<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
------------------
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 1997 Commission file number: 019020
OPTIMA PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
CANADA 98-0115468
(State of Incorporation) (I.R.S. Employee identification No.)
600- 595 HOWE STREET, VANCOUVER, BRITISH COLUMBIA, CANADA V6C 2T5
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: (604) 684-6886
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.
Yes X No .
----- -----
Number of shares of Common Stock outstanding at May 1, 1997 11,298,070
-1-
<PAGE> 2
OPTIMA PETROLEUM CORPORATION
QUARTERLY REPORT ON FORM 10-Q
INDEX
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS 3
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS 12
PART II - OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. 14
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. 14
SIGNATURES
-2-
<PAGE> 3
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
OPTIMA PETROLEUM CORPORATION
Consolidated Balance Sheets
<TABLE>
<CAPTION>
===================================================================================================
March 31 December 31
1997 1996
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS (unaudited) (audited)
CURRENT
Cash and cash equivalents $ 1,190,365 $ 2,055,062
Accounts receivable 3,194,462 2,516,578
Note receivable - current portion 125,675 124,423
- ---------------------------------------------------------------------------------------------------
4,510,502 4,696,063
OTHER
Cash held in trust 655,252 638,142
Advances to operators 688,148 468,864
Note receivable - long term portion 377,028 373,269
Petroleum and natural gas interests, full cost method (Note 2) 34,895,814 34,764,350
Deferred charges 257,057 273,980
- ---------------------------------------------------------------------------------------------------
$ 41,383,801 $ 41,214,668
===================================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT
Accounts payable and accrued liabilities $ 2,684,900 $ 2,676,605
Current portion of long-term debt -- 730,947
- ---------------------------------------------------------------------------------------------------
2,684,900 3,407,552
LONG-TERM DEBT 6,884,887 6,119,670
SITE RESTORATION AND ABANDONMENT 215,018 215,018
SHAREHOLDERS' EQUITY Share capital (Note 3)
Authorized 100,000,000 common shares
Issued 11,297,294 (1996 - 11,318,894) common shares 31,709,515 31,790,695
Contributed surplus 608,222 608,222
Deficit (718,741) (926,489)
- ---------------------------------------------------------------------------------------------------
31,598,996 31,472,428
- ---------------------------------------------------------------------------------------------------
$ 41,383,801 $ 41,214,668
===================================================================================================
</TABLE>
See accompanying notes to consolidated financial statements.
ON BEHALF OF THE BOARD
/s/ Robert L. Hodgkinson /s/ Ronald P. Bourgeois
- ------------------------------ -----------------------------
Robert L. Hodgkinson, Director Ronald P. Bourgeois, Director
-3-
<PAGE> 4
OPTIMA PETROLEUM CORPORATION
Consolidated Statements of Operations and Deficit
(unaudited)
<TABLE>
<CAPTION>
=============================================================================================
Three months ended March 31,
1997 1996
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
OPERATING INCOME
Petroleum and natural gas sales $ 3,380,171 $ 3,266,465
Royalties and production taxes 993,677 749,246
Operating costs 360,311 335,114
- ---------------------------------------------------------------------------------------------
2,026,183 2,182,105
EXPENSES
General and administrative (Schedule) 394,990 390,601
- ---------------------------------------------------------------------------------------------
EARNINGS BEFORE INTEREST,
DEPLETION, DEPRECIATION,
AMORTIZATION AND INCOME TAXES 1,631,193 1,791,504
Depletion and depreciation 1,278,000 1,299,240
Interest and bank charges 134,456 128,758
Amortization of deferred financing costs 17,082 17,074
Foreign exchange loss 7,251 2,466
Interest revenue (13,344) (3,770)
- ---------------------------------------------------------------------------------------------
NET INCOME 207,748 347,736
DEFICIT, beginning of period (926,489) (1,155,062)
- ---------------------------------------------------------------------------------------------
DEFICIT, end of period $ (718,741) $ (807,326)
=============================================================================================
INCOME PER SHARE $ 0.02 $ 0.03
=============================================================================================
</TABLE>
See accompanying notes to consolidated financial statements.
