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Previous: FRONTIER OIL & GAS CO /DE, 10-Q, 1999-01-15 |
Next: FRONTIER OIL & GAS CO /DE, 10-Q, 1999-01-15 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark one)
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended 4/30/98 or
Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from ________________ to ___________________
Commission file number 211662
Frontier Oil & Gas Company
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 76-0392937
- -------------------------------------- ----------------------------------------
(State or Other Jurisdiction of (IRS Employer
Incorporation or Organization) Identification No.)
1717 St. James Place, Suite 380
Houston, Texas 77056
- -------------------------------------- ----------------------------------------
(Address of Principal Executive Office) (Zip Code)
(713)622-2798
- --------------------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
- --------------------------------------------------------------------------------
(Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report)
Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 of 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period than the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes No X
--- ---
APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes No
--- ---
<PAGE> 2
FRONTIER OIL & GAS COMPANY
Balance Sheets
ASSETS
<TABLE>
<CAPTION>
April 30,
---------------------------------
1998 1997
----------- -----------
<S> <C> <C>
Current Assets
Cash $ 1,976 $ 41,503
Accounts receivable, related parties 44,091 76,891
Commission income receivable 30,550 --
Related party production payment receivable, net of allowance 114,426 66,435
Prepaid expenses -- 2,513
----------- -----------
Total current assets 191,043 187,342
Commission income receivable 107,611 --
Related party production payment receivable, less
current portion, net of allowance 663,821 220,786
Furniture and equipment, net of accumulated depreciation
of $12,706 in 1998 and $9,706 in 1997 5,468 8,468
Investment in partnership 4,581 4,342
Investment in oil and gas properties -- 5,316
----------- -----------
Total assets $ 972,524 $ 426,254
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 149,990 $ 182,514
Line of credit 38,589 8,587
Current portion of treasury stock note payable 12,561 12,177
----------- -----------
Total current liabilities 201,140 203,278
----------- -----------
Treasury stock note payable 30,000 39,823
----------- -----------
Commitments
Shareholders' equity:
Preferred stock 100,000 shares authorized; $1.00 par value,
no shares outstanding -- --
Common stock, 25,000,000 shares authorized; $.02 par value,
3,509,233 shares issued at April 30, 1998 and 1997 70,184 70,118
Capital in excess of par 1,873,564 1,873,630
Treasury stock, 200,000 shares, at cost (60,000) (60,000)
Retained deficit (1,142,364) (1,700,595)
----------- -----------
Total shareholders' equity 741,384 183,153
----------- -----------
Total liabilities and shareholders' equity $ 972,524 $ 426,254
=========== ===========
</TABLE>
<PAGE> 3
FRONTIER OIL & GAS COMPANY
Statements of Operations
<TABLE>
<CAPTION>
April 30, 1998 April 30, 1997
--------------------------- ----------------------------
1 Quarter 2 Quarters 1 Quarter 2 Quarters
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues:
Interest income $ 14,189 $ 28,750 $ 61,444 $ 88,492
Incentive income 1,678 7,047 7,035 15,474
Commission income -- -- -- 92,094
Other income -- 349 74 74
----------- ----------- ----------- -----------
15,867 36,146 68,553 196,134
----------- ----------- ----------- -----------
Other Income (Expenses):
General and administration expenses (54,546) (124,137) (12,658) (77,533)
Interest Expense (1,483) (3,313) (2,408) (3,532)
----------- ----------- ----------- -----------
(56,029) (127,450) (15,066) (81,065)
