as a result of the Mid-Continent Sale.
(b) Includes a reclassification adjustment of $325,000 ($205,175 after tax)
reducing general and administrative expense in the September 30, 1998
quarter and increasing general and administrative expense in the June 30,
1998 quarter compared to the quarterly information provided in the annual
report on Form 10-K for the year ended December 31, 1998.
-3-
<PAGE>
HS Resources, Inc.
1998 Quarterly Operations Data
(In Thousands)
<TABLE>
<CAPTION>
Quarter Ended
Twelve Months ----------------------------------------------------
Ended
December 31, December 31, September 30, June 30, March 31,
1998 1998 1998 1998 1998
----------- ----------- ------------ ------- --------
<S> <C> <C> <C> <C> <C>
Period Production:
Oil (Bbl) 2,630 587 653 699 691
Gas (Mcf) 56,970 13,003 14,379 15,363 14,225
Equivalent Gas (Mcfe) 72,750 16,525 18,297 19,557 18,371
Equivalent Barrels (Boe) 12,125 2,754 3,050 3,260 3,062
Production by district (Mcfe):
D-J Basin and Northern Rockies 62,772 16,141 15,945 15,993 14,693
Gulf Coast 1,044 384 144 234 282
Mid-Continent 8,934 -- 2,208 3,330 3,396
Total production (Mcfe) 72,750 16,525 18,297 19,557 18,371
</TABLE>
HS Resources, Inc.
1998 Consolidated Balance Sheets
(In Thousands)
<TABLE>
<CAPTION>
As of
-----------------------------------------------------------------------
December 31, September 30, June 30, March 31,
1998 1998 1998 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Assets
Current assets $ 60,265 $ 51,223 $ 60,925 $ 58,970
Oil & gas properties 924,663 920,289 1,087,051 1,058,165
Accumulated DD&A (175,729) (162,374) (182,168) (166,326)
Other assets 23,240 21,183 24,354 22,623
----------- ----------- ----------- -----------
Total assets $ 832,439 $ 830,321 $ 990,162 $ 973,432
=========== =========== =========== ===========
Liabilities and Stockholders' Equity
Current liabilities $ 79,164 $ 82,532 $ 75,661 $ 75,595
Bank debt 230,000 293,000 433,000 413,000
9 7/8% Subordinated notes, due 2003 74,712 74,698 74,683 74,668
9 1/4% Subordinated notes, due 2006 230,205 149,369 149,349 149,330
Other long-term liabilities & deferred revenue 21,359 16,697 18,975 19,357
Deferred taxes 44,138 48,097 61,407 64,310
Stockholders' equity 152,861 165,928 177,087 177,172
----------- ----------- ----------- -----------
Total liabilities and stockholders' equity $ 832,439 $ 830,321 $ 990,162 $ 973,432
=========== =========== =========== ===========
</TABLE>
-4-
<PAGE>
HS Resources, Inc.