-4-
<PAGE> 5
OPTIMA PETROLEUM CORPORATION
Consolidated Statements of Changes In Financial Position
(unaudited)
<TABLE>
<CAPTION>
==============================================================================================
Three months ended March 31,
1997 1996
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES
Income for the period $ 207,748 $ 347,736
Items not involving cash
Depletion, depreciation and amortization 1,295,082 1,316,314
- ----------------------------------------------------------------------------------------------
1,502,830 1,664,050
Changes in non-cash working capital:
Accounts receivable (677,884) (2,207,277)
Accounts payable and accrued liabilities 8,295 788,799
Debenture receivable -- 493,874
- ----------------------------------------------------------------------------------------------
833,241 739,446
- ----------------------------------------------------------------------------------------------
FINANCING ACTIVITIES
Issue (repurchase) of common shares (net of issue expenses) (81,180) 186,582
Increase in bank debt 34,270 159,598
Note receivable (5,011) --
- ----------------------------------------------------------------------------------------------
(51,921) 346,180
- ----------------------------------------------------------------------------------------------
INVESTING ACTIVITIES
Petroleum and natural gas interests (1,409,464) (1,602,297)
Advances to operators (219,284) (73,723)
Cash held in trust (17,110) --
Deferred charges (159) (2,483)
- ----------------------------------------------------------------------------------------------
(1,646,017) (1,678,503)
- ----------------------------------------------------------------------------------------------
DECREASE IN CASH (864,697) (592,877)
CASH AND CASH EQUIVALENTS, beginning of period 2,055,062 1,022,925
- ----------------------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS, end of period $ 1,190,365 $ 430,048
==============================================================================================
</TABLE>
See accompanying notes to consolidated financial statements.
-5-
<PAGE> 6
OPTIMA PETROLEUM CORPORATION
Schedules of Consolidated General and Administrative Expense
(unaudited)
<TABLE>
<CAPTION>
================================================================================
Three months ended March 31,
1997 1996
- --------------------------------------------------------------------------------
<S> <C> <C>
Consultants $177,057 $152,032
Office expense 105,701 79,411
Investor communication 31,548 33,054
Public listing 25,225 23,997
Office rent 21,099 14,019
Travel 17,376 31,922
Legal, audit and tax 15,762 56,166
Directors 1,222 --
- --------------------------------------------------------------------------------
394,990 390,601
================================================================================
</TABLE>
-6-
<PAGE> 7
OPTIMA PETROLEUM CORPORATION
Notes to Consolidated Financial Statements
March 31, 1997
(unaudited)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of presentation
The consolidated financial statements should be read in conjunction
with the consolidated financial statements and notes thereto included
in the Company's Annual Report on Form 10-K for the year ended December
31, 1996, as filed with the Securities and Exchange Commission.
The consolidated financial statements included herein as of March 31,
1997, and for the three month periods ended March 31, 1997 and 1996 are
unaudited. Management has reflected all adjustments, consisting of
normal and recurring adjustments, which it believes are necessary to
present fairly the financial position as at March 31, 1997 and the
results of operations and cash flows for the three and nine month
periods ended March 31, 1997 and 1996.
The consolidated financial statements are presented in accordance with
generally accepted accounting principles applicable in Canada and
expressed in Canadian dollars. Except as disclosed in Note 5, these
financial statements conform, in all material respects, with generally
accepted accounting principles in the United States.
(b) Basis of consolidation
The consolidated financial statements include the accounts of the
Company and its wholly owned subsidiary, Optima Energy (U.S.)
Corporation. All intercompany transactions and balances have been
eliminated.
(c) Cash and cash equivalents
Cash and cash equivalents include short-term investments with a
maturity of ninety days or less at the time of issue.
(d) Petroleum and natural gas interests
The Company follows the full cost method of accounting for petroleum
and natural gas interests whereby all costs of exploring and developing
petroleum and natural gas reserves, net of government grants, are
capitalized by individual country cost centre. Such costs include land
acquisition costs, geological and geophysical expenses, costs of
drilling both productive and non-productive wells and overhead charges
directly related to acquisition, exploration and development
activities.
