-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RH4w8n1VKX/+iywCpjRKbPsXUk2ffkMFUxUV4/rico8x4x19+JjGchmkdbA4q1kC lQsE3t9jUcyDuwrpQzb7xQ== 0001028596-99-000032.txt : 19990426 0001028596-99-000032.hdr.sgml : 19990426 ACCESSION NUMBER: 0001028596-99-000032 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19990423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: APPALACHIAN OIL & GAS CO INC CENTRAL INDEX KEY: 0000732814 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 870382031 STATE OF INCORPORATION: UT FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-11732 FILM NUMBER: 99599635 BUSINESS ADDRESS: STREET 1: 511 SECOND AVENUE NORTH CITY: NASHVILLE STATE: TN ZIP: 37201 BUSINESS PHONE: 6153554789 MAIL ADDRESS: STREET 1: 511 SECOND AVENUE NORTH CITY: NASHVILLE STATE: TN ZIP: 37201 10QSB 1 FORM 10-QSB SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 2054 (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1995 ------------------ 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 number 0-11732 -------- APPALACHIAN OIL & GAS COMPANY, INC (Exact name of registrant as specified in its charter) ------------------------------------------------------ UTAH 87-0382031 (State or other jurisdiction of (IRS Employer Incorporation or organization) identification No.) 701 Second Avenue North, Nashville, TN. 37201 - --------------------------------------- ------- (Address of principal executive offices) (Zip Code) Registrants telephone number, including area code: (615) 254-4789 --------------- 511 Second Avenue North, Nashville, TN. 37201 - --------------------------------------- ------- Former name, former address and former fiscal year, if changed since last report. 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 such shorter period that the registrant was required to file such report(s), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ------ ------- The total number of shares outstanding as of December 31, 1995 was ------------------- 3,135,795. - ---------- APPALACHIAN OIL & GAS COMPANY, INC. Form 10-Q Six Months Ended December 31, 1995 INDEX ------ Page ---- PART I Financial Information ITEM 1 Financial Statements Balance Sheets . . . . . . . . . . . . . . . . . .2 Statements of Operations . . . . . . . . . . . . .4 Statements of Cash Flows . . . . . . . . . . . . .5 Note to Financial Statements . . . . . . . . . . .6 Management's Discussion and Analysis of the Statement of Income. . . . . . . . . . . . . .7 PART II Other Information ITEM 1 Legal Proceedings. . . . . . . . . . . . . . .8 ITEM 2 Changes in Securities. . . . . . . . . . . . .8 ITEM 3 Defaults upon Senior Securities. . . . . . . .8 ITEM 4 Submission of Matters to a Vote of Security Holders . . . . . . . . . . .8 ITEM 5 Other Information. . . . . . . . . . . . . . .8 ITEM 6 Exhibits and Reports on Form 8-K . . . . . . .8 SIGNATURES . . . . . . . . . . . . . . . . . .9 Appalachian Oil & Gas Company, Inc., and Subsidiary Consolidated Balance Sheets December 31, 1995 and June 30, 1995
(Unaudited) December June 31, 1995 30, 1995 ------------ ------------ Assets Current Assets: Cash & Cash Equivalents $ -0- $ 12,602 Accounts Receivable Trade 125,419 72,648 ------------ ------------ Total Current Assets 125,419 85,250 ------------ ------------ Property & Equipment: Oil & Gas Properties 626,095 626,095 Other Property & Equipment 776,444 747,053 ------------ ------------ Total Property & Equipment 1,402,539 1,373,148 Less Accumulated Depreciation, Depletion & Amortization (859,589) (824,865) ------------ ------------ 542,950 548,283 ------------ ------------ Total Assets $ 668,369 $ 633,533 ============ ============ Liabilities & Stockholders' Equity Current Liabilities: Cash in Bank Overdraft $ 45,535 $ -0- Current Portion of Long-Term Debt 30,000 32,628 Notes Payable - Related Parties 176,200 138,500 Accounts Payable: Trade 29,756 24,674 Royalties 7,625 44,193 Transported Gas 10,608 51,418 Accrued Expenses 4,233 5,352 ------------ ------------ Total Current Liabilities 303,957 296,765 Long Term Debt Less Current Portion 84,491 96,862 ------------ ------------ Total Liabilities 388,448 393,627 ------------ ------------ Commitments & Contingencies: Stockholders' Equity: Common Stock, Par Value $.01 per Share 100,000,000 Shares Authorized, 3,135,795 Shares Issued & Outstanding 31,358 31,358 Additional Paid in Capital 1,814,342 1,814,342 Retained Deficit (1,565,779) (1,605,794) ------------ ------------ Total Stockholders' Equity 279,921 239,906 ------------ ------------ $ 668,369 $ 633,533 ============ ============
See Accompanying Notes Appalachian Oil & Gas Company, Inc., and Subsidiary Consolidated Statement of Operations (Unaudited)
