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 QUARTERLY PERIOD ENDED December 31, 2006
COMMISSION FILE NO. 0-09482
COLORADO WYOMING RESERVE COMPANY
(Exact Name of Small Business Issuer as Specified in its Charter)
| Wyoming | 83-0246080 | |
| (State or other jurisdiction | (IRS Employer | |
| of incorporation) | Identification No.) |
| 751 Horizon Court, Suite 205, Grand Junction, Colorado | 81506 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (970) 255-9995
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o Accelerated filer o Non-accelerated filer x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes o No x
Indicate the number of shares outstanding of each of the issuer’s classes of common equity as of the latest practicable date:
As of February 15, 2007, 16,365,982 shares of common stock $.01 par value were outstanding.
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PART I - FINANCIAL INFORMATION
COLORADO WYOMING RESERVE COMPANY
(A DEVELOPMENT STAGE ENTERPRISE)
BALANCE SHEET
December 31, 2006
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ | 933 | ||
| Accounts receivable | — | |||
| Total current assets | 933 | |||
| PROPERTY AND EQUIPMENT: | ||||
| Unproved oil and gas properties | 62,570 | |||
| Other property and equipment | 14,914 | |||
| Less accumulated depreciation, other property and equipment | (14,841 | ) | ||
| Net property and equipment | 62,643 | |||
| Other | 1,960 | |||
| Total assets | $ | 65,536 | ||
| CURRENT LIABILITIES: | ||||
| Trade accounts payable | $ | 89,046 | ||
| Other accrued liabilities | 243,262 | |||
| Related party payables: | ||||
| On account | 910,040 | |||
| Advances from Lightening Draw | 122,000 | |||
| Note payable to joint venture | 255,000 | |||
| Total current liabilities | 1,619,347 | |||
| EQUITY | ||||
Common Stock, $.01 par value: authorized-75,000,000 shares; issued and outstanding-16,365,982 | 163,660 | |||
| Additional paid-in capital | 9,606,418 | |||
| Warrants | 148,100 | |||
| Accumulated deficit: | ||||
| Before entering the development stage | (4,441,242 | ) | ||
| After entering the development stage | (7,030,748 | ) | ||
| Total Equity | (1,553,812 | ) | ||
| Total liabilities and equity | $ | 65,536 | ||
The accompanying notes are an integral part of these financial statements.
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COLORADO WYOMING RESERVE COMPANY
(A DEVELOPMENT STAGE ENTERPRISE)
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
PERIOD FROM | ||||||||||||||||
QUARTERS ENDED DECEMBER 31, | SIX MONTHS ENDED DECEMBER 31, | JANUARY 1, 1999 | ||||||||||||||
2006 | 2005 | 2006 | 2005 | DECEMBER 31, 2006 | ||||||||||||
| REVENUES | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
| EXPENSES | ||||||||||||||||
| Exploration cost | 5,723 | 0 | 12,597 | 0 | 736,426 | |||||||||||
| Depreciation, depletion and amortization | 6,320 | |||||||||||||||
| General and administrative | 255,001 | 99,496 | 354,140 | 201,350 | 6,166,650 | |||||||||||
| Total expenses | 260,723 | 99,496 | 366,737 | 201,350 | 6,909,395 | |||||||||||
| Operating loss | (260,723 | ) | (99,496 | ) | (366,737 | ) | (201,350 | ) | (6,909,395 | ) | ||||||
| OTHER INCOME (EXPENSE) | ||||||||||||||||
| Interest income (expense), net | (12,413 | ) | (5,350 | ) | (17,799 | ) | (10,700 | ) | (120,123 | ) | ||||||
| Loss on sale of assets | — | — | — | — | (1,231 | ) | ||||||||||
| Income (Loss) before income taxes | (273,137 | ) | (104,846 | ) | (384,536 | ) | (212,050 | ) | (7,030,750 | ) | ||||||
| Provision for income taxes | — | — | — | — | — | |||||||||||
| Net loss | $ | (273,137 | ) | $ | (104,846 | ) | $ | (384,536 | ) | $ | (212,050 | ) | $ | (7,030,750 | ) | |
| Basic and diluted loss per share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.02 | ) | ||||
| Outstanding shares | 16,365,982 | 10,857,694 | 16,365,982 | 10,857,694 | ||||||||||||
The accompanying notes are an integral part of these financial statements.
