United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quartely period ended MARCH 31, 1997
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to .
Commission File No. 33-26936-D
EXCEL RESOURCES, INC.
(Exact name of small business issuer as specified in its charter)
Nevada 87-0460769
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1111 Bagby, Suite 2400 Houston, Texas 77002
(Address of principal executive offices)
(713) 659-5556
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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. Yes X No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURINGS THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports to be filed by
Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by court. Yes No X *.
(*The Company has made no such filings because it has not distributed any
securities under a plan confirmed by court)
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practible date: 13,369,552
Transitional Small Business Disclosure Format: Yes X No .
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
EXCEL RESOURCES, INC.
Consolidated Balance Sheet
March 31, December 31,
1997 1996
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS
Cash $ 1,429 $ 752
Accounts receivable - trade, net 15,614 15,614
Total Current Assets 17,043 16,366
EQUIPMENT
Transmission equipment 144,534 144,534
Office furniture and equipment 104,853 104,853
Leasehold improvements 6,452 6,452
Accumulated depreciation (174,206) (169,555)
Total Equipment 81,633 86,284
NET OIL AND GAS PROPERTIES
(full cost method) 2,055,388 2,570,562
OTHER ASSETS
Long-term accounts receivable 107,000 98,737
Investments 15,621 15,621
Total Other Assets 122,621 114,358
TOTAL ASSETS $ 2,276,685 $ 2,787,570
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable - trade $ 8,808,276 $ 8,559,775
Accrued expenses 902,415 635,950
Notes payable - current portion 1,544,173 2,122,311
Total Current Liabilities 11,254,864 11,318,036
LONG-TERM LIABILITIES
Notes payable 87,919 87,919
Deferred revenue 184,400 177,705
Total Long-Term Liabilities 272,319 265,624
Total Liabilities 11,527,183 11,583,660
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred Stock: 5,000,000
shares authorized at $0.001
par value, no shares issued
and outstanding;
Common Stock: 100,000,000
shares authorized at $0.001
par value, 13,369,552 and
11,309,552 shares issued and
outstanding 13,370 11,310
Additional paid-in capital 5,546,998 5,546,998
Accumulated deficit (14,810,866) (14,354,398)
Total Stockholders' Equity (Deficit) (9,250,498) (8,796,090)
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) $ 2,276,685 $ 2,787,570
See accompanying notes to financial statements.
EXCEL RESOURCES, INC.
Consolidated Statements of Operations
For the three months ended
March 31,
1997 1996
OIL AND GAS SALES $ 994,250 $ 1,679,700
COST OF SALES 870,512 1,234,602
GROSS PROFIT 123,738 445,098
GENERAL AND ADMINISTRATIVE EXPENSES 415,000 287,278
INCOME (LOSS) FROM OPERATIONS (291,262) 157,820
OTHER INCOME (EXPENSE)
Interest (Expense) (237,506) (299,635)
Gain (Loss) on sale of equipment - (10,000)
Other 72,300 -
Total Other Income (Expense) (165,206) (309,635)
NET INCOME (LOSS) $ (456,468) $ (151,815)
NET INCOME (LOSS) PER SHARE $ (0.03) $ (0.01)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 13,369,552 12,023,956
See accompanying notes to financial statements.
EXCEL RESOURCES, INC.
Consolidated Statements of Cash Flows
For the three months ended
March 31,
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ (456,468) $ (151,815)
Adjustments to Reconcile Net Loss to Net
Cash Provided (Used) by Operating Activities:
Depreciation, depletion and
amortization 519,825 521,436
Deferred revenue 6,695 -
(Gain) Loss on sale of assets - 10,000
Common stock issued for services 50,074 1,095,034
Changes in Operating Assets and Liabilities:
Trade accounts receivable - (214,731)
Long-term receivable (8,263) 177,326
Trade accounts payable and current
portion long-term debt (329,637) (451,847)
Accrued expenses 266,465 28,576
Net Cash Provided (Used) by Operating
Activities $ (1,383) $ (81,055)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equipment $ - $ 10,000
Proceeds from sale of securities 2,060 -
Note receivable from stockholder - 67,466
Net Cash Provided (Used) by Investing
Activities $ 2,060 $ 77,466
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt $ - $ -
Proceeds from equity investors - -
Net Cash Provided (Used) by Financing
Activities $ - $ -
NET INCREASE (DECREASE) IN CASH $ 677 $ (3,589)
CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD $ 752 $ 3,889
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,429 $ 300
See accompanying notes to financial statements.
