UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT
UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
Commission file number 0-19766
HOME-STAKE OIL & GAS COMPANY
(Exact name of small business issuer as specified in its charter)
Oklahoma 73-0288030
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
15 East 5th Street, Suite 2800
Tulsa, Oklahoma 74103
(Address of principal executive offices)
(918) 583-0178
(Registrant's telephone number)
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 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 | |
The number of shares outstanding of the Registrant's common stock, all of
which comprise a single class with $ .01 par value, as of November 13, 2000, the
latest practicable date, was 4,353,827.
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HOME-STAKE OIL & GAS COMPANY
FORM 10-QSB
SEPTEMBER 30, 2000
TABLE OF CONTENTS
Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Balance Sheets - September 30, 2000 and
December 31, 1999............................................ 4
Condensed Statements of Income and Retained
Earnings - nine months ended September 30, 2000 and 1999 .... 5
Condensed Statements of Income and Retained
Earnings - three months ended September 30, 2000 and 1999 ... 6
Condensed Statements of Cash Flows - nine months ended
September 30, 2000 and 1999 .................................. 7
Notes to Condensed Financial Statements ....................... 8
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations ....................................... 11
PART II - OTHER INFORMATION
Item 1. Legal Proceedings ........................................... 14
Item 2. Changes in Securities........................................ 14
Item 3. Defaults upon Senior Securities ............................. 14
Item 4. Submission of Matters to a Vote of Security Holders ......... 14
Item 5. Other Information ........................................... 14
Item 6. Exhibits and Reports on Form 8-K ............................ 14
SIGNATURES ............................................................. 15
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
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HOME-STAKE OIL & GAS COMPANY
CONDENSED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2000 1999
---- ----
Current assets:
Cash and cash equivalents..................... $ 491,611 $ 84,458
Accounts receivable........................... 1,964,936 1,746,062
Prepaid expenses.............................. 195,900 140,810
------------ ------------
Total current assets................... 2,652,447 1,971,330
Property and equipment, at cost:................ 52,868,488 49,821,238
Less accumulated depreciation,
depletion and amortization................. 28,013,911 26,856,930
------------ ------------
Net property and equipment............. 24,854,577 22,964,308
Other assets.................................... 5,624 247,382
------------ ------------
$ 27,512,648 $ 25,183,020
..................................................============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities...... $ 970,712 $ 1,097,442
Income taxes payable.......................... 500,182 368,353
Current note payable.......................... - 1,200,000
------------ ------------
Total current liabilities.............. 1,470,894 2,665,795
Long-term note payable.......................... - 1,300,000
Deferred income taxes........................... 3,944,428 3,362,953
Stockholders' equity:
Preferred stock, $1 par value -
2,000,000 shares authorized; none issued
Common stock, $ .01 par value -
12,000,000 shares authorized,
4,597,363 shares issued.................... 45,974 45,974
Additional paid-in capital.................... 15,855,821 15,855,821
Retained earnings............................. 7,503,587 3,260,533
------------ ------------
23,405,382 19,162,328
Less treasury stock, at cost - 243,536 shares. (1,308,056) (1,308,056)
------------ ------------
Total stockholders' equity............. 22,097,326 17,854,272
------------ ------------
$ 27,512,648 $ 25,183,020
============ ============
See accompanying notes.