----------- ----------- ----------- -----------
Net gain (loss) $ (40,162) $ (91,304) $ 53,487 $ 115,069
=========== =========== =========== ===========
Net gain (loss) per common share $ (0.01) $ (0.03) $ 0.02 $ 0.03
=========== =========== =========== ===========
Weighted average shares outstanding 3,309,233 3,309,233 3,469,051 3,469,051
=========== =========== =========== ===========
</TABLE>
<PAGE> 4
FRONTIER OIL & GAS COMPANY
Statements of Cash Flows
<TABLE>
<CAPTION>
Quarter ended April 30, 1998
----------------------------
1 Quarter 2 Quarters
------------ -----------
<S> <C> <C>
Cash flows from operating activities:
Net gain (loss) $(40,162) $(91,304)
Adjustments:
Depreciation 750 1,500
Changes in current assets and liabilities
Accounts receivable, related parties 4,638 7,220
Commission income receivable -- 7,818
Prepaid expenses -- 1,241
Accounts payable 22,933 30,854
-------- --------
Net cash used by operating activities (11,841) (42,671)
-------- --------
Cash flows from investing activities:
Collections on related party notes receivable -- --
Collections on related party production payment receivable 8,968 30,333
Purchase of furniture and equipment -- --
Investment in partnership -- (8)
Investment in oil and gas properties -- 5,434
-------- --------
Net cash provided by investing activities 8,968 35,759
-------- --------
Cash flows from financing activities:
Proceeds from sale of stock -- --
Borrowings on line of credit 5,000 15,000
Repayments on line of credit (1,375) (2,583)
Repayments of treasury stock note payable (1,000) (4,000)
-------- --------
Net cash (used) provided by financing activities 2,625 8,417
-------- --------
Net (decrease) increase in cash (248) 1,505
Cash at beginning of year 2,224 471
-------- --------
Cash at end of year $ 1,976 $ 1,976
======== ========
Supplemental disclosure of cash flow information:
Cash paid for interest $ 1,483 $ 3,313
======== ========
</TABLE>
<PAGE> 5
FRONTIER OIL & GAS COMPANY
Statements of Changes in Shareholders' Equity
<TABLE>
<CAPTION>
Common Stock
--------------------------- Capital in Treasury Retained
Shares Amount Excess of Par Stock Deficit Total
----------- ----------- -------------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Balance at
October 31, 1995 3,454,472 $ 69,089 $ 1,851,659 $ -- $(1,561,569) $ 359,179
Stock issued 54,761 1,095 21,905 -- -- 23,000
Purchase of Treasury Stock (200,000) -- -- (60,000) -- (60,000)
Net loss -- -- -- -- (18,355) (18,355)
----------- ----------- ----------- ----------- ----------- -----------
Balance at
October 31, 1996 3,309,233 70,184 1,873,564 (60,000) (1,579,924) 303,824
Net income -- -- -- -- 528,864 528,864
----------- ----------- ----------- ----------- ----------- -----------
Balance at
October 31, 1997 3,309,233 70,184 1,873,564 (60,000) (1,051,060) 832,688
Net (loss) -- -- -- -- (91,304) (91,304)
----------- ----------- ----------- ----------- ----------- -----------
Balance at
April 30, 1998 3,309,233 $ 70,184 $ 1,873,564 $ (60,000) $(1,142,364) $ 741,384
=========== =========== =========== =========== =========== ===========
</TABLE>
<PAGE> 6
SIGNATURE
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.
FRONTIER OIL & GAS COMPANY
(Registrant)
Date: December 15, 1998 By /s/ Robert M. Davant
----------------------------------
Robert M. Davant, Chairman of the
Board, Chief Executive Officer,
Treasurer, Chief Financial Officer
and Principal Accounting Officer
<TABLE> <S> <C>
<ARTICLE> CT
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-01-1998
<PERIOD-END> APR-30-1998
<TOTAL-ASSETS> 972,524
0
0
<COMMON> 70,184
<OTHER-SE> 671,200
<TOTAL-LIABILITY-AND-EQUITY> 972,524
<TOTAL-REVENUES> 15,867
<INCOME-TAX> 0
<INCOME-CONTINUING> (40,162)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (40,162)
<EPS-PRIMARY> (.01)
<EPS-DILUTED> 0
</TABLE>
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