EXCEL RESOURCES, INC.
Notes to Financial Statements
Note 1. Basis of Presentation, Organization and Summary of Significant
Accounting Policies
Basis of Presentation
The accompanying unaudited financial statements have been prepared in
accordance with the instructions and requirements of Form 10-QSB, and
therefore do not include all information and footnotes necessary for a fair
presentation of financial position, results of operations, and cash flows in
conformity with generally accepted accounting principles. In the opinion of
management, such financial statements reflect all adjustments necessary for a
fair statement of the results of operations and financial position for the
interim periods presented. Operating results for the interim periods are not
necessarily indicative of the results that may be expected for the full years.
It is suggested that these consolidated financial statements be read in
conjunction with the Company's consolidated financial statements and notes
thereto included in the Company's annual report on Form 10-KSB for the year
ended December 31, 1996.
Organization and Business
Excel Resources, Inc., (the "Company"), formerly Dover Capital Corporation,
was incorporated in the state of Nevada on December 31, 1988. The Company's
primary business activity is the production, gathering and transportation of
natural gas and related products.
Basis of Consolidation
The consolidated financial statements include the accounts of the Company, its
wholly-owned subsidiary, Excel Resources, Inc., a Texas Corporation ("Excel
Texas"), Excel Texas' wholly-owned subsidiaries Excel Gas Gathering, Inc.,
Excel Consulting and Management Company, Inc., Excel Pipeline, Inc. and Excel
Ventures, Inc., and Excel Gas Marketing, Inc., an affiliate of the Company
through common ownership. All significant intercompany transactions have been
eliminated.
Equipment and Depreciation
Equipment is stated at cost. Depreciation is computed over the estimated
useful lives of the assets using the straight-line method for financial
reporting purposes and accelerated methods for income tax purposes. The
estimated useful lives of equipment for purposes of computing depreciation
are:
Class Life
Transmission equipment 22 years
Office furniture and equipment 10-12 years
Transportation equipment 7 years
Leasehold improvements 3-5 years
Oil and Gas Properties
The Company follows the full cost method of accounting, as defined by the
Securities and Exchange Commission, whereby all costs incurred in connection
with the acquisition, exploration and development of oil and gas properties,
whether productive or nonproductive, are capitalized. Capitalized costs
related to proved properties and estimated future costs to be incurred in the
development of proved reserves are amortized using the unit-of-production
method. The average depletion rate based on equivalent Mcf of natural gas for
the three months ended March 31, 1997, and 1996 was $1.54 and $0.84,
respectively. The average depletion rate for the three months ended March 31,
1997, was calculated utilizing proved developed producing (PDP) reserves only,
although the Company owns additional reserves of approximately 4 Bcf that have
been classified as proved undeveloped (PUD).
Capitalized costs are annually subjected to a test of recoverability by
comparison to the present value of future net revenues from proved reserves.
Any capitalized costs in excess of the present value of future net revenue
from proved reserves, adjusted for the cost of certain unproved properties,
are expensed in the year in which such an excess occurs. There has been no
such test nor any related adjustment for the three months ended March 31,
1997.
Revenue Recognition
Revenues are recognized when the gas products are delivered to customers. In
the movement of natural gas, it is common for differences to arise between
volumes of gas contracted or nominated, and volumes of gas actually received
or delivered. These situations are the result of certain attributes of the
natural gas commodity and the industry itself. Consequently, the credit given
to the Company by a pipeline for volumes received from producers may be
different than volumes actually delivered by a pipeline. When all necessary
information, such as the final pipeline statement for receipts and deliveries
is available, these differences are resolved by the Company.