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HOME-STAKE OIL & GAS COMPANY
CONDENSED STATEMENTS OF INCOME
AND RETAINED EARNINGS
Nine months ended September 30, 2000 and 1999
(Unaudited)
2000 1999
---- ----
Revenues:
Oil and gas sales............................. $ 13,211,959 $ 7,813,713
Gain on sales of assets....................... 37,016 187,147
Other income.................................. 344,222 183,785
------------ ------------
13,593,197 8,184,645
Costs and expenses:
Production.................................... 2,754,159 2,245,257
Exploration................................... 398,474 66,148
General and administrative.................... 1,630,199 1,211,130
Depreciation, depletion and amortization...... 1,482,527 2,152,361
Interest...................................... 125,795 313,369
Property and other taxes...................... 165,421 183,958
------------ ------------
6,556,575 6,172,223
Income before provision for income taxes........ 7,036,622 2,012,422
Provision for income taxes:
Current....................................... 1,624,326 252,622
Deferred...................................... 581,475 335,824
------------ ------------
2,205,801 588,446
------------ ------------
Net income...................................... 4,830,821 1,423,976
Retained earnings at beginning of year.......... 3,260,533 1,272,945
Cash dividends ($.135 per share - 2000,
$ .06 per share - 1999)................... (587,767) (256,430)
------------ ------------
Retained earnings at end of period.............. $ 7,503,587 $ 2,440,491
============ ============
Weighted average number of common
shares outstanding:
Basic... ............................. 4,353,827 4,273,827
============ ============
Diluted............................... 4,494,075 4,273,827
============ ============
Net income per common share:
Basic......................................... $1.11 $ .33
===== =====
Diluted....................................... $1.07 $ .33
===== =====
See accompanying notes.
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HOME-STAKE OIL & GAS COMPANY
CONDENSED STATEMENTS OF INCOME
AND RETAINED EARNINGS
Three months ended September 30, 2000 and 1999
(Unaudited)
2000 1999
---- ----
Revenues:
Oil and gas sales............................. $ 5,199,380 $ 3,287,603
Gain (loss) on sales of assets................ (6,611) 143,011
Other income.................................. 211,179 56,151
------------ ------------
5,403,948 3,486,765
Costs and expenses:
Production.................................... 953,773 723,291
Exploration................................... 64,457 12,393
General and administrative.................... 547,813 380,239
Depreciation, depletion and amortization...... 424,376 704,161
Interest...................................... 41,218 94,658
Property and other taxes...................... 55,040 68,738
------------ ------------
2,086,677 1,983,480
Income before provision for income taxes........ 3,317,271 1,503,285
Provision for income taxes:
Current....................................... 790,811 188,266
Deferred...................................... 287,595 269,596
------------ ------------
1,078,406 457,862
------------ ------------
Net income...................................... 2,238,865 1,045,423
Retained earnings at beginning of period........ 5,482,413 1,480,545
Cash dividends ($.05 per share - 2000,
$ .02 per share - 1999).................... (217,691) (85,477)
------------ ------------
Retained earnings at end of period.............. $ 7,503,587 $ 2,440,491
============ ============
Weighted average number of common
shares outstanding:
Basic................................. 4,353,827 4,273,827
============ ============
Diluted............................... 4,494,075 4,273,827
============ ============
Net income per common share:
Basic......................................... $ .51 $ .24
===== =====
Diluted....................................... $ .50 $ .24
===== =====
See accompanying notes.
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HOME-STAKE OIL & GAS COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
Nine months ended September 30, 2000 and 1999
(Unaudited)
2000 1999
---- ----
Operating activities:
Oil and gas sales, net of production taxes.... $ 11,813,783 $ 7,351,549
Other......................................... 344,222 183,785
------------ ------------
12,158,005 7,535,334
Cash paid to suppliers and employees.......... 3,017,623 2,998,453
Interest paid................................. 125,795 313,369
Property and other taxes...................... 165,421 183,958
Income taxes paid............................. 1,492,497 (258,144)
------------ ------------
4,801,336 3,237,636
------------ ------------
Net cash provided by operating activities... 7,356,669 4,297,698
Investing activities:
Proceeds from sales of
property and equipment...................... 87,685 559,575
Acquisition of property and equipment......... (3,950,425) (1,981,423)
------------ ------------
Net cash used in investing activities....... (3,862,740) (1,421,848)
Financing activities:
Loan proceeds................................. - 735,000
Note payments................................. (2,500,000) (3,450,000)
Cash dividends paid........................... (586,776) (255,177)
------------ ------------
Net cash used in financing activities....... (3,086,776) (2,970,177)
------------ ------------
Net increase (decrease) in cash and
cash equivalents........................... 407,153 (94,327)
Cash and cash equivalents at beginning of year.. 84,458 212,031
------------ ------------
Cash and cash equivalents at end of period...... $ 491,611 $ 117,704
============ ============
See accompanying notes.
