-----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, Khsqmc/P8t4Zt7q4IdQvJHe8BM7bKOkVFThPtodZ88x2KZNS0r2n+8WYSFuj7zGy s7GyoUqB9j2Kujz9UK7XNQ== 0000950134-03-014726.txt : 20031110 0000950134-03-014726.hdr.sgml : 20031110 20031110133548 ACCESSION NUMBER: 0000950134-03-014726 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030814 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED STATES EXPLORATION INC CENTRAL INDEX KEY: 0000847074 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172] IRS NUMBER: 841120323 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13513 FILM NUMBER: 03987635 BUSINESS ADDRESS: STREET 1: 1560 BROADWAY STREET 2: SUITE 1900 CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 3038633550 MAIL ADDRESS: STREET 1: 1560 BROADWAY STREET 2: SUITE 1900 CITY: DENVER STATE: CO ZIP: 80202 FORMER COMPANY: FORMER CONFORMED NAME: AKIYAMA FINANCIAL CORPORATION DATE OF NAME CHANGE: 19900815 8-K 1 d10412e8vk.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): August 14, 2003 United States Exploration, Inc. (Exact name of registrant as specified in its charter) Colorado 1-13513 84-1120323 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File No.) Identification No.) 1560 Broadway, Suite 1900 Denver, Colorado 80202 (Address of principal executive offices) (303) 863-3550 (Registrant's telephone number, including area code) Item 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits 99.1 -- Press release issued by the Registrant on August 14, 2003 Item 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On August 14, 2003, the Registrant issued a press release announcing its earnings for the second quarter of 2003. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UNITED STATES EXPLORATION, INC. Date: November 10, 2003 By: /s/ F. Michael Murphy ------------------------------------------- F. Michael Murphy, Vice President and Chief Financial Officer EXHIBIT INDEX
Exhibit Number Description - ------- ----------- 99.1 Press release issued by the Registrant on August 14, 2003
EX-99.1 3 d10412exv99w1.txt PRESS RELEASE EXHIBIT 99.1 UNITED STATES EXPLORATION, INC. FOR FURTHER INFORMATION CONTACT 1560 BROADWAY, DENVER, COLORADO 80202 BRUCE D. BENSON PRESIDENT & CEO (303) 863-3551 FOR IMMEDIATE RELEASE UNITED STATES EXPLORATION ANNOUNCES SECOND QUARTER EARNINGS Denver, Colorado - August 14, 2003 - United States Exploration, Inc. (ASE - UXP) today announced earnings for the second quarter of 2003. Net income for the quarter was $1,101,634 ($.06 per share), compared to net income of $1,214,337 ($.06 per share) in the second quarter of 2002. For the first half of 2003, net income was $2,131,524 ($0.11 per share), compared to $1,341,898 ($0.07 per share) for the first six months of 2002. Oil and gas sales increased from $3,065,850 in the second quarter of 2002 to $4,419,617 in the second quarter of 2003 and from $5,027,069 in the first six months of 2002 to $8,702,325 in the first six months of 2003. In the second quarter of 2003, higher oil and gas sales were offset by a $680,000 provision for deferred income taxes and increased production costs and depletion, depreciation and amortization expense, resulting in lower net income for the quarter compared to the second quarter of 2002. The higher oil and gas sales resulted both from increased production and from higher prevailing prices. Production increased from approximately 1,636 mmcfe in the first six months of 2002 to approximately 2,117 mmcfe in the first six months of 2003. Average prices received by the Company increased from $23.45 per barrel of oil and $2.57 per mcf. of gas in the first half of 2002 to $30.82 per barrel of oil and $3.83 per mcf. of gas in the first half of 2003. "The second quarter results reflect the continuing effects of our development program and improved pricing for our oil and gas," said Bruce D. Benson, Chairman, CEO and President of the Company. "The higher prices were attributable in part to increased pipeline capacity that allows rocky mountain gas to be transported to other markets where prevailing prices have historically been higher." This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 concerning the results of oil and natural gas drilling. Although the company believes that its expectations are based on reasonable assumptions, it can give no assurance that expected results will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include drilling risks, operating risks, market risks, including particularly the effects of fluctuations in prevailing price levels for oil and gas and the availability and cost of necessary goods and services, risks related to the need to obtain additional financing for development of its oil and gas properties and other risk facts as described in the Company's Form 10-QSB for the quarter ended June 30, 2003 as filed with the Securities and Exchange Commission. United States Exploration, Inc. is engaged in the acquisition, exploration, development, production and marketing of natural gas and crude oil. The Company's reserves and producing properties are located in northeast Colorado. The Company's common stock trades on the American Stock Exchange are under the symbol UXP. # # # UNITED STATES EXPLORATION, INC. CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