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COLORADO WYOMING RESERVE COMPANY
(A DEVELOPMENT STAGE ENTERPRISE)
CASH FLOW STATEMENTS
PERIOD FROM | ||||||||||
SIX MONTHS ENDED DECEMBER 31, | JANUARY 1, TO 1999 | |||||||||
2006 | 2005 | DECEMBER 31, 2006 | ||||||||
| Cash flows from operating activities: | ||||||||||
| Net loss | $ | (384,536 | ) | $ | (212,050) | (7,030,750 | ) | |||
| Adjustments to reconcile net loss to net used in operating activities: | ||||||||||
| Stock based Compensation | 95,600 | |||||||||
| Stock issued for Services | 3,690,000 | |||||||||
| Stock issued for Financing Costs | 150,539 | 177,539 | ||||||||
| Stock based Deferred Compensation | ||||||||||
| Stock issued for Oil and Gas Properties | ||||||||||
| Warrants issued for Financing Costs | ||||||||||
| Depletion, depreciation and amortization | — | — | 6,320 | |||||||
| Loss on asset sale | — | — | 1,231 | |||||||
| Amortization of note payable discount | — | — | 35,000 | |||||||
| Loss from joint venture investment | 361,767 | |||||||||
| Changes in current assets and liabilities: | ||||||||||
| Receivables | — | — | 3,126 | |||||||
| Payables | 173,981 | 182,280 | 1,272,591 | |||||||
| Other | (436 | ) | ||||||||
| Net cash (used in) operating activities | (60,016) | (29,770 | ) | (1,388,012 | ) | |||||
| Cash flows from investing activities: | ||||||||||
| Additions to unproved properties | — | — | (46,544 | ) | ||||||
| Unproved property cost recovery | — | 191,467 | ||||||||
| Asset purchases | — | — | (1,269 | ) | ||||||
| Proceeds from asset sale | — | — | (2,354 | ) | ||||||
| Net cash (used in) provided by investing activities | 0 | 0 | 141,300 | |||||||
| Cash flows from financing activities: | ||||||||||
| Sale of common stock | 59,486 | 12,500 | 1,243,942 | |||||||
Borrowings under credit agreement | — | 130,509 | ||||||||
| Repayment of joint venture advances | — | — | ||||||||
| Repayment of notes payable | — | — | (130,000 | ) | ||||||
| Net cash provided by financing activities | 59,486 | 12,500 | 1,244,451 | |||||||
| Net increase (decrease) in cash and equivalents | (530) | (17,270 | ) | (2,260 | ) | |||||
| Cash and equivalents at beginning of period | 1,463 | 17,553 | 3,191 | |||||||
| Rounding | (1) | 2 | ||||||||
| Cash and equivalents at end of period | $ | 933 | $ | 283 | $ | 933 | ||||
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION | ||||||||||
| Cash paid for interest expense | $ | — | $ | — | ||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||||
| Stock based compensation | $ | — | $ | — | ||||||
| Stock issued for services | $ | — | $ | — | ||||||
| Stock based deferred compensation | $ | $ | — | |||||||
| Stock issued for oil and gas properties | $ | $ | — | |||||||
| Warrants issued for oil and gas property consulting | $ | $ | — | |||||||
| Stock issued for financing costs | $ | 150,539 | $ | — | ||||||
| Warrants issued for financing costs | $ | $ | — | |||||||
The accompanying notes are an integral part of these financial statements.
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COLORADO WYOMING RESERVE COMPANY
("CWYR" or the "Company")
(unaudited)
Periods Ended December 31, 2006 and 2005
1. INTERIM FINANCIAL STATEMENTS
The accompanying financial statements are unaudited. However, in the opinion of management, the accompanying financial statements reflect all adjustments necessary for a fair presentation.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. Management believes the disclosures made are adequate to make the information not misleading and suggests that these financial statements be read in conjunction with the Company's June 30, 2006 Form 10-KSB.
2. DEVELOPMENT STAGE ENTERPRISE; PLAN OF OPERATIONS; STRATEGY
The Company has no operating revenues as a result of its December 1998 sale of its producing properties. Accordingly, as of January 1, 1999, the Company has re-entered the development stage.
The Company is an oil and natural gas exploration company with a geographical focus in the Rocky Mountain region of the western United States. The Company's primary objective is the acquisition of interests in undeveloped oil and gas properties, and the location and development of economically attractive accumulations of hydrocarbons in such properties through the use of a highly-integrated, interpretive approach to the application of three-dimensional (3D) geophysical data (seismic data acquired and processed to yield a three-dimensional picture of the subsurface). The Company's acquisitions of undeveloped oil and gas properties are accomplished primarily by the acquisition of direct mineral leasehold interests from private, state and federal lands. Although the Company's Southwest Lisbon property is currently in production, the Company shall own an interest in this property only after payout. The Company will begin to have operating income once payout is achieved. The Southwest Lisbon property is located in the upper 1/3rd of the Paradox Basin on the Utah side and the Paradox Basin is located in the S.E. corner of Utah and the S.W. corner of Colorado.