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HOME-STAKE OIL & GAS COMPANY
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
Description of business
Home-Stake Oil & Gas Company ("HSOG" or the "Company") is an independent oil and
gas producer actively engaged in the acquisition, exploration, development and
production of oil and gas properties. Oil and gas exploration and production
activities are subject to numerous risks inherent in the business. These include
the volatility of oil and gas prices, environmental concerns and governmental
regulations, general business risks and hazards involving the acquisition and
operation of oil and gas properties, the ability to continue to find new
reserves to replace those being depleted and the highly competitive nature of
the business. Its principal geographic operating areas lie within the states of
Oklahoma, Montana, New Mexico and Texas.
Note 1 - General
The unaudited financial information provided in this report includes all normal
recurring adjustments which are, in the opinion of management, necessary to
fairly present the financial position, results of operations and cash flows of
the Company. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been omitted or condensed. The Company believes that the
disclosures herein are adequate to make the information presented not
misleading; however, these financial statements should be read in conjunction
with the audited financial statements and related notes thereto included in the
Company's Annual Report on Form 10-KSB for the year ended December 31, 1999.
The results for interim periods are not necessarily indicative of trends or of
results to be expected for the full year.
Note 2 - Net income per share
Basic net income per share is calculated based on the weighted-average shares
outstanding during the period. Diluted net income per share includes the
dilutive effect of stock options. Options to purchase 275,650 shares of common
stock at an exercise price of $4.50 per share were outstanding at September 30,
1999, but were not included in the computation of 1999 diluted net income per
share as their inclusion would be anti-dilutive.
Note 3 - Notes payable
The Company has a revolving term line-of-credit in the amount of $5,000,000
available until June 30, 2001 which provides for monthly payments of interest on
the outstanding borrowings at bank prime less 1%. In connection with this line
of credit, the Company has issued a letter of credit in the amount of $25,000,
which is guaranteed by this line, and pays a commitment fee of three-eights of
one per cent (3/8%) per annum on the unused portion of the line.
Note 4 - Contingencies
The Company is involved in various legal actions arising in the normal course of
business. In the opinion of management, the Company's liabilities, if any, in
these matters will not have a material effect on the Company's financial
position, results of operations or cash flows.
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HOME-STAKE OIL & GAS COMPANY
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
Note 5 - Derivative Instruments
On September 21, 2000, the Company entered into what is known as "cashless
collar" hedging arrangements for a portion of its oil and natural gas production
for the remainder of this year and each of the next two years. A collar is a
hedge that has a ceiling price and a floor price. If the particular product
price stays between the ceiling and floor prices, then no payments are made by
either party under a collar. The terms "Put Floor Price" and "Call Ceiling
Price" refer to the prices at which the Company has hedged its production and
are expressed in the calendar monthly average of daily NYMEX closing prices for
West Texas Intermediate Crude Oil or monthly NYMEX (Henry Hub) closing prices
for natural gas. The significant terms of these arrangements are summarized as
follows:
Oil Production
Put Call
Monthly Floor Price Ceiling Price
Period Volume (per Bbl) (per Bbl)
---------- ------ ------------- -----------
October - December 2000.............. 20,000 Bbls $ 32.00 $ 36.00
January - June 2001................... 22,000 Bbls $ 28.00 $ 34.60
July 2001 - December 2002............. 15,000 Bbls $ 25.00 $ 28.20
Gas Production
Put Call
Monthly Floor Price Ceiling Price
Period Volume (per MMbtu) (per MMbtu)
---------- ------ ------------- ------------
October - December 2000.............. 70,000 MMbtu $ 4.50 $ 6.95
January - December 2001.............. 100,000 MMbtu $ 4.00 $ 5.85
January - December 2002.............. 80,000 MMbtu $ 3.50 $ 4.78
At September 30, 2000 there were no amounts due to or from the Company in
connection with these arrangements.
