SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended Commission file number:
December 31, 1997 2-99518-D
Colorado 74-2446999
(State of incorporation) (I.R.S. employer identification number)
GOLD HILL CORPORATION
2233 West Lindsey
Suite 117
Norman, Oklahoma 73069
(Address of principal (Zip code)
executive offices)
Registrant's telephone number, including area code:
(405) 329-0930
Securities registered pursuant to Section 12 (B) of the Act:
Title of each class: None Name of each exchange
on which registered:
None
Securities registered pursuant to Section 12 (G) of the Act:
Common Stock, $0.002 Par Value (Title of each class)
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 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.
___XXX_____ ____________
Yes No
The number of shares of the common stock of the registrant outstanding:
4,682,322 shares
PART I
ITEM 1. BUSINESS
Summary of Business: Quarter ended December 31, 1997.
Gold Giant Prospect. Gold Hill attempted four drill holes during 1997 on its
gold prospect in Nevada, but none of the holes were able to reach the objective depth
due to hole cavings. Further drilling is anticipated during early summer of 1998. At
least 3 drill holes are planned.
If the next phase of drilling is successful, further drilling will follow. Earlier
surface work has indicated a large radiometric anomaly on several claims, although a
review of the exploration effort made to date will be done in light of currently depressed
gold prices.
It is the intent of Gold Hill to retain a large interest in the property in order to
achieve the greatest impact upon the company in the event of a discovery. At that
point, Gold Hill will seek out a major industry partner to more fully explore and develop
the property. Gold Hill is searching for a Carlin-type deposit similar to those of
Newmont and Barrick Gold located 20 miles to the west.
South-Central Texas Oil and Gas Prospects. Regional exploration
investigations are continuing in south-central Texas, where the company has acquired
leases and will drill a shallow oil test during mid-1998.
Central Oklahoma. Regional exploration for oil and gas is continuing in
Oklahoma and the company is in the process of leasing favorable prospects. A wildcat
well may be drilled during the second half of the year.
General Operations. Gold Hill will continue its conservative policy of avoiding
debt and maintaining very low overhead costs. No salaries will be paid or allowed to
accrue at this time, nor will Gold Hill be charged for the use of office space currently
provided by its principals.
Private Placement. Gold Hill is continuing to make a private placement of
450,000 shares of its common stock in order to finance a portion of the costs of the
projects described above. The price of the shares is still $1.00 per share.
ITEM 2. PROPERTIES
Oil and Gas Properties. Geological investigations are continuing on
Oklahoma
prospects, and oil and gas lease acquisition has been initiated.
Mining Properties. Gold Hill is continuing to evaluate the gold potential under
its
leases and mining claims located in Elko County, Nevada.
ITEM 3. LEGAL PROCEEDINGS
There are no pending legal proceedings, to which Gold Hill is a party or of which
any of its property is the subject.
BALANCE SHEET
December 31, 1997
Assets
Current Assets
Total Current Assets (Cash) $ 229,769
Fixed Assets
Furniture and Fixtures $ 138
Leases 14,243
Tangible Equipment 31,953
Burk #1 -- pipe 13,870
Accumulated Depreciation ( 14,117 )
Total Fixed Assets $ 46,087
________________________________
Total Assets $ 275,856
Liabilities and Equity
Current Liabilities $ none
Equity
Common Stock $ 470,400
Retained Earnings ( 383,431 )
Paid In Capital 247,904
, Current Income (loss) ( 59,016 )
Total Equity
______________________________________
Total Liabilities & Equity $ 275,856
ITEM 4. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Private Placement. Further efforts will continue to make a private placement of
restricted stock at $1.00 per share. The company plans to maintain a minimum price
for the private placement restricted stock at $1.00 per share for an additional six
months, and that the effort would be extended for that time. In the event of drilling
successes, Gold Hill may continue to market restricted stock in a private placement at
a higher price per share, depending upon market conditions. In line with its
conservative policies, the management of Gold Hill will not market more stock than its
immediate capital needs in order to keep the number of shares outstanding at a
minimum.
Oil and Gas Leases. Gold Hill is looking at additional oil and gas prospects to
lease
in the forthcoming year.
Salaries and Operations Overhead. It was agreed that Gold Hill will continue its
policy of paying no salaries to its officers and directors, and that it will continue to
use
the offices of its directors rent-free.
Stock Options. It was agreed that no stock options will be offered at this time.
SIGNATURES
Pursuant to the requirements of Sections 13 and 14 (D) of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf of
Undersigned, there unto duly authorized.
GOLD HILL CORPORATION
By:______________________________________________
Susan Smith Nash, Secretary-Treasurer
Date: January 13, 1998