Exhibit 99.1
PRO FORMA CONDENSED CONSOLIDATED FIANANCIAL STATEMENTS
AS AMENDED
For the year ended December 31, 2000 and
Three Months Ended March 31, 2001
(Unaudited)
The Company entered into an Agreement and Plan of Reorganization in which the
Company will merge with Enpetro Mineral Pool, Inc. ("Enpetro"). Prior to the
merger, Enpetro acquired certain oil and gas properties and intends to develop
these properties. Enpetro had no operations prior to the acquisition of these
oil and gas properties. The agreement stipulates that the Company will acquire
all of the outstanding voting shares of Enpetro for 228,000,000 post reverse
split common shares of the Company. The shareholders of Enpetro will own a
substantial controlling interest in the Company. The merger will be accounted
for as a reverse acquisition.
Balance Sheets
March 31, 2001
Accord Advanced Enpetro Pro-Forma Pro-Forma
Technologies, Inc. Mineral Pool Adjustments Combined
------------------ ------------ ----------- --------
ASSETS:
Cash $ 5,482 $ 1,500 $ 6,982
Oil and Gas Properties 26,112,698 26,112,698
----------- ------------ -----------
Total Assets $ 5,482 $26,114,198 $26,119,680
=========== ============ ===========
LIABILITIES AND
STOCKHOLDERS EQUITY:
Accounts payable $ 45,618 $ -- $ 45,618
Accrued liabilities 44,768 44,768
Accrued settlement 345,000 345,000
Convertible debentures 500,000 500,000
----------- ------------ -----------
Total liabilities 935,386 -- 935,386
----------- ------------ -----------
Stockholders' Equity
Common stock 3,970 24,785 (1) (3,970) 24,785
Additional paid in capital 1,485,710 26,089,413 (1) (2,415,614) 25,159,509
Accumulated deficit (2,419,584) -- (1) 2,419,584 --
----------- ------------ -----------
Total stockholders' equity (929,904) 26,114,198 25,184,294
----------- ------------ -----------
Total $ 5,482 $26,114,198 $26,119,680
=========== ============ ===========
(1) Reflects the adjustment for the one for two reverse stock split and
issuance of shares in the reverse merger transaction. The amounts
reflect the recapitalization of Enpetro through the reverse merger.
Statements of Operations
Year Ended
December 31, 2000
Accord Advanced Enpetro Pro-Forma Pro-Forma
Technologies, Inc. Mineral Pool Adjustments Combined
------------------ ------------ ----------- --------
Revenue $ -- $ -- $ --
Cost of Sales -- -- --
------------- ------------- -------------
Gross proft -- -- --
------------- ------------- -------------
General & Administrative
Expenses 255,611 -- 255,611
Settlement 565,000 -- 565,000
Interest 528,490 -- 528,490
------------- ------------- -------------
1,349,101 -- 1,349,101
------------- ------------- -------------
Loss from Continuing
------------- ------------- -------------
Operations $ (1,349,101) $ -- $ (1,349,101)
============= ============= =============
Loss Per Share From
Continuing Operations $ 0.03 N/A $ (0.01)
============= ============= =============
Weighted Common
Shares Outstanding 39,628,848 22,250,000 (1) 247,814,424
============= ============= =============
(1) Reflects the adjustment for the one for two reverse stock split and
issuance of shares in the reverse merger transaction. The amounts
reflect the recapitalization of Enpetro through the reverse merger.
Statements of Operations
Three Months Ended
March 31, 2001
Accord Advanced Enpetro Pro-Forma Pro-Forma
Technologies, Inc. Mineral Pool Adjustments Combined
------------------ ------------ ----------- --------
Revenue $ -- $ -- $ --
Cost of Sales -- -- --
------------- ------------- -------------
Gross proft -- -- --
------------- ------------- -------------
General & Administrative
Expenses 1,077 -- 1,077
Interest 15,000 -- 15,000
------------- ------------- -------------
16,077 -- 16,077
------------- ------------- -------------
Loss from Continuing
Operations $ (16,077) $ -- $ (16,077)
============= ============= =============
Loss Per Share From
Continuing Operations $ * N/A $ *
============= ============= =============
Weighted Common
Shares Outstanding 39,700,305 22,250,000 247,850,152
============= ============= =============
* - Less than $0.01 per share
FOOTNOTES TO PROFORMA FINANCIAL INFORMATION:
There are no significant proforma adjustments. Enpetro had no operations prior
to the Company's acquisition of Enpetro. The value of Enpetro's acquisition of
oil and gas properties was determined by the analysis and report of an
independent petroleum engineer. The valuation is based on certain oil and gas
leases, and underlying reserves, acquired by Enpetro. The merger transaction was
valued on the basis of the valuation of those oil and gas properties. Enpetro
had no other significant assets or liabilities.
Legal and professional fees associated with the merger are excluded from the
proforma financial information.