The Company is a 3D Seismic exploration and production company focused on the Paradox Basin which is located in the S.E. corner of Utah and the S.W. corner of Colorado. CWYR has defined seven structures, after four years of seismic science and the expenditure of approximately $6 million on science, acreage and drilling, by it and its partners. After payout, the Company shall own 10.6% of structures one and two with structure one under development. Structure one is producing into a sales pipeline. Structures three through five, where the Company owns 42.5% working interest, remain to be drilled. Structures six and seven are in the acquisition phase and the Company would own 42.5% of these to be acquired structures. The Company anticipates additional 3D Seismic work around the identified structures. The Company would like to expand its current 16,640 acre 3D Seismic shoot generated in the years 2000 to 2002 by an additional 64,000 acres, in the future, in order to look for additional structures. Finally, it is worth noting that structures two through seven need to be drilled.
Payout will occur after the some $6 million dollars spent by the partners is recovered from the production of these wells. From an economic standpoint the income from these wells continues to be sporadic and insufficiently regular to enable an accurate and reliable assessment to be made as to whether the wells will ever reach payout. Since the Company’s interest in these wells is a 10.6% interest AFTER PAYOUT, as of February 15, 2007 the Company still has no ownership of any producing property.
In years 2000 to 2002 the Company acquired 68,000 acre leases and then shot, processed and interpreted 16,640 acres, state of the art 3D Seismic shoot. In 2003 the interpretation of the shoot was perfected. In 2004, the Partners and the Company drilled two, 3D Science confirming wells, in May and December respectively, on structure one. In 2005 the Company and Partners caused the Pipeline Contract and hook-up of two wells on structure one. The Company anticipates an aggressive posture in pursuit of this area.
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The Company is currently focusing its exploratory efforts on its mineral interests in approximately 22,640 gross leased acres (approximately 6,764 net leased acres) in the central Paradox Basin of southeastern Utah (the "Paradox Basin Project" or the "Project"). During fiscal 2001, the Company obtained a 3D seismic survey (the "Seismic Survey") covering a 26 square mile portion of its Paradox Basin leasehold position. The survey results indicate that further exploratory work is warranted on the Paradox Basin Project. Together with its joint venture partners, CWYR has undertaken drilling and intends to raise additional capital in order to be able to participate in the development of the Paradox Basin Project.
On March 3, 2005, the Company confirmed its proprietary 3D Seismic Science with two exploratory successes at its Paradox Basin Exploration Project in Southeast Utah. The science, four years under development, has been confirmed by the completion of the Federal 1-31 and the Evelyn Chambers wells on the Southwest Lisbon structure, 3 ½ miles southwest of the Lisbon Field in the same Mississippian formation. Both wells tested in the range of 2 MMCFD in the formation analogous to the productive formation at Lisbon. The ‘Evelyn Chambers’ well is hooked up to the plant, line laid and producing. The Federal 1-31 well currently has a work-over rig on it examining other potentially productive zones. It is also already hooked up to the plant, line laid but currently not producing. At June 30, 2006 CWYR owns only an after-payout interest in these two productive oil and gas wells and the associated developed acreage. Variables affecting payout are: Price per mcf of gas and price per barrel of oil. These vary over time and have been very volatile of late. Payout will occur after the some $6 million dollars spent by the partners is recovered from the production of these wells. From an economic standpoint the income from these wells continues to be sporadic and insufficiently regular to enable an accurate and reliable assessment to be made as to whether the wells will ever reach payout. Since the Company's interest in these wells is a 10.6% interest AFTER PAYOUT, as of February 15, 2007 the Company still has no ownership of any producing property.
The Company owns 10.6% APO of this 700-acre structure and 10.6% of the surrounding 8,960 acres. Further additional seismic work in light of this successful discovery is anticipated on the structure.
The Company owns 42 ½ % of two other, 3D delineated, structures in the Paradox Basin Project. Additionally, the Company will have 42 ½ % of two other, tentatively identified, structures in the area.
The Company plans additional 3D Seismic science work in the whole of the Paradox Basin Project area as well as a development drilling program in the Southwest Lisbon structure.
On July 21, 2005 the Company announced that it had received BLM approval to drill a third well on its previously 3D seismic identified Southwest Lisbon structure in the Paradox Basin Exploration Project in Southeast Utah. There is the possibility that up to a total of 12 to 16 wells from multiple zones on the Southwest Lisbon structure can be drilled. The Company already owns the acreage where this drilling is expected to occur.