The total carrying value of the Company's petroleum and natural gas
interests, less accumulated depletion, is limited to the estimated
future net revenue from production of proved reserves, based on
unescalated prices and costs plus the lower of cost and net realizable
value of unproved properties, less estimated future development costs,
general and administrative expenses, financing costs and income taxes.
The carrying value of unproved properties is reviewed periodically to
ascertain whether impairment has occurred. Where impairment has
occurred, the costs have been written down to their net realizable
value.
For each cost centre, the costs associated with proved reserves are
depleted on the unit-of-production method based on an independent
engineering estimate of proved reserves, after royalties, with natural
gas converted to its energy equivalent at a ratio of six thousand cubic
feet of natural gas to one barrel of oil.
-7-
<PAGE> 8
OPTIMA PETROLEUM CORPORATION
Notes to Consolidated Financial Statements
March 31, 1997
(unaudited)
- --------------------------------------------------------------------------------
Site restoration and abandonment costs, net of expected recoveries for
production equipment and facilities, at the end of their useful life,
are provided for on a unit-of-production basis.
Equipment is depreciated on a straight-line basis over five years.
(e) Deferred charges
Debt financing costs are amortized on a straight line basis over the
terms of the related loans.
(f) Foreign currency translation
Transactions of the Company and its subsidiaries that are denominated
in foreign currencies are recorded in Canadian dollars at exchange
rates in effect at the related transaction dates. Monetary assets and
liabilities denominated in foreign currencies are adjusted to reflect
exchange rates at the balance sheet date. Exchange gains and losses
arising on the translation of monetary assets and liabilities, except
as they relate to long-term debt, are included in the determination of
income for the year. Unrealized foreign exchange gains and losses
related to long-term debt are deferred and amortized over the remaining
term of the related debt.
(g) Use of estimates
The preparation of 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 contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Significant areas requiring
the use of management estimates relate to the determination of rates
for depreciation, depletion and amortization and the impairment of
petroleum and natural gas interests. Actual results could differ from
these estimates.
(h) Fair value of financial instruments
Financial instruments include cash and cash equivalents, accounts
receivable, note receivable, accounts payable and accrued liabilities
and the current and long term portions of long term debt. Fair values
approximate carrying values for these financial instruments since they
are short term in nature, receivable or payable on demand, or bear
interest at floating rates.
2. PETROLEUM AND NATURAL GAS INTERESTS
<TABLE>
<CAPTION>
=====================================================================================
March 31, December 31,
1997 1996
- -------------------------------------------------------------------------------------
<S> <C> <C>
Petroleum and natural gas interests $ 51,819,589 $ 50,200,530
Other equipment 181,156 176,271
- -------------------------------------------------------------------------------------
52,000,745 50,376,801
Accumulated depreciation, depletion and write-offs (17,104,931) (15,612,451)
- -------------------------------------------------------------------------------------
$ 34,895,814 $ 34,764,350
=====================================================================================
</TABLE>
As at March 31, 1997 and December 31, 1996, unproved properties with capitalized
costs of $4,441,055 were not subject to depletion. It is expected that these
properties will be evaluated over the next one to three years.
-8-
<PAGE> 9
OPTIMA PETROLEUM CORPORATION
Notes to Consolidated Financial Statements
March 31, 1997
(unaudited)
- --------------------------------------------------------------------------------
3. SHARE CAPITAL
(a) Issued
<TABLE>
<CAPTION>
=====================================================================================
Number of Capital
Shares Stock
- -------------------------------------------------------------------------------------
<S> <C> <C>
Balance at December 31, 1996 11,318,894 $ 31,790,695
In lieu of consulting fees 1,500 5,445
Shares repurchased and canceled under Normal Course
Issuer Bid (23,100) (86,625)
- -------------------------------------------------------------------------------------
Balance at March 31, 1997 11,297,294 $ 31,709,515
=====================================================================================
</TABLE>
Subsequent to March 31, 1997, 776 common shares were issued for cash
proceeds of $2,817; comprised of 500 shares issued for $1,815 in lieu
of consulting fees and 276 shares issued for $1,002 in lieu of
directors fees.