The Company records imbalances based on amounts received and classifies the
imbalances as adjustments to the trade accounts receivable or trade accounts
payable, as appropriate.
Deferred Revenue
The Company has long-term throughput contracts with certain customers on its
offshore oil and gas wells. The contracts contain "take or pay" provisions
whereby the Company is entitled to a minimum throughput. The Company
recognizes income only on its entitlement sales. Payment for surpluses over
entitlements are credited to deferred revenues to offset future deficiencies.
If the Company's take of production is less than the entitlement, the Company
recognizes revenue on its full entitlement and charges long-term receivables.
At March 31, 1997, and December 31, 1996, the Company had a long-term gas
balancing receivable of $107,000 and $98,737 and an offsetting long-term gas
balancing payable of $184,400 and $177,705, respectively.
Net Income (Loss) per Share
Net income per share amounts are based on the weighted average number of
common shares outstanding.
Marketable Securities
Marketable securities consist of direct obligations of the U.S. Government and
futures contracts. Securities are stated at cost, which approximates market
value.
Cash Equivalents
Cash equivalents include any highly liquid investment instruments purchased
with an original maturity date of three months or less.
Note 2. Purchase of Oil and Gas Leases
Effective January 1, 1994, the Company acquired working interests in certain
oil and gas properties from three unrelated entities for a total purchase
price of $7,692,027 net of gas imbalance positions. The payment of the
purchase price was made in April 1994, from funds provided by one of the
Company's major suppliers.
The borrowed funds were repayable within six months beginning June 1994 from
future production payments from the properties and or dedicated natural gas
trades. Management is currently involved in negotiations for refinancing this
short-term debt; however, it cannot be assumed that such negotiations will be
successfully concluded.
Note 3. Oil and Gas Exploration, Development and Producing Activities
(Unaudited)
Results of Operations
The results of oil and gas producing activities during the three months ended
March 31, 1997, are as follows:
Amount
Production revenues $ 994,250
Production costs 355,338
Depreciation, depletion and amortization 515,174
Operating income - producing activities $ 123,738
Cost Incurred
For the three months ended March 31, 1997, the costs incurred in oil and gas
producing activities totaled $355,338, all of which amount was charged to
expense.
Capitalized Costs
Capitalized costs relating to oil and gas exploration, development and
producing activities were as follows:
March 31, 1997
Costs subject to amortization - all proved properties $ 9,333,663
Accumulated depreciation, depletion, and amortization: (7,278,275)
$ 2,055,388
Proved Reserves
The following schedule presents estimates of proved developed producing oil
and natural gas reserves attributable to the Company, all of which are located
offshore from the continental United States. Proved reserves are estimated
quantities of oil and natural gas which geological and engineering data
demonstrate with reasonable certainty to be recoverable in future years from
known reservoirs under existing economic and operating conditions. Proved -
developed reserves are those which are expected to be recovered through
existing wells with existing equipment and operating methods. Reserves are
stated in barrels of oil and millions of cubic feet of natural gas. Geological
and engineering estimates of proved oil and natural gas reserves at one point
in time are highly interpretive, inherently imprecise and subject to ongoing
revisions that may be substantial in amount. Although every reasonable effort
is made to ensure that the reserve estimates represent the most accurate
assessments possible, these estimates are by their nature not precise and are
often different from the quantities ultimately recovered.