1998 Condensed Consolidated Statements of Cash Flows
(In Thousands)
<TABLE>
<CAPTION>
Twelve Months Nine Months Six Months Three Months
Ended Ended Ended Ended
12/31/98 9/30/98 6/30/98 3/31/98
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Cash flows from operating activities:
Net (loss) income $ (18,616) $ (7,310) $ 824 $ 4,081
Depreciation, depletion and amortization 61,223 47,320 31,933 15,482
Impairment and gain/loss on sale of oil and gas properties 11,986 6,670 (73) --
Amortization of deferred charges, debt issue costs
and deferred compensation 2,621 1,848 1,225 570
Transfer treasury stock to 401(k) plan 549 549 549 549
Gain on sale of fixed assets (235) (239) -- --
Deferred income tax benefit (14,106) (4,635) 371 2,376
Decrease (increase) in accounts receivable (1,186) 3,908 (4,022) (5,378)
Increase in accounts payable and accrued expenses 10,069 3,741 264 7,871
Increase (decrease) in deferred revenue, net (965) (4,379) (2,506) (783)
Other (1,257) 26 (603) (713)
--------- --------- --------- ---------
Net cash provided by operating activities 50,083 47,499 27,962 24,055
--------- --------- --------- ---------
Cash flows from investing activities:
Exploration, development and leasehold costs (87,885) (79,762) (56,932) (27,890)
Purchase of unproved and proved properties (4,754) (4,637) (3,499) (3,075)
Gas gathering and transportation facilities additions (28) (28) (26) (17)
Other property additions (859) (519) (524) (178)
Proceeds from the sale of oil and gas properties 151,031 152,525 1,552 --
Proceeds from the sale of fixed assets 1,234 1,232 -- --
Increase in property related payables 3,694 6,633 11,946 5,049
--------- --------- --------- ---------
Net cash provided by (used in) investing activities 62,433 75,444 (47,483) (26,111)
--------- --------- --------- ---------
Cash flows from financing activities:
Proceeds from debt 154,750 55,000 39,000 6,000
Repayments of debt (256,000) (174,000) (18,000) (5,000)
Debt issuance costs (2,460) -- -- --
Exercise of options 468 468 631 627
Purchase of treasury stock (6,524) (4,506) (1,605) (1,601)
Other -- -- (613) 294
--------- --------- --------- ---------
Net cash (used in) provided by financing activities (109,766) (123,038) 19,413 320
--------- --------- --------- ---------
Net increase (decrease) in cash and
cash equivalents 2,750 (95) (108) (1,736)
Cash and cash equivalents, beginning
of the period 6,908 6,908 6,908 6,908
--------- --------- --------- ---------
Cash and cash equivalents, end of
the period $ 9,658 $ 6,813 $ 6,800 $ 5,172
========= ========= ========= =========
</TABLE>
-5-
<PAGE>
HS Resources, Inc.
1998 Development, Exploitation and Exploration Costs
(In Thousands)
<TABLE>
<CAPTION>
Three Months Ended 3/31/98
----------------------------------------------------------------
Mid- Northern
D-J Basin Gulf Coast Continent Rockies Other Total
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Capitalized Costs
Land $ 98 $ 1,251 $ 1,689 $ 65 $ -- $ 3,103
Exploration Drilling -- 125 -- 13 -- 138
Development Drilling 9,913 -- 1,808 -- -- 11,721
Recompletions and Refracs 9,556 11 115 11 -- 9,693
Acquisitions -- -- -- -- 3,075 3,075
Capitalized Interest & Other 2,482 239 349 164 -- 3,234
Surrendered & Expired Acreage -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Capitalized Costs 22,049 1,626 3,961 253 3,075 30,964
-------- -------- -------- -------- -------- --------
Costs Charged to Income Statement
Geological & Geophysical 168 1,634 -- 73 743 2,618
Exploratory Dryholes 15 -- (167) -- -- (152)
Surrendered & Expired Acreage -- -- -- -- -- --
Other Exploratory 12 241 -- 30 386 669
-------- -------- -------- -------- -------- --------
Total G&G and Exploration Costs 195 1,875 (167) 103 1,129 3,135
-------- -------- -------- -------- -------- --------
Total Development, Exploitation
and Exploration Costs $ 22,244 $ 3,501 $ 3,794 $ 356 $ 4,204 $ 34,099
======== ======== ======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended 6/30/98
----------------------------------------------------------------
Mid- Northern
D-J Basin Gulf Coast Continent Rockies Other Total
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Capitalized Costs
Land $ 173 $ 4,038 $ 1,428 $ 118 $ -- $ 5,757
Exploration Drilling -- 1,563 -- 13 -- 1,576
Development Drilling 17,627 -- 5,277 -- -- 22,904
Recompletions and Refracs 19,911 13 370 11 -- 20,305
Acquisitions -- -- -- -- 3,498 3,498
Capitalized Interest & Other 4,966 526 694 327 (123) 6,390
Surrendered & Expired Acreage -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Capitalized Costs 42,677 6,140 7,769 469 3,375 60,430
-------- -------- -------- -------- -------- --------
Costs Charged to Income Statement
Geological & Geophysical 320 5,809 -- 176 1,525 7,830
Exploratory Dryholes 198 69 (177) -- -- 90
Surrendered & Expired Acreage -- -- -- -- -- --
Other Exploratory 84 432 -- 154 913 1,583
-------- -------- -------- -------- -------- --------
Total G&G and Exploration Costs 602 6,310 (177) 330 2,438 9,503
-------- -------- -------- -------- -------- --------
Total Development, Exploitation
and Exploration Costs $ 43,279 $ 12,450 $ 7,592 $ 799 $ 5,813 $ 69,933
======== ======== ======== ======== ======== ========
</TABLE>
-6-
<PAGE>
HS Resources, Inc.