(b) Reserved in respect of options
<TABLE>
<CAPTION>
=================================================================================
Exercise Exercisable
Holder Number Price On or Before
- ---------------------------------------------------------------------------------
<S> <C> <C> <C>
Company directors and employees 193,000 $3.50 April 3, 1998
50,000 $3.55 April 3, 1998
110,000 $4.05 July 25, 1998
540,000 $4.15 June 12, 1999
Non-related persons 170,000 $3.50 April 3, 1998
100,000 $4.15 June 12, 1999
- ---------------------------------------------------------------------------------
1,163,000
=================================================================================
</TABLE>
(c) Net income (loss) per share
Net income (loss) per share has been calculated based on the following
weighted average numbers of shares outstanding:
<TABLE>
<CAPTION>
================================================================================
March 31, March 31,
1997 1996
- --------------------------------------------------------------------------------
<S> <C> <C>
Weighted average number of shares 11,313,653 10,584,543
================================================================================
</TABLE>
-9-
<PAGE> 10
OPTIMA PETROLEUM CORPORATION
Notes to Consolidated Financial Statements
March 31, 1997
(unaudited)
- --------------------------------------------------------------------------------
4. RELATED PARTY TRANSACTIONS
In the three months ended March 31, 1997, the Company was charged
consulting expenses of $104,445 (1996 - $51,500) by companies related by
virtue of common directors. Office expense includes $29,400 (1996 -
$85,254) paid to a related company. General and administrative recoveries
of $26,265 were received from a company with a common director and were
used to reduce consulting, rent and office expenses.
5. RECONCILIATION BETWEEN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN CANADA
AND THE UNITED STATES
(a) Accounting for income taxes
Under the asset and liability method of Statement of Financial
Accounting Standards No. 109 ("SFAS 109"), deferred income tax assets
and liabilities, reduced by a valuation allowance to an amount more
likely than not to be recovered, are measured using enacted tax rates
for the future income tax consequences attributable to differences
between the financial statement carrying amount of existing assets and
liabilities and their respective tax bases. The approximate effect of
each component of deferred income tax assets and liabilities at
December 31, 1996 is as follows:
<TABLE>
<S> <C>
Net operating losses $ 8,911,000
Petroleum and natural gas interests (4,977,000)
- -------------------------------------------------------------------------------
Net deferred tax assets 3,934,000
Less valuation allowance (3,934,000)
- -------------------------------------------------------------------------------
Deferred tax assets, net of valuation allowance $ --
===============================================================================
</TABLE>
The valuation allowance equals the entire amount of the net deferred
tax assets as the recognition criteria for deferred tax assets has not
been met. Therefore, there is no effect of applying the provisions of
SFAS 109 on the Company's financial statements.
(b) Consolidated statements of changes in financial position
. Under United States accounting principles, the following items are not
considered to be cash items and would not appear in the consolidated
statements of changes in financial position:
(i) the conversion of debentures
(ii) the acquisition of subsidiary in exchange for the issuance of
shares; and
(iii) the issuance of shares on settlement of consulting fees and
directors fees payable.
-10-
<PAGE> 11
OPTIMA PETROLEUM CORPORATION
Notes to Consolidated Financial Statements
March 31, 1997
(unaudited)
- --------------------------------------------------------------------------------
As a result, cash flows from operating, financing and investing activities would
be presented as follows under United States accounting principles:
<TABLE>
<CAPTION>
===============================================================================
March 31, March 31,
1997 1996
- -------------------------------------------------------------------------------
<S> <C> <C>
Cash flows from:
Operating activities $ 838,686 $ 750,191
Financing activities (57,366) 335,435
Investing activities (1,646,017) (1,678,503)
- -------------------------------------------------------------------------------
Decrease in cash $ (864,697) $ (592,877)
===============================================================================
</TABLE>
Under United States accounting principals the following supplementary cash flow
information would be disclosed:
<TABLE>
<CAPTION>
=================================================================================
March 31, March 31,
1997 1998
- ---------------------------------------------------------------------------------
<S> <C> <C>
Interest Paid $134,456 $128,758
=================================================================================
Income Taxes Paid -- --
=================================================================================
</TABLE>
-11-
<PAGE> 12
PART I - FINANCIAL INFORMATION CONTINUED
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Company's financial statements are stated in Canadian Dollars (CDN$) and are
prepared in accordance with Canadian Generally Accepted Accounting Principles.