The Company anticipates an extensive 3D seismic shooting program and drilling on its currently identified structures.
In May 2006 the Company acquired a 42 ½% interest in an additional 6,000 acres underneath and bordering its 3D Seismic Shoot in Southeast Utah. The acquisition of the 6,000 acres raises the Company’s acreage position in the area to 22,640 acres (approximately 6,764 net leased acres). The acquired acreage borders the Company’s 16,640-acre 3D Seismic Shoot.
Additional 3D Seismic Shooting is planned for and the Company anticipates 3 test wells in the area in 2007.
CURRENT DEVELOPMENT:
In October 2006 we learned from the Operator that some of the partners in the Federal 1-31 well were intending to re-enter the well with a view to examining the possibility of producing hydrocarbons from the three other potentially productive zones that had been encountered while drilling to the Mississippian previously. This work finally began upon a work-over rig becoming available in the latter half of October. As of February 15, 2007 we have not learnt of any major improvements in production resulting from this latest activity.
3. COMMITMENTS AND CONTINGENCIES
At February 15, 2007, the Company had no revenues. These factors raise substantial doubts about the Company's ability to continue as a going concern without raising significant additional capital.
4. LOSS PER SHARE
Basic and diluted earnings per share are the same, as the effect of warrants and options is antidilutive.
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5. FARMOUT AGREEMENT
In October 2006 we learnt from the Operator that some of the partners in the Federal 1-31 well were intending to re-enter the well with a view to examining the possibility of producing hydrocarbons from the three other potentially productive zones that had been encountered while drilling to the Mississippian previously. This work finally began upon a work-over rig becoming available in the latter half of October but as of February 15, 2007 we have not learnt of any major improvements in production resulting from this latest activity.
6. RECENTLY ISSUED FINANCIAL ACCOUNTING STANDARDS:
SFAS 123(R) requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro-forma disclosure is no longer an alternative. We have adopted SFAS 123 (R) as of January 1, 2006.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
UNCERTAINTY OF FORWARD-LOOKING INFORMATION
This quarterly report on Form 10-QSB includes statements that are not purely historical and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve risks and uncertainties that could cause actual results to differ from projected results. Such statements address activities, events or developments that the Company expects, believes, projects, intends or anticipates will or may occur, including such matters as its ability to raise capital sufficient enough to repay outstanding indebtedness, to fund its share of maintaining and marketing the Project and to participate in future Paradox Basin activities, the Company's use of proceeds from any financing or sale of its interest, the Company's beliefs regarding results of the Seismic survey and the next phase of development, volatility of common Stock prices, anticipated lack of revenues, anticipated losses, plans to market the Project to third parties and the effect of the application of certain accounting rules. Factors that could cause actual results to differ materially ("Cautionary Disclosures") include, among others: general economic conditions, the market price of oil and natural gas, concentration of the Company's properties in a small area in the Paradox Basin, the timing and results of the seismic shoot to be conducted under the farmout agreement, the success or failure in finding commercial quantities of oil and gas, the strength and financial resources of the Company's competitors, climatic conditions, environmental risks, the results of financing efforts and regulatory developments and the factors identified in the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2006, under the caption "Business-Risk Factors.". Many of such factors are beyond the Company's ability to control or predict. All forward-looking statements included in this Form 10-QSB are based on information available to the Company on the date hereof. Although the Company believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct or that the Company will take any actions that may presently be planned. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Disclosures.
PLAN OF OPERATIONS
At February 15, 2007, the Company had no cash, no operations and no revenues. These factors raise substantial doubts about the Company's ability to continue as a going concern without raising significant additional capital.
On March 3, 2005, the Company confirmed its proprietary 3D Seismic Science with two exploratory successes at its Paradox Basin Exploration Project in Southeast Utah. The science, four years under development, has been confirmed by the completion of the Federal 1-31 and the Evelyn Chambers wells on the Southwest Lisbon structure, 3 ½ miles southwest of the Lisbon Field in the same Mississippian formation. Both wells tested in the range of 2 MMCFD in the formation analogous to the productive formation at Lisbon. The ‘Evelyn Chambers’ well is hooked up to the plant, line laid and producing. The Federal 1-31 well currently has a work-over rig on it examining other potentially productive zones. It is also already hooked up to the plant, line laid but currently not producing. CWYR owns only an after-payout interest in two productive oil and gas wells and the associated developed acreage at February 15, 2007. Variables affecting payout are: Price per mcf of gas and price per barrel of oil. These vary over time and have been very volatile of late. Payout will occur after the some $6 million dollars spent by the partners is recovered from the production of these wells. From an economic standpoint the income from these wells continues to be sporadic and insufficiently regular to enable an accurate and reliable assessment to be made as to whether the wells will ever reach payout. Since the Company’s interest in these wells is a 10.6% interest AFTER PAYOUT, as of February 15, 2007 the Company still has no ownership of any producing property.