1998 Development, Exploitation and Exploration Costs
(In Thousands)
<TABLE>
<CAPTION>
Nine Months Ended 9/30/98
----------------------------------------------------------------
Mid- Northern
D-J Basin Gulf Coast Continent Rockies Other Total
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Capitalized Costs
Land $ 418 $ 5,952 $ 2,049 $ 141 $ -- $ 8,560
Exploration Drilling -- 3,269 -- 66 -- 3,335
Development Drilling 20,809 -- 6,552 -- -- 27,361
Recompletions and Refracs 30,414 29 519 74 -- 31,036
Acquisitions -- -- -- -- 4,637 4,637
Capitalized Interest & Other 7,056 884 925 488 117 9,470
Surrendered & Expired Acreage -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Capitalized Costs 58,697 10,134 10,045 769 4,754 84,399
-------- -------- -------- -------- -------- --------
Costs Charged to Income Statement
Geological & Geophysical 826 7,531 60 498 2,325 11,240
Exploratory Dryholes 607 68 (178) -- -- 497
Surrendered & Expired Acreage -- -- -- -- -- --
Other Exploratory 130 765 -- 256 1,361 2,512
-------- -------- -------- -------- -------- --------
Total G&G and Exploration Costs 1,563 8,364 (118) 754 3,686 14,249
-------- -------- -------- -------- -------- --------
Total Development, Exploitation
and Exploration Costs $ 60,260 $ 18,498 $ 9,927 $ 1,523 $ 8,440 $ 98,648
======== ======== ======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
Twelve Months Ended 12/31/98
----------------------------------------------------------------
Mid- Northern
D-J Basin Gulf Coast Continent Rockies Other Total
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Capitalized Costs
Land $ 521 $ 6,936 $ 2,256 $ 277 $ -- $ 9,990
Exploration Drilling -- 6,084 -- 2,201 -- 8,285
Development Drilling 20,891 -- 6,275 -- -- 27,166
Recompletions and Refracs 40,654 140 519 91 -- 41,404
Acquisitions -- -- -- -- 4,754 4,754
Capitalized Interest & Other 8,916 1,255 923 647 (280) 11,461
Surrendered & Expired Acreage (187) (5,756) (155) (4,323) -- (10,421)
-------- -------- -------- -------- -------- --------
Total Capitalized Costs 70,795 8,659 9,818 (1,107) 4,474 92,639
-------- -------- -------- -------- -------- --------
Costs Charged to Income Statement
Geological & Geophysical 1,351 9,336 107 651 2,863 14,308
Exploratory Dryholes 661 978 (178) -- -- 1,461
Surrendered & Expired Acreage 187 5,756 155 4,323 -- 10,421
Other Exploratory 283 833 -- 328 2,093 3,537
-------- -------- -------- -------- -------- --------
Total G&G and Exploration Costs 2,482 16,903 84 5,302 4,956 29,727
-------- -------- -------- -------- -------- --------
Total Development, Exploitation
and Exploration Costs $ 73,277 $ 25,562 $ 9,902 $ 4,195 $ 9,430 $122,366
======== ======== ======== ======== ======== ========
</TABLE>
-7-
<PAGE>
<TABLE>
<CAPTION>
HS Resources, Inc.
