SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 1997 Commission File Number 0-9394
BLACK DOME ENERGY CORPORATION
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(Exact name of registrant as specified in its charter)
Colorado 84-0808397
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1536 Cole Blvd., Ste #325
Golden,_Colorado 80401
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(Address of principal executive (Zip code)
offices)
Registrant's telephone number, including area code: (303)231-9059
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.
__X__ Yes _____ No
At March 31, 1997, 73,755 shares of no par value common stock (the
registrant's only class of voting stock) were outstanding.
Page 1
BLACK DOME ENERGY CORPORATION
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INDEX TO FORM 10-Q
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MARCH 31, 1997
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PART I - FINANCIAL INFORMATION PAGE
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Item 1. Financial Statements.
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Condensed balance sheet 3
at March 31, 1997 and
December 31, 1996.
Statement of operations for 5
for the three-month periods ended
March 31, 1997 and 1996
Statement of cash flows 6
for the three-month periods ended
March 31, 1997 and 1996
Notes to Financial Statements 7
PART II - OTHER INFORMATION 8
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The financial information furnished in this Form 10-Q reflects all
adjustments which are, in the opinion of management, necessary for a fair
presentation of the financial position of the Company and results of its
operations for the interim periods presented.
Page 2
PART I - FINANCIAL INFORMATION
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Item 1. Financial Statements
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BLACK DOME ENERGY CORPORATION
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CONDENSED BALANCE SHEET
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March 31, December 31,
1997 1996
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(Unaudited) (Note)
ASSETS
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Current Assets:
Cash $ 39,050 $ 128,220
Cash, Money Market Fund 852,902 --
Accounts Receivable 6,331 103,657
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Total current assets $ 898,283 $ 231,877
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Property and equipment, at cost:
Oil and gas properties - net
(successful efforts method) -- 161,511
Materials and supplies -- 9,772
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171,283
Deferred income tax assets -- 300,000
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Total assets $ 898,283 $ 703,160
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Note: The balance sheet at December 31, 1996 has been taken from the audited
financial statements at that date, and condensed.
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BLACK DOME ENERGY CORPORATION
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CONDENSED BALANCE SHEET (CONT'D)
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March 31, December 31,
1997 1996
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(Unaudited) (Note)
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities:
Accounts Payable $ 51,412 $ 99,431
Deferred Compensation -- 132,100
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Total Current Liabilities 51,412 231,531
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Stockholders' Equity:
Common stock; no par value;
authorized 10,000,000 shares,
issued and outstanding 73,755
2,188,353 2,188,353
Retained earnings (deficit) (1,341,482) (1,716,724)
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Total stockholders' equity 846,871 471,629
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Total liabilities and
stockholders' equity $ 898,283 $ 703,160
============ ============
Note: The balance sheet at December 31, 1996 has been taken from the audited
financial statements at that date, and condensed.
Page 4
BLACK DOME ENERGY CORPORATION
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CONDENSED STATEMENT OF OPERATIONS
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Three Months
Ended
March 31,
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1997 1996
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(Unaudited)
Income <loss> from discontinued
operations $< 67,242> $< 74,620>
Gain on sale of oil and gas properties 742,484 --
Less income taxes 300,000 --
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$ 442,484 --
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Net income <loss> $ 375,242 $< 74,620>
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Earnings <loss> per share $5.09 <$1.01>
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At the December 1996 Stockholders' Meeting, the stockholders approved the
sale of the Company's oil and gas properties and the liquidation of the
Company. In February 1997, the Company completed the sale of all its
properties effective December 31, 1996. The Company has discontinued
operating and plans to liquidate in the next three to six months.
Page 5
BLACK DOME ENERGY CORPORATION
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STATEMENT OF CASH FLOWS
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Three Months
Ended
MARCH 31,
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1997 1996
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(Unaudited)
Cash flows from operating activities:
Net income <loss> $ 375,242 $< 74,620>
Depreciation, depletion, amortization -- 46,750
Less gain on sale of oil and gas properties <742,484> --
Changes in assets and liabilities:
<Increase> decrease in accounts receivables 97,326 1,760
Increase <decrease> in accounts payable < 48,019> 23,895
Decrease in deferred tax asset 300,000 --
Increase <decrease> in deferred comp. <132,100> 31,250
Increase <decrease> in note payable -- < 20,019>
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Net cash provided (used) by <150,035> 9,016
operating activities --------- ---------
Cash flows from investing activities:
Proceeds from sale of oil and gas properties 921,250 --
Purchase of capital items < 7,518> < 7,445>
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Net cash (used in) provided by
investing activities 913,732 < 7,445>
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Cash flows from financing activities:
Increase (decrease) in cash 763,732 1,571
Cash balance at beginning of period 128,220 63,008
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Cash balance at end of period $ 891,952 $ 64,579
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Page 6
Item 2. Management's Discussion and Analysis of Financial
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Condition and Results of Operations.
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General
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This discussion and analysis covers variations in the balance sheets
December 31, 1996, and March 31, 1997, and in the statements of operations
and changes in cash flows for the three-month periods ended March 31, 1997
and 1996.
Liquidity and Capital Resources
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As a result of the sale of all the Corporation's oil and gas properties,
working capital at March 31, 1997 was $846,871 compared to the $346 at
December 31, 1996.
Results of Operations
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The Corporation sold all of its operating oil and gas properties effective
December 31, 1996 and ceased operations. Costs incurred in the three
months ended March 31, 1997 resulted mostly from administrative costs
incurred in the closing of operations.
Page 7
PART II - OTHER INFORMATION
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Item 6. Exhibits and Reports on Form 8-K.
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(a) Exhibits: None
(b) Reports: None
EX-27 Financial Data Schedule
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the
undersigned thereunto duly authorized.
(Registrant) BLACK DOME ENERGY CORPORATION
BY(Signature) /s/ Edgar J. Huff
(Date) May 8, 1997
(Name and Title) Edgar J. Huff, President
and Chief Financial
Officer
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