Three-month Periods Six-month Periods Ended December 31, Ended December 31, 1995 1994 1995 1994 ------------ ------------ ------------ ------------ Revenues: Oil & Gas Sales $ 115,707 $ 111,058 $ 215,385 $ 250,063 Drilling Programs -0- -0- -0- 2,418 Other 35 863 1,752 5,868 ------------ ------------ ------------ ------------ Total Revenues 115,742 111,921 217,137 258,349 ------------ ------------ ------------ ------------ Costs & Expenses: Cost of Drilling Programs -0- -0- -0- -0- Other Operating Expenses 23,661 41,360 61,316 94,150 Depreciation, Depletion & Amortization 17,362 21,187 34,724 43,119 Interest 4,018 5,347 9,502 11,014 General & Administrative 25,644 89,638 71,581 160,108 Loss on Sale of Assets -0- 11,545 -0- 11,545 ------------ ------------ ------------ ------------ Total Costs & Expenses 70,685 169,077 177,123 319,936 ------------ ------------ ------------ ------------ Net Income (Loss) Before Minority Interest 45,057 (57,156) 40,014 (61,587) Minority Interest -0- (9) -0- (10) ------------ ------------ ------------ ------------ Net Income (Loss) $ 45,057 $ (57,165) $ 40,014 $ (61,597) ============ ============ ============ ============ Earnings (Loss) per Share $ .01 $ (0.0177) $ 0.01 $ (0.02) ------------ ------------ ------------ ------------
See Accompanying Notes Appalachian Oil & Gas Company, Inc., and Subsidiary Consolidated Statement of Cash Flows (Unaudited)
Six-Month Periods Ended December 31, 1995 1994 ------------ ------------ Cash Flows from Operating Activities - ------------------------------------ Net Income (Loss) $ 40,014 $ (61,597) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation, Depletion & Amortization 34,724 43,119 Rounding 1 -0- Undistributed Income of Limited Partnership -0- 10 (Gain) Loss on Sale of Asset -0- 11,545 Changes in Operating Assets & Liabilities: (Increase) Decrease in Accounts Receivable (52,771) 55,689 (Increase Decrease in Accounts Payable (72,296) (16,282) Accrued Expenses (1,119) 513 Drilling Advances -0- -0- ------------ ------------ Net Cash Provided by Operating Activities (51,447) 32,997 ------------ ------------ Cash Flows from Investing Activities - ------------------------------------ Purchases of Property & Equipment (29,391) (11,810) Purchases of Oil & Gas Properties -0- (11,550) Investment in Joint Venture -0- (48,000) ------------ ------------ Net Cash Used in Operating Activities (29,391) (71,360) ------------ ------------ Cash Flows from Financing Activities - ------------------------------------ Increase in Note Payable Stockholder 37,700 -0- Proceeds from Notes Payable (2,628) -0- Proceeds from Long-Term Debt (12,371) -0- Principal Payments on Notes Payable -0- (7,500) Principal Payments on Long-term Debt -0- (14,032) Dividends Paid -0- -0- Increase in Cash in Bank-Overdraft 45,535 -0- ------------------------ Net Cash Used in Financing Activities 68,236 (21,532) ------------ ------------ Increase (Decrease) in Cash & Cash Equivalents (12,602) (59,895) Cash & Cash Equivalents, Beginning of Period 12,602 66,602 ------------ ------------ Cash & Cash Equivalents, End of Period $ -0- $ 6,707 ============ ============
See Accompanying Notes Appalachian Oil & Gas Company, Inc. Note to Financial Statements NOTE #1 - Statement Preparation - ------------------------------- The Company has prepared the accompanying financial statements with interim financial reporting requirements promulgated by the Securities & Exchange Commission. The information furnished reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of financial position and results of operations. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's December 31, 1996 10-K report. MANAGEMENT'S DISCUSSION AND ANALYSIS Liquidity and Capital Resources - ------------------------------- On February 1, 1996, the Company sold 60.00% of all its rights, title and interest to its oil leases and related equipment to K. Petroleum, Inc., an Ohio Corporation. It is the Company's intention to sell the remaining 40.00% of these assets as well. The Company no longer operates or directs the operations of the oil and gas wells and is dependent upon K-Petroleum, Inc., for its 40% of revenues (royalties) from the well production. The Company hopes to sell the remaining 40% and seeks to find a new business activity. The Company believes it has sufficient cash for the next years operations. Results of Operations - --------------------- The Company now has limited cash flows from its 40% interest in the oil and gas wells. It seeks to obtain from K-Petroleum, Inc., production report to explain the dramatic decrease in gross revenues. To date K-Petroleum, Inc., has resisted releasing these reports. The Company continues to use, as frugally as possible, its cash reserves to meet the current expenses. PART II - OTHER INFORMATION ---------------------------- Item 1 Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .None Item 2 Changes in the Rights of the Company's Security Holders. . .None Item 3 Defaults by the Company on its Senior Securities . . . . . .None Item 4 Results of Votes of Security Holders . . . . . . . . . . . .None Item 5 Other Information. . . . . . . . . . . . . . . . . . . . . .None Item 6 Exhibits and Reports on Form 8-K . . . . . . . . . . . . . .None SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. /S/ April 21, 1999 /S/ Raymond A. Connelly Date:---------------------- By:------------------------ April 21, 1999 Raymond A. Connelly EX-27 2
5 0000732814 APPALACHIAN OIL AND GAS COMPANY, INC. 3-MOS JUN-30-1995 DEC-31-1995 0 0 125,419 0 0 125,419 1,402,539 859,589 668,369 303,957 0 0 0 31,358 248,563 663,369 115,707 115,742 23,661 0 47,024 0 0 45,057 0 45,057 0 0 0 45,057 .01 0
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