MASON OIL COMPANY, INC.
Pro-Forma Financial Statements
(Unaudited)
The following unaudited pro-forma balance sheet and statement of
operations give effect to the following transactions:
The acquisition of IAN Holdings Limited (IAN) by Mason Oil
Company, Inc. (Mason Oil). On October 14, 1996 the stockholders of
IAN Holdings Limited (IAN) exchanged all of the issued and
outstanding common stock shares of IAN for 6,000,000 newly issued
unregistered shares of Mason Oil. The transaction will be accounted
for as a reverse acquisition, with IAN as the acquirer. The
historical financial statements prior to October 14, 1996 will be
those of IAN and its subsidiaries.
The merging of IAN Holdings Limited (IAN) into Mason Oil
Company, Inc. (Mason Oil). Effective December 31, 1996 IAN and Mason
Oil merged, with Mason Oil being the legal survivor.
The unaudited pro-forma information is based on the historical
consolidated financial statements of IAN giving effect to the
aforementioned transactions as a reverse acquisition.
Because Mason Oil was a public company who's stock is not actively
traded, the assets and liabilities of Mason have been recorded at
historical cost. The unaudited pro-forma balance sheet as of June
30, 1996 gives effect to the transactions as if they had been
consummated on June 30, 1996.
The unaudited pro-forma statement of operations for the period ended
June 30, 1996 gives effect to the transactions as if they had
occurred on February 29, 1996.
The unaudited pro-forma financial statements are not necessarily
indicative of operating results which would have been achieved had
the acquisitions been consummated as of the beginning of the year and
should not be construed as representative of future operating
results. The unaudited pro-forma financial statements should be read
in conjunction with the financial statements and notes of IAN.
MASON OIL COMPANY, INC.
Pro-Forma Combined Balance Sheet
June 30, 1996
Unaudited
Historical
Predecessor Mason Oil
Current assets
Cash $ 12,277 $ 14,209
Receivables - tax refund 47 47
Total current assets 12,324 14,526
Properties
Unproved 176,460 176,460
Other assets
Formation costs 1,406 1,406
Deposits 23,700 23,700
Total assets $ 213,890 $ 215,822
Accounts payable $ 6,249 $ 6,249
Note payable
Shareholders 207,988 207,988
Total current liabilities 214,237 214,237
Stockholders' equity
Common stock 100 9,225
Additional paid-in capital 900 (7,640)
Accumulated deficit (1,116) -
Current translation adjustment (231) -
Total stockholders' equity (347) 1,585
Total liabilities and stockholders' equity $ 213,890 $215,822
MASON OIL COMPANY, INC.
Pro-Forma Combined Statement of Operations
For the Period Ended June 30, 1996
Unaudited
Historical
Predecessor Mason Oil
Expenses
General and administrative $ 1,211 $ 1,211
Interest income (95) (95)
Net loss $ 1,116 $ 1,116