1997 Quarterly Condensed Consolidated Statements of Operations
(In Thousands, Except Per Share Data)
Quarter Ended
Twelve Months ------------------------------------------------------------
Ended
December 31, December 31, September 30, June 30, March 31,
1997 1997 1997 1997 1997
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Revenues:
Oil & gas sales $ 137,251 $ 39,473 $ 31,657 $ 30,097 $ 36,024
Trading and transportation 90,062 25,701 16,575 18,946 28,840
Other gas revenues 4,450 1,243 1,017 1,094 1,096
Other income 1,942 1,049 271 354 268
--------- --------- --------- --------- ---------
Total revenues 233,705 67,466 49,520 50,491 66,228
--------- --------- --------- --------- ---------
Expenses:
Production taxes 9,703 2,810 2,060 2,027 2,806
Lease operating 24,848 6,575 5,902 5,941 6,430
Cost of trading and transportation 88,402 25,037 16,505 18,821 28,039
DD&A 45,757 11,958 11,537 11,300 10,962
Exploratory and abandonment 13,438 8,052 4,031 835 520
Geological and geophysical 17,049 7,812 4,148 3,131 1,958
Impairment and gain/loss on sales
of oil & gas properties 15,710 12,027 -- 733 2,950
General and administrative 11,550 5,182 2,194 1,861 2,313
Interest 32,297 8,629 7,880 7,894 7,894
--------- --------- --------- --------- ---------
Total expenses 258,754 88,082 54,257 52,543 63,872
--------- --------- --------- --------- ---------
(Loss) income before benefit (provision)
for income taxes (25,049) (20,616) (4,737) (2,052) 2,356
Benefit (provision) for income taxes (9,544) (7,855) (1,805) (782) 898
========= ========= ========= ========= =========
Net (loss) income $ (15,505) $ (12,761) $ (2,932) $ (1,270) $ 1,458
========= ========= ========= ========= =========
Net (loss) income per share - diluted $ (0.91) $ (0.73) $ (0.17) $ (0.07) $ 0.08
========= ========= ========= ========= =========
Outstanding shares - diluted 17,119 17,503 16,978 16,978 17,576
========= ========= ========= ========= =========
Operating cash flow (a) $ 66,905 $ 19,232 $ 14,980 $ 13,948 $ 18,745
========= ========= ========= ========= =========
Operating cash flow per share - diluted $ 3.91 $ 1.10 $ 0.88 $ 0.82 $ 1.07
========= ========= ========= ========= =========
</TABLE>
(a) Net income before geological and geophysical costs, exploratory and
abandonment costs, depreciation, depletion and amortization, impairment and
gain/loss on sales of oil and gas properties and income taxes.
-8-
<PAGE>
HS Resources, Inc.
1997 Quarterly Operations Data
(In Thousands)
<TABLE>
<CAPTION>
Quarter Ended
Twelve Months ---------------------------------------------
Ended
December 31, December 31, September 30, June 30, March 31,
1998 1997 1997 1997 1997
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Period Production:
Oil (Bbl) 2,399 614 618 608 559
Gas (Mcf) 41,125 10,818 10,276 10,060 9,971
Equivalent Gas (Mcfe) 55,519 14,502 13,984 13,708 13,325
Equivalent Barrels (Boe) 9,253 2,417 2,331 2,285 2,221
Production by district:
D-J Basin and Northern Rockies 36,751 10,056 9,208 8,944 8,543
Gulf Coast 606 372 162 66 6
Mid-Continent 18,162 4,074 4,614 4,698 4,776
Total production (Mcfe) 55,519 14,502 13,984 13,708 13,325
</TABLE>
HS Resources, Inc.