THREE MONTHS THREE MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED ENDED June 30, 2003 June 30, 2002 JUNE 30, 2003 JUNE 30, 2002 ------------- ------------- ------------- ------------ REVENUES Sale of oil and gas $ 4,419,617 $ 3,065,850 $ 8,702,325 $ 5,027,069 Contracting and operating fees 9,615 35,088 20,050 48,884 ------------ ------------ ------------ ------------ 4,429,232 3,100,938 8,722,375 5,075,953 COSTS & EXPENSES Accretion-retirement obligations 13,296 -- 26,592 -- Production costs-oil and gas 976,377 686,858 1,844,366 1,303,041 Depletion, depreciation, and amortization 1,041,235 746,035 2,076,931 1,489,249 General and administrative expenses 578,818 467,056 1,060,508 959,268 ------------ ------------ ------------ ------------ 2,609,726 1,899,949 5,008,397 3,751,558 Earnings from operations 1,819,506 1,200,989 3,713,978 1,324,395 OTHER INCOME (EXPENSE) Interest income -- 16,461 -- 28,786 Interest expense (38,751) (3,125) (69,667) (6,319) Other -- 12 -- (4,964) ------------ ------------ ------------ ------------ (38,751) 13,348 (69,667) 17,503 ------------ ------------ ------------ ------------ Income before taxes 1,780,755 1,214,337 3,644,311 1,341,898 Deferred Income taxes (679,121) -- (1,387,272) -- ------------ ------------ ------------ ------------ Income before cumulative effect of change in accounting principle 1,101,634 1,214,337 2,257,039 1,341,898 Cummulative effect of change in accounting principle -- -- (125,515) -- ------------ ------------ ------------ ------------ Net income $ 1,101,634 $ 1,214,337 $ 2,131,524 $ 1,341,898 ============ ============ ============ ============ Basic & diluted earnings per common share: Income before cumulative effect of change in accounting principle $ 0.06 $ 0.06 $ 0.12 $ 0.07 ============ ============ ============ ============ Cumulative effect of change in accounting principle $ 0.00 $ 0.00 $ 0.01 $ 0.00 ============ ============ ============ ============ Net Income $ 0.06 $ 0.06 $ 0.11 $ 0.07 ============ ============ ============ ============ Weighted average common shares outstanding 18,739,939 18,855,906 18,739,939 18,855,906 ============ ============ ============ ============
UNITED STATES EXPLORATION, INC. BALANCE SHEET ASSETS
JUNE 30 DECEMBER 31, 2003 2002 ----------- ------------ (Unaudited) CURRENT ASSETS Cash & cash equivalents $ 450,373 $ 475,607 Accounts receivable 3,515,602 2,498,424 Due from related parties 34,720 6,489 Inventory 14,378 13,891 Prepaid expenses & deposits 109,846 69,862 Deferred tax asset-current 1,749,157 1,682,725 ----------- ----------- Total current assets 5,874,076 4,746,998 PROPERTY AND EQUIPMENT, AT COST, NET: Oil and gas property and equipment 31,203,624 29,881,707 Other equipment and leasehold improvements 116,054 136,946 ----------- ----------- 31,319,678 30,018,653 OTHER ASSETS Loan costs, less accumulated amortization of $51,125 at June 30, 2003 and $40,405 at December 31, 2002 12,472 23,192 Deferred tax asset -- 1,376,775 ----------- ----------- 12,472 1,399,967 ----------- ----------- Total assets $37,206,226 $36,165,618 =========== ===========
UNITED STATES EXPLORATION, INC. BALANCE SHEET LIABILITIES AND STOCKHOLDERS' EQUITY
JUNE 30 DECEMBER 31, 2003 2002 ------------ ------------ (Unaudited) CURRENT LIABILITIES Accounts payable $ 778,012 $ 2,260,498 Revenues payable 1,424,860 1,055,918 Taxes payable 1,338,087 1,311,864 Accrued liabilities 112,919 198,814 Due related parties 12,413 31,501 Accrued interest 137 791 ------------ ------------ Total current liabilities 3,666,428 4,859,386 NON CURRENT LIABILITIES Asset retirement obligations 786,342 -- Note payable-Bank 2,906,900 3,632,700 ------------ ------------ Total non-current liabilities 3,693,242 3,632,700 ------------ ------------ Total Liabilities 7,359,670 8,492,086 STOCKHOLDERS' EQUITY Common stock-$.0001 par value Authorized-500,000,000 shares issued and outstanding-18,879,529 shares at June 30, 2003 (including 139,590 shares in treasury) and 18,855,906 shares at December 31, 2002 (including 139,590 shares in treasury) 1,887 1,885 Capital in excess of par 36,768,208 36,726,710 Accumulated deficit (6,702,987) (8,834,511) ------------ ------------ 30,067,108 27,894,084 Less 139,590 shares held in treasury, at cost (220,552) (220,552) ------------ ------------ Total stockholders' equity 29,846,556 27,673,532 ------------ ------------ Total liabilities & stockholders' equity $ 37,206,226 $ 36,165,618 ============ ============
-----END PRIVACY-ENHANCED MESSAGE-----