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On May 25, 2006 the Company announced that it has acquired a 42 ½% interest in an additional 6,000 acres underneath and bordering its 3D Seismic Shoot in Southeast Utah. The acquisition of the 6,000 acres raises the Company’s acreage position in the area to 22,640 acres (approximately 6,764 net leased acres). The acquired acreage borders the Company’s 16,640-acre 3D Seismic Shoot.
Additional 3D Seismic Shooting is planned for later this year and the Company anticipates 3 test wells in the area in 2007.
LIQUIDITY AND CAPITAL RESOURCES
The Company has a negative working capital balance of approximately $1.6mm at December 31, 2006. The principal owed amounts are to management $810,000 (no interest accrues on these owed amounts), Convertible bondholders $305,000, the Operator $220,000, other working interest partners $160,000, for a total of approximately $1.5mm. The amounts owed to management are accrued but not paid and an understanding is in place that these will not be payable till the Company is reasonably well-funded.
Under the farmout agreements to which the Company is a party, the Company is obligated to pay its 50% share of all costs associated with maintaining the Paradox Basin property. Further the Company anticipates no revenues for fiscal 2007, and any expenses incurred by the Company will exacerbate its working capital deficit. In order to remedy the existing working capital deficit and to fund future expenditures, the Company will need to raise additional capital through a debt or equity financing. If the Company is not successful in raising additional capital, the Company may have to liquidate on terms unfavorable to its shareholders.
RESULTS OF OPERATIONS
GENERAL AND ADMINISTRATIVE EXPENSE. The general and administrative expense increased due to reasons explained in OTHER hereunder.
OTHER. Cost associated with shares issued for loans arranged ($27,600) and cost associated with shares issued upon conversion of $50,000 of the notes (converted at $0.30 when the closing price of the Company's common stock on the day of issuance of this stock was $0.92) leading to an additional cost of $122,938.
Item 4. CONTROLS AND PROCEDURES
In accordance with Exchange Act Rules 13a-15 and 15d-15, we carried out an evaluation, under the supervision and with the participation of management, including our President and Chief Executive Officer, and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our President and Chief Executive Officer, and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2006 to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.
Disclosure controls and procedures, no matter how well designed and implemented, can provide only reasonable assurance of achieving an entity’s disclosure objectives. The likelihood of achieving such objectives is affected by limitations inherent in disclosure controls and procedures. These limitations include the fact that human judgment in decision-making can be faulty and that breakdowns in internal control can occur because of human failures such as simple errors or mistakes or because of intentional circumvention of the established process.
During the period covered by this report, there have been no changes in our internal controls over financial reporting or in other factors, which could significantly affect internal controls over financial reporting.
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PART II.
None.
Item 1A — RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “Item 1 Description of Business” in our Annual Report on Form 10-KSB for the year ended June 30, 2006, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-KSB, are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. There have been no material changes in our risk factors from those disclosed in our 2006 annual report on Form 10-KSB
One of the Noteholders requested his notes valued at $50,000 be converted into stock together with interest due to him at date of conversion. The interest due amounted to $9,486.30. This translated into a total of 198,288 shares which were issued on October 6, 2006.
A total of 30,000 shares were issued in relation to an unsecured loan. These were also issued on October 6, 2006. The funds borrowed were used to pay for accounting and filing of documents needed to stay current with regulatory filings.
A total of 30,000 shares were issued in relation to an unsecured loan. These were also issued on October 6, 2006. The funds borrowed were used to pay for accounting and filing of documents needed to stay current with regulatory filings.
None.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
The Company is in the early stages of establishing a Company Website on the internet: www.coloradowyoming.com
(a) Exhibits
31.1 Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 Certification of Chief Executive Officer Pursuant to U.S.C. 18, Section 1350.
32.2 Certification Chief Financial Officer Pursuant to U.S.C. 18, Section 1350.
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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.
COLORADO WYOMING RESERVE COMPANY
| | | |
| Dated: February 15, 2007 | By: | /s/ Waseem A. Sayed |
Waseem A. Sayed | ||
President, Chief Executive Officer (Principal Executive Officer) | ||
| | | |
| By: | /s/ Rafiq A. Sayed | |
Rafiq A. Sayed | ||
Chief Financial Officer (Principal Financial Officer) | ||
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