Note 6 - Subsequent Events
On October 3, 2000, the Company announced that it had entered into a definitive
agreement to be acquired by Cortez Oil & Gas, Inc., headquartered in Plano,
Texas. The agreement, which is subject to shareholder approval at a special
meeting of shareholders scheduled for December 11, 2000, provides for all
shareholders to receive $11.00 per share for all of their outstanding shares.
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HOME-STAKE OIL & GAS COMPANY
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
Note 7 - Recent Accounting Standards
Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting for
Derivative Instruments and Hedging Activities" and SFAS No. 138, "Accounting for
Certain Derivative Instruments and Certain Hedging Activities" establish
accounting and reporting standards for derivative financial instruments. These
standards become effective on January 1, 2001 and will require the Company to
record its hedging arrangements on the balance sheet at their fair value. The
Company believes its hedging arrangements described above will qualify as
variable cash flow hedges under the standards with a significant portion of the
gains and losses deferred in other comprehensive income.
Based on current conditions, the Company believes the impact of adopting these
standards will be immaterial to its financial condition and earnings. However,
changing market conditions could cause this assessment to change.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Results of Operations - First Nine months of 2000 compared with first nine
months of 1999
Net income for the nine months ended September 30 increased $3,406,845 (239%)
from $1,423,976 in 1999 to $4,830,821 in 2000. The principal reasons for this
increase are as follows:
Oil sales increased $3,533,418 (91%) in 2000. The Company's oil production
increased from 266,048 barrels in 1999 to 268,070 barrels in 2000. In addition,
the average price of crude oil increased from $15.24 per barrel in 1999 to
$27.70 per barrel in 2000.
Gas sales increased 47% ($1,800,176), primarily due to higher average gas prices
which increased from $1.88 per Mcf in 1999 to $3.16 per Mcf in 2000. Gas
production decreased from 1,954,893 Mcf in 1999 to 1,789,775 Mcf in 2000,
primarily resulting from a negative adjustment of 131,637 Mcf ($258,665)
associated with the underpayment of certain royalty interests.
Production expenses increased $508,902, due primarily to a $379,480 increase in
production taxes attributable to the higher oil and gas sales described above.
Exploration costs increased $332,326 in 2000. Dry hole costs increased $280,205
in 2000 due primarily to costs associated with an exploratory dry hole drilled
by the Company in the second quarter. There were no comparable costs in 1999.
Condemned and abandoned property expense also increased $52,121, due primarily
to unamortized costs resulting from the depletion of reserves in the producing
zone on a well in which the Company elected not to participate in a recompletion
attempt of a secondary formation.
General and administrative expenses increased $419,069, from $1,211,130 in 1999
to $1,630,199 in 2000. This increase is primarily attributable to the costs
associated with the Company's hiring of an investment banking firm to assist it
in reviewing various strategic alternatives to maximize shareholder value and
improve shareholder liquidity, and higher legal fees and directors' expenses.
Depreciation, depletion and amortization decreased $669,834. The net book value
of each producing oil and gas property is amortized over the estimated life of
the related oil and gas reserves. At the end of 1999, the Company recognized
significant increases in the estimated oil and gas reserves on many properties,
primarily as a result of the increases in product prices that occurred during
the year. These increases had the effect of lowering the rates of amortization
for most producing properties.
Interest expense decreased $187,574 in 2000 due to the lower outstanding
borrowings for the year as compared to 1999.
The Company's effective tax rate in 2000 was 31%, compared to 29% in 1999 due to
the full utilization in 1999 of certain statutory depletion carryforwards.
Results of Operations - Third quarter 2000 compared with third quarter 1999
Net income for the third quarter increased $1,193,442 (114%) from $1,045,423 in
1999 to $2,238,865 in 2000. The principal reasons for this increase are as
follows:
Oil sales increased $971,013 (60%). The Company's average oil price increased
from $19.92 per barrel in 1999 to $30.73 per barrel in 2000. This increase was
partially offset by lower oil production which decreased 6% from 89,780 barrels
in 1999 to 84,431 barrels in 1999.