1997 Consolidated Balance Sheets
(In Thousands)
<TABLE>
<CAPTION>
As of
-----------------------------------------------------------------
December 31, September 30, June 30, March 31,
1997 1997 1997 1997
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Assets
Current assets $ 55,389 $ 46,706 $ 67,756 $ 46,708
Oil & gas properties 1,028,897 726,948 723,778 734,452
Accumulated DD&A (151,431) (145,672) (134,733) (125,383)
Other assets 23,451 21,481 21,875 22,374
----------- ----------- ----------- -----------
Total assets $ 956,306 $ 649,463 $ 678,676 $ 678,151
=========== =========== =========== ===========
Liabilities and Stockholders' Equity
Current liabilities $ 63,717 $ 55,083 $ 77,036 $ 58,542
Bank debt 412,000 124,000 128,591 139,000
9 7/8% Subordinated notes, due 2003 74,654 74,639 74,625 74,610
9 1/4% Subordinated notes, due 2006 149,310 149,291 149,272 149,252
Other long-term liabilities & deferred revenue 21,215 9,519 7,419 12,559
Deferred taxes 61,933 70,715 72,603 73,301
Stockholders' equity 173,477 166,216 169,130 170,887
----------- ----------- ----------- -----------
Total liabilities and stockholders' equity $ 956,306 $ 649,463 $ 678,676 $ 678,151
=========== =========== =========== ===========
</TABLE>
-9-
<PAGE>
HS Resources, Inc.
1997 Condensed Consolidated Statements of Cash Flows
(In Thousands)
<TABLE>
<CAPTION>
Twelve Months Nine Months Six Months Three Months
Ended Ended Ended Ended
12/31/97 9/30/97 6/30/97 3/31/97
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Cash flows from operating activities:
Net (loss) income $ (15,505) $ (2,744) $ 188 $ 1,458
Depreciation, depletion and amortization 45,757 33,799 22,262 10,961
Impairment and gain/loss on sale of oil and gas properties 15,710 3,683 3,683 2,950
Amortization of deferred charges, debt issue costs
and deferred compensation 1,830 1,370 915 436
Transfer treasury stock to 401(k) plan 417 417 417 --
Gain on sale of fixed assets -- -- -- --
Deferred income tax benefit (10,554) (1,772) 116 814
Decrease (increase) in accounts receivable 2,558 8,454 10,553 12,400
Increase in accounts payable and accrued expenses 7,947 5,341 (2,200) 7,772
Increase (decrease) in deferred revenue, net 9,873 -- -- --
Other 843 365 (196) (23)
--------- --------- --------- ---------
Net cash provided by operating activities 58,876 48,913 35,738 36,768
--------- --------- --------- ---------
Cash flows from investing activities:
Exploration, development and leasehold costs (39,995) (37,902) (33,179) (14,821)
Purchase of unproved and proved properties (299,087) -- -- --
Gas gathering and transportation facilities additions (157) (121) (116) (51)
Other property additions (1,712) (1,241) (640) (393)
Proceeds from the sale of oil and gas properties 35,603 33,984 8,021 5,500
Proceeds from the sale of fixed assets -- -- -- --
Increase in property related payables 11,272 3,345 6,400 7,325
--------- --------- --------- ---------
Net cash provided by (used in) investing activities (294,076) (1,935) (19,514) (2,440)
--------- --------- --------- ---------
Cash flows from financing activities:
Proceeds from debt 337,000 29,000 22,000 --
Repayments of debt (99,000) (79,000) (43,000) (35,000)
Debt issuance costs (2,948) (438) (417) (219)
Exercise of options 468 223 223 223
Purchase of treasury stock (1,398) (1,158) (1,158) (218)
Other (779) 10 (58) 99
--------- --------- --------- ---------
Net cash (used in) provided by financing activities 233,343 (51,363) (22,410) (35,115)
--------- --------- --------- ---------
Net increase (decrease) in cash and
cash equivalents (1,857) (4,385) (6,186) (787)
Cash and cash equivalents, beginning
of the period 8,765 8,765 8,765 8,765
--------- --------- --------- ---------
Cash and cash equivalents, end of
the period $ 6,908 $ 4,380 $ 2,579 $ 7,978
========= ========= ========= =========
</TABLE>
-10-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HS RESOURCES, INC.
By:/s/James M. Piccone
-----------------------------------------
James M. Piccone
Vice President
Dated: April 9, 1999