The value of the U.S. Dollar in relation to the Canadian Dollar was U.S. $1.3895
as at May 12, 1997.
<TABLE>
<CAPTION>
Working Interest Quarter Ended 1997 1997
March 31
- ---------------------------------------------------------------------------------------
CDN$ 1997 1996 Increase Percentage
(Decrease) Increase
(Decrease)
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Volume
Natural Gas (mcf) 685,227 923,458 (238,231) (25%)
Oil (bbls) 44,778 29,865 14,913 50%
Average Price per Unit
CDN
Natural Gas (mcf) $ 1.84 $ 1.54 $ 0.30 19%
Oil (bbls) $ 30.97 $ 24.56 $ 6.41 26%
USA
Natural Gas (mcf) $ 4.26 $ 3.67 $ 0.59 16%
Oil (bbls) $ 30.45 $ 26.93 $ 3.52 13%
Gross Revenue,
Natural Gas $2,013,025 $2,481,997 $(468,972) (19%)
Oil $1,367,146 $ 784,468 $ 582,678 74%
- ---------------------------------------------------------------------------------------
Total Revenue $3,380,171 $3,266,465 $ 113,706
- ---------------------------------------------------------------------------------------
</TABLE>
OVERVIEW
RESULTS OF OPERATIONS
Three Months Ended March 31, 1997, as Compared to the Three Months Ended March
31, 1996
The Company realized a significant increase in oil production and commodity
prices when compared to the first quarter of 1996, all of which contributed to
the increase in gross revenue of 4% to $3,380,171 in the first quarter 1997 from
$3,266,465 for the same period in 1996. While oil production increased by 50% or
14,913 barrels for the quarter, a result of new production at East Cameron and
East Haynesville, gross gas production declined by 25% primarily due to the
forecast decline in production volumes at Turtle Bayou. Based on barrel of oil
equivalent (BOE) of 10 to 1 (1 barrel equals 10 mcf) which in our opinion
reflects the current, comparative financial value of oil and gas quarterly
production, the Company experienced a modest decrease of 7.3% to 113,301 BOE's
for the first quarter 1997, from 122,211 BOE's from the same period 1996.
Earnings before interest, depletion, depreciation and taxes ("EBITDA") showed a
decline of 9% to $1,631,193 for the first quarter 1997 from $1,791,504 in 1996.
EBITDA on a per share basis was $0.15 per share down from $0.17 per share in
1996.
The Company posted a net profit of $207,748 or $0.02 per share for the first
quarter 1997 as compared with $347,736 or $0.03 per share for the same period
1996.
The weighted average number of shares was 11,313,653 shares in 1997 as compared
to 10,584,543 in 1996.
-12-
<PAGE> 13
OPERATING REVENUES.
Canadian gross revenue increased 6.2% to $913,523 from $860,551 a year earlier.
Gross revenue from U.S. operations also increased modestly (2.5%) to $2,466,648
in the first quarter 1997 from $2,405,914 in 1996. Operating income, however,
decreased 7% to $2,026,183 for the first quarter 1997 from $2,182,105 in 1996.
OPERATING EXPENSES.
Oil and natural gas operating expenses increased to $360,311 in 1997 from
$335,114 in the first quarter of 1996. On a BOE basis, converting gas to its
equivalent barrels at a ratio of 10 mcf equals 1 barrel, operating expenses
increased to $3.18 per BOE in 1997 from $2.74 per BOE in 1996, an increase of
$0.44 per BOE.
INTEREST AND OTHER INCOME.
Interest expense and bank charges increased slightly to $134,456 in the first
quarter of 1997 as compared to $128,758 in the same period of 1996, an increase
of 4%. This change is due to a combination of lower bank debt and higher U.S.
interest rates.