For the three months ended
March 31, 1997
(Bbl) (Mcf)
Proved develop reserves at beginning of the period - 1,670,000
Production - (333,890)
Proved develop reserves at end of the period - 1,336,110
In addition to the proved developed producing natural gas reserves reported in
the geological and engineering reports, the Company holds ownership interests
in various proved - undeveloped properties. The reserve and engineering
reports performed for the Company by an independent engineering consulting
firm reflect additional proven reserves equal to approximately 4 Bcf of
natural gas for these undeveloped properties. Although wells have been drilled
and completed in each of these four properties, certain production and
pipeline facilities must be installed before actual gas production will be
able to commence. The most recent development plan for these properties
indicates that facilities installation and commencement of production will be
in 1997. However, such timing as well as the actual financing arrangements
that will be secured by the Company are uncertain at this time. Therefore,
these proven undeveloped reserves are not being included in the presentation
of the oil and gas reserves at March 31, 1997, nor are such undeveloped
reserves being considered in calculating depreciation, depletion and
amortization expense for the period. Accordingly, these amounts are being
calculated for the period based on the March 31, 1997 balance of the proven
developed producing reserves set forth above.
Standardized Measure of Discounted Future Net Cash Flows
The following schedule presents the standardized measure of estimated
discounted future net cash flows from the Company's proved developed producing
reserves at March 31, 1997. Estimated future cash flows were based on
independent reserve data.
Because the standardized measure of future net cash flows was prepared using
the prevailing economic conditions existing at March 31, 1997, it should be
emphasized that such conditions continually change. Accordingly, such
information should not serve as a basis in making any judgment on the
potential value of the Company's recoverable reserves or in estimating future
results of operations.
Standardized measures of discounted future net cash flows:
(Based on Proven Developed Producing Reserves Only)
March 31, 1997
Future production revenues $ 2,672,488
Future plugging costs $ 317,750
Future production costs $ 995,445
Total future costs $ 1,313,195
Future cash flows before income taxes $ 1,359,293
Future income tax / (benefit) $ (237,876)
Future net cash flows $ 1,597,169
Effect of discounting future annual net
cash flows at 10% $ 200,698
Standardized measure of discounted future
net cash flows $ 1,396,471
Note 4. Notes Payable
Notes payable consisted of the following:
March 31, December 31,
1997 1996
Purchase note payable, in default, payable
on demand, currently being repaid
from future production from oil and gas
properties and/or dedicated natural
gas trades, interest imputed at 20%. $ 1,222,039 $
1,779,794
Interest-free note payable to a company,
effective interest rate approximately
8%, payments of $5,000 due monthly, final
payment due November, 1997. 47,629 62,629
Interest-free notes payable to a company,
effective interest rate approximately 6%,
to be repaid through overriding royalties
from the Company's working interest in the
offshore properties at $20,000 per month,
commencing no later than September 1997,
until paid. 249,412 232,365
Note payable to a company, interest at 12%
per annum, payments of $4,982 due monthly,
final payment due August, 1999. 113,012 135,442
1,632,092 2,210,230
Less current maturities (1,544,173) (2,122,311)
Notes payable - long-term $ 87,919 $ 87,919
Maturities of long-term debt are as follows:
As of As of
March 31, December 31,
1997 $ 1,544,173 $ 2,122,311
1998 52,039 52,039
1999 35,880 35,880
2000 - -
2001 and thereafter - -
Total $ 1,632,092 $ 2,210,230
Note 5. Income Taxes
At March 31, 1997, the Company had net operating loss carryforwards of
approximately $12,400,000 that may be offset against future taxable income
through 2011. No tax benefit has been reported in the 1997 financial
statements, because the potential tax benefits of the net operating loss
carryforwards are offset by a valuation allowance of the same amount.
Note 6. Commitments
The Company leases office space and certain equipment under operating lease
agreements. At March 31, 1997, the estimated future minimum rental payments
required under the leases were:
Year Ending December 31, Amount
1997 $ 43,111
1998 88,837
1999 92,532
2000 23,318
2001 and thereafter -
Total $ 247,798
Rental expense for the three months ended March 31, 1997, and 1996, totaled
approximately $21,367 and $33,909, respectively.
Note 7. Employee Benefit Plan
The Company has a 401(k) deferred compensation plan. Under this plan,
employees meeting eligibility requirements, (as defined in the plan),
contribute a percentage of their before-tax compensation to the plan with the
Company matching the first two percent of the employee contribution.