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Gas sales increased 57% ($925,239), primarily due to higher natural gas prices
which increased from $2.27 per Mcf in 1999 to $4.21 per Mcf in 2000. This
increase was partially offset by lower natural gas production which decreased 6%
from 646,639 Mcf in 1999 to 606,870 Mcf in 2000.
Production expenses increased $230,482, due primarily to an increase in
production taxes attributable to the higher oil and gas sales described above.
Exploration costs increased $52,064 in 2000. Dry hole costs increased $12,905 in
2000 due to a higher incidence of dry holes. Condemned and abandoned property
expense also increased $39,159.
General and administrative expenses increased $167,574 (44%), from $380,239 in
1999 to $547,813 in 2000. This increase is primarily attributable to higher
legal fees and directors' expenses, along with the costs associated with the
Company's hiring of an investment banking firm to assist it in reviewing various
strategic alternatives to maximize shareholder value and improve shareholder
liquidity.
Depreciation, depletion and amortization decreased $279,785. The net book value
of each producing oil and gas property is amortized over the estimated life of
the related oil and gas reserves. At the end of 1999, the Company recognized
significant increases in the estimated oil and gas reserves on many properties,
primarily as a result of the increases in product prices that occurred during
the year. These increases had the effect of lowering the rates of amortization
for most producing properties.
Interest expense decreased $53,440 in 2000 due to the lower outstanding
borrowings for the year as compared to 1999.
Merger Agreement
On October 3, 2000, the Company entered into a definitive agreement to be
acquired by Cortez Oil & Gas, Inc., ("Cortez") headquartered in Plano, Texas.
The agreement, which is subject to shareholder approval at a special meeting of
shareholders scheduled for December 11, 2000, provides for all shareholders to
receive $11.00 per share for all of their outstanding shares.
The merger agreement was unanimously approved by the Company's Board of
Directors and is subject to customary closing conditions, including the approval
of the Company's shareholders. The current directors of the Company and certain
of their spouses, who own approximately 21.1% of the Company's shares, have
entered into agreements to vote for the merger. Pursuant to the merger
agreement, no more cash dividends will be paid on the Company's outstanding
shares and the current officers and directors will resign effective upon the
closing of the transaction.
If the merger agreement is terminated by the Company because the Board withdraws
its recommendation or the shareholders fail to approve the merger, the Company
must pay Cortez a termination fee of $2 million.
Additional information relating to the merger is contained in the Company's
proxy statement which was mailed to shareholders and filed with the Securities
and Exchange Commission on November 6, 2000.
Financial Condition and Liquidity
The Company's operating activities have traditionally been self-financed through
internally generated cash flows. The principal use of cash flows has generally
been to fund the Company's exploration and production activities and for the
payment of dividends to stockholders. The use of borrowed funds has generally
been limited to the acquisition of producing oil and gas properties where future
revenues from such purchases are expected to fund the debt.
The Company's capital exploration budget for 2000 is $5.5 million. During the
first nine months of 2000, the Company had exploration expenditures of
approximately $2.7 million and has remaining drilling commitments for 2000/2001
of approximately $1.6 million. In June 2000, the Company exercised its
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preferential purchase right to acquire an additional interest in a developmental
Texas prospect operated by the Company. Cost for this additional interest was
approximately $847,500.
There was a working capital surplus at September 30, 2000 of $1,181,553. The
Company's working capital and internally generated cash flows are expected to be
sufficient to finance the Company's remaining budgeted 2000 exploration and
development activities. In addition, the Company has a $5 million revolving line
of credit available until June 30, 2001. There are no outstanding borrowings
under this line of credit at November 13, 2000, however the line does guarantee
the payment of a $25,000 letter of credit.
