PANNONIAN ENERGY, INC.
(A Development Stage Company)
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2000
(Unaudited)
ASSETS
CURRENT ASSETS
Cash $ 9,066
Accounts and notes receivable 860,622
------------
Total Current Assets 869,688
------------
PROPERTY AND EQUIPMENT, net 2,642
OIL AND GAS PROPERTIES, net 2,033,440
------------
$ 2,905,770
============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable-related $ 526,524
other 579,302
Accounts payable 432,394
Accrued interest payable 96,886
------------
Total Current Liabilities 1,635,106
------------
STOCKHOLDERS' EQUITY
Preferred stock-$.001 par value; authorized 5,000,000 shares
issued and outstanding - none -
Common stock-$.001 par value; authorized 25,000,000 shares
issued and outstanding - 7,925,000 shares 7,925
Capital in excess of par value 3,157,075
Deficit accumulated during the development stage (1,894,336)
------------
1,270,664
------------
$ 2,905,770
============
The accompanying notes are an integral part
of the consolidated financial statements
F-1
PANNONIAN ENERGY, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENT OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2000
(Unaudited)
REVENUES
Oil and gas revenues $ 6,168
------------
6,168
------------
OPERATING EXPENSES
General and administrative expenses 492,011
Lease operating expenses 6,371
Exploration costs 75,684
Interest 48,842
Depreciation and depletion 7,403
------------
630,311
------------
OTHER INCOME
Gain on sale of property 200,000
------------
NET (LOSS) $ (424,143)
============
NET (LOSS) PER COMMON SHARE-BASIC AND DILUTED $ (0.05)
============
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-
BASIC AND DILUTED 7,925,000
============
The accompanying notes are an integral part
of the consolidated financial statements
F-2
PANNONIAN ENERGY, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENT OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2000
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) $(424,142)
Adjustments to reconcile net (loss) to net cash used by operating activities
Depreciation and depletion 7,403
Changes in assets and liabilities
(Increase) in notes and accounts receivable (818,405)
Decrease in prepaids 37,372
Increase in accounts payable 410,025
Increase in accrued expenses 93,173
----------
Net cash (used) by operating activities (694,574)
----------
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for oil and gas properties (325,098)
----------
Net cash (used) by investing activities (325,098)
----------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings 865,248
----------
Net cash provided by financing activities 865,248
----------
NET (DECREASE) IN CASH (154,424)
CASH, BEGINNING OF PERIOD 163,490
----------
CASH, END OF PERIOD $ 9,066
==========
The accompanying notes are an integral part
of the consolidated financial statements
F-3
PANNONIAN ENERGY, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NINE MONTHS ENDED SEPTEMBER 30, 2000
(UNAUDITED)
The unaudited financial statements included herein were prepared from the
records of the Company in accordance with Generally Accepted Accounting
Principles and reflect all adjustments which are, in the opinion of management,
necessary to provide a fair statement of the results of operations and financial
position for the interim period. Such financial statements generally conform to
the presentation reflected in the Company's annual financial statements filed
with the Securities and Exchange Commission on Form 8K. The current interim
period reported herein should be read in conjunction with the Company's annual
financial statements subject to independent audit at the end of the year.
The results of operations for the nine months ended September 30, 2000 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2000.
F-4