Additional Company contributions may be made at the discretion of the Board of
Directors. The Company made no contributions for either the three months ended
March 31, 1997, or March 31, 1996.
Note 8. Related Party Transactions
The Company experienced no related party transactions during the three months
ended March 31, 1997.
Note 9. Supplemental Disclosure of Cash Flow Information
1997 1996
Interest paid $ 78,461 $ 185,570
Item 2. Management's Discussion and Analysis of the Financial Condition and
Results of Operations
Total sales for the three months ended March 31, 1997, were $994,250,
representing a $685,450 or 40.81% decrease from the total sales of $1,679,700
for the three months ended March 31, 1996. This decrease was due primarily to
the elimination of substantial production imbalances that were being "made-up"
by the Company during the first three months of 1996. There was also a
decrease of the Company-owned natural gas and oil production which was offset
by an increase in natural gas prices.
Gross profit for the three months ended March 31, 1997, was $123,738,
representing a $321,360 or 72.20% decrease from the gross profit of $445,098
for the three months ended March 31, 1996. This decrease is attributable to a
change in the methodology used for calculating the unit average depletion
rate. The new methodology considers only remaining proven developed producing
reserves in calculating the unit rate, whereas the methodology formerly used
by the Company considered both remaining proven developed producing reserves
as well as proven undeveloped reserves. Total depletion on the Company's
producing properties was approximately $515,000 which is included in the cost
of sales.
Net loss for the three months ended March 31, 1997, was $456,468, representing
a $304,653 or 200.67% increase from the net loss of $151,815 for the three
months ended March 31, 1996. This increase is attributable primarily to the
aforementioned methodology change.
Liquidity and Capital Resources
The primary sources of cash for the Company for the three months ended March
31, 1997 included funds generated from current and past operations. Cash
outflows included funds used in operations and the repayment of debt.
Net cash flow used by operating activities was $1,383 for the three months
ended March 31, 1997, as compared to cash flow used in operating activities of
$81,055 for the three months ended March 31, 1996. The negative cash flow in
the three months ended March 31, 1997 was primarily due to payments that were
made to reduce debt.
Net cash flow provided by investing activities was $2,060 for the three months
ended March 31, 1997, as compared to cash flow provided by investing
activities of $77,466 for the three months ended March 31, 1996. The 1997 cash
flow was from the issuance of Company stock. The 1996 cash flow was from the
sale of equipment and the partial repayment of a note receivable from a
shareholder.
The Company had no cash flow from financing activities during either the three
months ended March 31, 1997 or 1996.
At March 31, 1997, the Company's current liabilities of $11,254,864 exceeded
its current assets of $17,043 by $11,273,821.
The Company is currently seeking additional sources of both equity and debt
financing in Europe as well as within the United States to fund current and
future acquisitions. Each acquisition is evaluated and judged on its future
potential cash flows. It is the objective of the Company that each acquisition
generate cash flows sufficient to fund the particular acquisition's operations
and its associated debt.
The Company currently has 5,000,000 authorized but unissued shares of
preferred stock and 86,630,448 shares of authorized but unissued common stock.
