SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange
Act of 1934
For the quarter ended June 30, 1997
Commission File No. 0-24684
LONE WOLF ENERGY, INC.
(Name of small business issuer in its charter)
K&S VENTURES, INC.
(Former name of small business issuer)
Colorado
(State or other jurisdiction of Incorporation or Organization)
84-1214336
(IRS Employer Identification Number )
8908 South Yale Avenue, Suite 409
Tulsa, OK 74137
(918) 481-0167
(Address, including zip code and telephone number, including area
code of registrant's executive offices)
Securities registered under Section 12 (b) of the Exchange Act: none
Securities registered under Section 12 (g) of the Exchange Act:
Common Stock
(Title of class)
Check whether the issuer (1) 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 _______
The number of shares of the Registrant's only class of common stock issued
and outstanding, as of June 30, 1997, was 4,250,000 shares.
Page 1 of 7
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
LONE WOLF ENERGY, INC.
BALANCE SHEETS
JUNE 30, 1997 AND DECEMBER 31, 1996
(Unaudited)
June 30, December 31,
1997 1996
ASSETS
Total Assets 0 0
-------- ---------
LIABILITIES AND STOCKHOLDERS' EQUITY
Total Liabilities 0 0
Stockholders' Equity:
Common Stock- 100,000,000 shares
authorized, 4,250,000 and 42,500 shares
issued and outstanding at June 30,
1997 and December 31, 1996(A),
respectively 4,250 425
Paid in Capital(A) 15,307 19,132
Accumulated Deficit (19,557) (19,557)
-------- --------
Total stockholders' equity 0 0
-------- --------
Total Liabilities and Equity 0 0
-------- --------
(A) As adjusted for common stock dividend, declared June 30, 1997, resulting
in each shareholder of the Company holding 42.5 shares for each share of
Common Stock, $0.001 par value, held on the Record Date.
Page 2 of 7
<PAGE>
K&S VENTURES, INC.
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(Unaudited)
Three months ended Six months ended
June 30, June 30, June 30, June 30,
1997 1997 1996 1996
--------- --------- -------- --------
Revenue 0 0 0 0
Expenses 0 0 0 0
--------- --------- -------- --------
Net Income (Loss) 0 0 0 0
Earnings per share $0.00 $0.00 $0.00 $0.00
--------- --------- -------- --------
LONE WOLF ENERGY, INC.
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(Unaudited)
June 30, June 30,
1997 1996
-------- --------
Operating Activities
Net income 0 0
Financing Activities
Sale of Common Stock 100,000 0
Less: Issue Costs (100,000) 0
Investing Activities 0 0
--------- ---------
Change in cash 0 0
Cash at beginning of period 0 0
--------- ---------
Cash at end of period 0 0
--------- ---------
Page 4 of 7
<PAGE>
Item 2. Management's Discussion and Analysis or Plan of Operation
During the first quarter of 1997, the Company issued 90,000 shares of
common stock to Lone Wolf Exploration, Inc., a privately-held Oklahoma
corporation ("Lone Wolf"), in exchange for $100,000 in cash. The
transaction resulted in Lone Wolf owning 90% of the issued and outstanding
common stock of the Registrant. In connection with the purchase of common stock
by Lone Wolf, the Registrant has adopted a business plan involving the
purchase of producing oil and gas properties and the acquisition of companies
in oil and gas related businesses.
On June 30, 1997, the Board of Directors declared a stock dividend for the
purposes of increasing the number of outstanding shares of Common Stock of
the Company held by the Company's current stockholders. The share dividend
declared by the Directors will result in each stockholder of the Company
holding 42.5 shares for each share of Common Stock, $0.01 par value, held on
the Record Date. The stock dividend will require no payment by the
stockholders of the Company. As a result of the share dividend, the Company
now has 4,250,000 shares of common stock outstanding.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Not Applicable
Item 2. Changes in Securities
Effective as of January 30, 1997, Lone Wolf Exploration, Inc., an Oklahoma
corporation (the "Company"), acquired (the "Acquisition") 90% of the shares of
common stock, $0.001 par value ("Common Stock"), of Lone Wolf Energy, Inc.
(formerly K&S Ventures, Inc.)(the "Registrant").
In connection with the Acquisition, the Company paid to the Company an
aggregate cash amount equal to One Hundred Thousand and No/100 Dollars
($100,000.00) in exchange for the issuance to the Company of 90% of the shares
of Common Stock.
Prior to the closing of the Acquisition, the Registrant had no assets and
liabilities, and the primary purpose in effecting the Acquisition was to
permit the Company to become a publicly held company, subject to the
applicable reporting requirements of the Securities Exchange Act of 1934, as
amended. Neither the Company nor the Registrant engaged investment bankers or
other professionals to render a fairness opinion, and the terms of the
transactions were negotiated on an arm's length basis between the officers
and directors of the Company and the prior majority shareholders of the
Registrant. Prior to the Acquisition, none of the officers, directors or
shareholders of the Registrant were affiliated with the officers, directors
or shareholders of the Registrant.
Item 3. Defaults Upon Senior Securities
Not Applicable
Item 4. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 5. Other Information
Not Applicable
Item 6. Exhibits and Reports on Form 8-K
Exhibits.
None
Reports on Form 8-K.
Form 8-K, related to the Registrant's name change from K&S Ventures, Inc. to
Lone Wolf Energy, Inc. was filed effective June 6, 1997.
Page 5 of 7
<PAGE>
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.
LONE WOLF ENERGY, INC.
/s/ RHONDA R. VINCENT
______________________________________
By: Rhonda R. Vincent, Treasurer
Date: August 19, 1997
Page 6 of 7
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<PERIOD-END> JUN-30-1997
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0
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