Inflation
In recent years inflation has not had a significant impact on the Company's
operations or financial condition. The general economic pressures limiting oil
and gas prices in recent years have generally been accompanied by corresponding
downward pressure on costs to develop and operate oil and gas properties as well
as the costs of drilling and completing wells. The impact of inflation on the
Company in the future will depend on the relative increases, if any, in the
selling price of oil and gas and in the Company's operating, development and
drilling costs.
Forward-Looking Statements
Certain statements included in this report which are not historical facts are
"forward-looking statements", including statements with respect to oil and gas
reserves, the number and anticipated costs of wells to be drilled, future
capital expenditures (including the amount and nature thereof), anticipated date
of repayment of bank debt, proposed merger with Cortez and other such matters.
These forward-looking statements are based on current expectations, estimates,
assumptions and beliefs of management; and words such as "expects", "believes",
"anticipates", "intends", "plans" and similar expressions are intended to
identify such forward-looking statements. These forward-looking statements
involve risks and uncertainties, including, but not limited to: dependence upon
the prices for oil and natural gas which prices are subject to significant
fluctuations in response to relatively minor changes in supply and demand for
such products, market uncertainty, political conditions in oil producing
regions, domestic and foreign government regulations, the price and availability
of alternative fuels and a variety of other factors; competition in the
acquisition of oil and gas properties and the development, production and
marketing of oil and natural gas; operating hazards typically associated with
the exploration, development, production and transportation of oil and natural
gas; federal, state and local laws relating to the exploration, development,
production and marketing of oil and natural gas, including environmental and
safety matters; changes in laws and regulations; and other factors, most of
which are beyond the control of the Company. Accordingly, actual results and
developments may differ materially from those expressed in the forward-looking
statements. The Company assumes no obligation to update publicly any forward-
looking statements, whether as a result of new information, future events or
otherwise.
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Part II. Other Information
Item 1. Legal Proceedings.
None.
Item 2. Changes in Securities.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
The following documents are included as exhibits to this Form 10-QSB.
Those exhibits below incorporated by reference herein are indicated
as such by the information supplied in the parenthetical thereafter.
If no parenthetical appears after an exhibit, such exhibit is filed
herewith.
Exhibit
Number Description
------- -----------
2 Agreement and Plan of Merger between the Company and Cortez
Oil & Gas, Inc. dated October 3, 2000 (filed as Exhibit 2 to
the Company's Current Report on Form 8-K dated October 3,
2000).
27 Financial Data Schedule.
(b) Reports on Form 8-K.
A Report on Form 8-K, dated October 3, 2000, was filed October
4, 2000, reporting under Item 5 that the Company had entered
into an Agreement and Plan of Merger with Cortez Oil & Gas,
Inc. ("Cortez") pursuant to which Cortez will acquire the
Company.
A Report on Form 8-K, dated October 10, 2000, was filed October
10, 2000, reporting under Item 5 the proposed merger with
Cortez and filing under Item 7 the Agreement and Plan of Merger
with Cortez.
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Signatures
In accordance with the requirements of the Exchange Act , the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Home-Stake Oil & Gas Company
(Registrant)
Date: November 14, 2000 By: /s/ Robert C. Simpson
-----------------------------
Robert C. Simpson
Chairman of the Board, C.E.O.
and President
Date: November 14, 2000 By: /s/ Chris K. Corcoran
-----------------------------
Chris K. Corcoran
Executive Vice President,
Chief Financial Officer and
Corporate Secretary
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INDEX OF EXHIBITS
The following documents are included as exhibits to this Form 10-QSB. Those
exhibits below incorporated by reference herein are indicated as such by the
information supplied in the parenthetical thereafter. If no parenthetical
appears after an exhibit, such exhibit is filed herewith.
Exhibit
Number Description
2 Agreement and Plan of Merger between the Company and Cortez Oil &
Gas, Inc. dated October 3, 2000 (filed as Exhibit 2 to the
Company's Current Report on Form 8-K dated October 3, 2000).
27 Financial Data Schedule.
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