The Company issued 2,060,000 new shares of common stock during the three
months ended March 31, 1997. All such stock issued during the three months
ended March 31, 1997, was issued to secure professional services pertaining
the financial needs of the Company.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
The Company and Excel Gas Marketing, Inc., an affiliate of the Company, are
either individually or jointly involved in a number of claims, as well as
litigation, for breach of contract primarily arising from the nonpayment for
natural gas purchased. Liquidity problems encountered by both the Company and
Excel Gas Marketing, Inc. during 1994 were the primary factors giving rise to
such claims. Management believes that the outcome of such litigation will not
have a material adverse effect upon the Company, since all claims are properly
reflected in the consolidated financial statements. The following is a listing
of those legal actions that either became a reportable event during the three
months ended March 31, 1997, or which there have been material development
during such period:
- - July 23, 1996, NorAm Gas Transmission Co. filed suit against Excel Gas
Marketing and the Company in the First Judicial District Court of Caddo
Parish, Louisiana, for breach of contract for the failure of Excel Gas
Marketing / Excel-Texas to fully pay certain amounts due under the terms of a
promissory note executed in favor of NorAm in the amount of $252,029.66, which
note arose out of the Mutual Release and Settlement Agreement entered into in
connection with the settlement of the February 10, 1995, NorAm action set
forth above. The instant action has been settled between the respective
parties. In connection with such settlement, a Consent Judgment was entered on
February 7, 1997, awarding NorAm a sum of $227,029.66 (the unpaid balance on
the referenced note) plus interest and court costs.
- - November 16, 1996, Liddell, Sapp, Zivley, Hill & LaBoon, L.L.C. filed suit
against the Company in the Judicial District Court of Harris County, Texas,
for breach of contract arising out of the failure of the Company to pay
amounts due for certain legal services and expenses during the period from
May, 1995 through June, 1996, which amounts claimed total approximately
$339,496. This matter was settled between the respective parties, and an
Agreed Judgment awarding Liddell, Sapp, Zivley, Hill & LaBoon the total amount
prayed for (plus interest at an annual rate of 10%) was entered by the Court
on February 3, 1997.
- - March 11, 1997, Encore Energy, Inc. filed suit against "Excel Resources,
Inc. [Excel-Texas] d/b/a Excel Gas Marketing, Inc., a Texas corporation, " in
the Judicial District Court of Tulsa County, Oklahoma, for breach of contract
arising out of the failure of Excel Gas Marketing to pay for certain gas
purchased. Encore is seeking to recover $686,918.35, which amount represents
the sum of the claimed principal amount due and accrued interest, plus
additional interest, costs and attorney fees. Excel-Texas filed its answer in
this proceeding on April 21, 1997, which answer denied responsibility in
connection with Encore's claim.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote of the security holders, through
solicitation of proxies or otherwise, during the three months ended March 31
of the 1997 fiscal year.
Item 5. Other Information
On April 15, 1997, which is subsequent to the period covered by this Report,
Randy P. Matye resigned from the Company's Board of Directors. This
resignation was fully disclosed in the Form 8-K which was filed with the
Securities and Exchange Commission on May 1, 1997, and which is incorporated
herein by reference.
On April 25, 1997, which is subsequent to the period covered by this Report,
Excel Resources, Inc., a Nevada Corporation (the "Company"), filed its
voluntary petition in bankruptcy under Chapter 11 of the Bankruptcy Code in
the U.S. Bankruptcy Court for the Southern District of Texas. This event was
fully disclosed in the Form 8-K which was filed with the Securities and
Exchange Commission on May 1, 1997, and which is incorporated herein by
reference.
On May 7, 1997, which is subsequent to the period covered by this Report,
Excel Resources, Inc., a Texas Corporation and wholly owned subsidiary of the
Company, filed its voluntary petition in bankruptcy under Chapter 7 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of
Texas. Case number 97-44808-H3-7.
Also on May 7, 1997, which is subsequent to the period covered by this Report,
Excel Gas Marketing, Inc., an affiliate of the Company by common ownership,
filed its voluntary petition in bankruptcy under Chapter 7 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the Southern District of Texas. Case
number 97-44807-H5-7.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None.
(b) Reports on Form 8-K*.
Current report on Form 8-K, filed May 1, 1997.
* Incorporated herein by reference.
SIGNATURES
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.
EXCEL RESOURCES, INC.
Date: 6/5/97 By /s/ Francis H. Brinkman
Francis H. Brinkman
Chairman of the Board, Chief
Executive Officer and Director
Date: 6/5/97 By /s/ Roger D. Case
Roger D. Case
President, Chief Operating
Officer, Assistant Secretary and
Director (Principal Operating
Officer)