DEPLETION, DEPRECIATION AND AMORTIZATION.
Depletion and depreciation was $1,278,000 in the first quarter of 1997 as
compared to $1,299,240 a year earlier, representing a decrease of $21,240. On a
BOE basis the 1997 expenses were $8.03 per BOE which is identical to the 1996
full fiscal year depletion and depreciation rate (this calculation is based on 6
mcf equals 1 barrel which is the energy equivalent). For the quarter ended March
31, 1996 the depletion and depreciation expense was $7.07 per BOE. Management,
regardless of the first quarter 1997 reserve additions at East Cameron, has
elected to utilize the 1996 depletion rate for the remainder of 1997 or until a
independent reserve appraisal has been commissioned.
The amortization expense of $17,082 is identical to a year earlier as it
reflects the amortization of costs on a straight line basis.
GENERAL AND ADMINISTRATIVE EXPENSE.
General and administrative expenses of $394,990 reflect a modest increase of 1%
from $390,601 a year earlier, on a BOE basis, converting gas to its equivalent
barrels at a ratio of 10 mcf equals 1 barrel, general and administrative
expenses increased to $3.49 per BOE as compared to $3.20 per BOE in 1996 an
increase of 9%. This increase on a BOE basis is a result of the decline in
natural gas production from the first quarter of 1997.
BALANCE SHEET
Total assets as at March 31, 1997 were $41,383,801 as compared to $40,660,445 a
year earlier and $41,214,668 as at December 31, 1996. Petroleum and natural gas
interests increased marginally since the beginning of the fiscal year as capital
expenditures of $1,409,464 were offset by depletion and depreciation expenses of
$1,278,000. Working capital has increased to $1,825,602 from $1,288,511 as at
December 31, 1996. Shareholder's equity has increased by $126,568 since December
31, 1996, as the Company purchased 23,100 shares for consideration of $86,625
which partially offset the contribution from earnings for the period.
-13-
<PAGE> 14
PART II - OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no matters submitted to security holders for a vote in the quarter
ended March 31, 1997.
The Annual General Meeting of shareholders is scheduled for May 29, 1997 in the
"Cardium Room" at the Calgary Petroleum Club, 319 5th Avenue, S.W., Calgary,
Alberta , at the hour of 10:00 a.m. local time. Attached as Exhibit 4.A is the
Proxy Statement, Notice of Annual General Meeting, Proxy Statement and
Information Circular and Supplemental Mail List Return Card, which includes the
resolution requiring approval of the shareholders.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
There were no transactions during the quarter ended March 31, 1997 which could
require the filing of a Form 8-K.
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 thereunto duly authorized.
OPTIMA PETROLEUM CORPORATION AND SUBSIDIARIES
(Registrant)
Date: May 14, 1997 By: /s/ Robert L. Hodgkinson
-----------------------------------
Robert L. Hodgkinson
President - CEO
By: /s/ Ronald P. Bourgeois
-----------------------------------
Ronald P. Bourgeois
Chief Financial Officer - Secretary
-14-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FIRST
QUARTER 10Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<CURRENCY> CANADIAN DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 0.7361
<CASH> 1,190,365
<SECURITIES> 0
<RECEIVABLES> 3,194,462
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4,510,502
<PP&E> 52,000,745
<DEPRECIATION> 17,104,931
<TOTAL-ASSETS> 41,383,801
<CURRENT-LIABILITIES> 2,684,900
<BONDS> 6,884,887
0
0
<COMMON> 31,709,515
<OTHER-SE> (110,519)
<TOTAL-LIABILITY-AND-EQUITY> 41,383,801
<SALES> 3,380,171
<TOTAL-REVENUES> 3,393,515
<CGS> 1,353,988
<TOTAL-COSTS> 3,026,978
<OTHER-EXPENSES> 158,789
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 134,456
<INCOME-PRETAX> 207,748
<INCOME-TAX> 0
<INCOME-CONTINUING> 207,748
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 207,748
<EPS-PRIMARY> 0.02
<EPS-DILUTED> 0.02
</TABLE>
