Hallador Energy Co – ‘10QSB’ for 3/31/96

As of:  Tuesday, 5/14/96   ·   For:  3/31/96   ·   Accession #:  788965-96-13   ·   File #:  0-14731

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Quarterly Report — Small Business   —   Form 10-QSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10QSB       First Quarter Form 10-Qsb                              7     23K 
 2: EX-27       Article 5 Financial Data Schedule                      2±     7K 

10QSB   —   First Quarter Form 10-Qsb
Document Table of Contents

10QSB
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U.S. Securities and Exchange Commission   
Washington, D.C. 20549    

FORM 10-QSB   

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT   
OF 1934                                                                 

For the quarterly period ended March 31, 1996                                   

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT             

Commission File Number 0-14731      

HALLADOR PETROLEUM COMPANY      
(Exact name of small business issuer as specified in its charter)             

COLORADO                                   84-1014610     
(State or other jurisdiction of                   (IRS Employer                 
incorporation or organization)                  Identification No.)             

1660 Lincoln St., Suite 2700, Denver, Colorado          80264                   
(Address of principal executive offices)        

303-839-5504                           FAX 303-832-3013       
(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, and (2)      
has been subject to such filing requirements for the past 90 days.   Yes [x].   
No [ ].                                                                         

As of May 10, 1996 70,982,723 shares of the issuer's common stock were
outstanding.                                                                    

This report contains 7 pages.  The only exhibit is the Financial Data 
Schedule.                                                                       

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PART I.  FINANCIAL INFORMATION:                                                 

HALLADOR PETROLEUM COMPANY    

Consolidated Balance Sheet    
(in thousands)      

                                                                [Download Table]

                                          March 31,     December 31,
                                            1996           1995 *   
                                        ------------   -------------
ASSETS                                                              
------                                                              
                                                                    
Current assets:                                                     
  Cash and cash equivalents                $   3,742      $  3,459  
  Accounts receivable-                                              
    Oil and gas sales                            429           419  
    Well operations                              282           331  
    Insurance claim received in January                        114  
                                            --------       -------  
         Total current assets                  4,453         4,323  
                                            --------       -------  
Oil and gas properties (full cost                                   
  accounting), at cost:                                             
    Evaluated properties                      39,645        39,562  
    Less - accumulated depreciation,                                
      depletion, amortization                (32,259)      (32,118) 
                                            --------       -------  
                                               7,386         7,444  
                                            --------       -------  
Other assets                                     160           159  
                                            --------       -------  
                                           $  11,999      $ 11,926  
                                            ========       =======  


*Derived from the Form 10-KSB.                                                  

See accompanying notes.     

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HALLADOR PETROLEUM COMPANY    

Consolidated Balance Sheet    
(in thousands)    

                                                                [Download Table]


                                          March 31,     December 31,
                                            1996           1995 *   
                                        ------------   -------------

LIABILITIES AND STOCKHOLDERS' EQUITY                                
------------------------------------                                
                                                                    
Current liabilities:                                                
  Accounts payable and                                              
    accrued liabilities                    $     210      $    185  
  Oil and gas sales payable                      104            39  
  Debt with recourse only to                                        
    the South Cuyama Field                       611           670  
                                            --------       -------  
         Total current liabilities               925           894  
                                            --------       -------  
  Debt with recourse only to the                                    
  South Cuyama Field                           6,084         6,203  
                                            --------       -------  

Deferred Bonus Plan                              136           127  
                                            --------       -------  
Other                                             65            65  
                                            --------       -------  

Stockholders' equity:                                               
  Common stock, $.01 par value;                                     
    100,000,000 shares authorized;                                  
    70,982,723 shares issued                    710            710  
  Preferred stock, $.10 par value;                                  
    10,000,000 shares authorized;                                   
    no shares issued                                                
Additional paid-in capital                    17,428        17,428  
Accumulated deficit                          (13,349)      (13,501) 
                                             -------       -------  
                                               4,789         4,637  
                                             -------        ------  
                                            $ 11,999      $ 11,926  
                                             =======       =======  


*Derived from the Form 10-KSB.                                                  

See accompanying notes.   

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HALLADOR PETROLEUM COMPANY    

Consolidated Statement of Operations    
(in thousands)    

                                                                [Download Table]

                                                Three months ended 
                                                     March 31,     
                                                ------------------ 
                                                  1996      1995   
                                                --------  -------- 
                                                                   
Revenue:                                                           
  Oil                                           $    970  $    884 
  Gas                                                 80       150 
  NGLs                                               128       140 
  Interest                                            53         8 
  Other                                               35           
                                                 -------   ------- 
                                                   1,266     1,182 
                                                 -------   ------- 
Costs and expenses:                                                
  Lease operating                                    727       721 
  Depreciation, depletion and                                      
    amortization                                     141       156 
  General and administrative                          89        88 
  Interest                                           157       237 
                                                 -------   ------- 
                                                   1,114     1,202 
                                                 -------   ------- 
  Net income (loss)                             $    152  $    (20)
                                                 =======   ======= 

Per share amounts are not meaningful.                              


See accompanying notes.   

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HALLADOR PETROLEUM COMPANY    

Consolidated Statement of Cash Flows    
(in thousands)    

                                                                [Download Table]

                                                Three months ended 
                                                     March 31,     
                                                ------------------ 
                                                  1996      1995   
                                                --------  -------- 
                                                                   
Cash flows from operating activities            $    544  $    369 
                                                 -------   ------- 
Cash flows used in investing activities:                           
  Additions to oil and gas properties                (30)      (33)
  Unproved properties                                (53)          
                                                 -------   ------- 
    Net cash (used in) investing activities          (83)      (33)
                                                 -------   ------- 
Cash flows used in financing activities:                           
  Repayments of debt                                (178)     (137)
                                                 -------   ------- 
Net increase in cash and cash equivalents            283       199 
Cash and cash equivalents, beginning of period     3,459       438 
                                                 -------   ------- 
Cash and cash equivalents, end of period        $  3,742  $    637 
                                                 =======   ======= 

NOTES TO FINANCIAL STATEMENTS                                                   

1.          The interim financial data is unaudited; however, in the opinion    
 of management, the interim data includes all adjustments,
       consisting only of normal recurring adjustments necessary for a
   fair statement of the results for the interim periods.  The
      financial statements included herein have been prepared by the
       Company pursuant to the rules and regulations of the Securities
  and Exchange Commission.  Certain information and footnote
      disclosures normally included in financial statements prepared
        in accordance with generally accepted accounting principals have
         been condensed or omitted pursuant to such rules and regulations,
   although the Company believes that the disclosures included
 herein are adequate to make the information presented not
misleading.                                             

         The organization and business of the Company, accounting policies
      followed by the Company and other information are contained in
        the notes to the Company's financial statements filed as part of
   the Company's December 31, 1995 Form 10-KSB. This quarterly
     report should be read in conjunction with such annual report.

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HALLADOR PETROLEUM COMPANY    
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION   

RESULTS OF OPERATIONS                                                           

Properties Sold in July                                               
-----------------------                                               

In July 1995, the Company sold substantially all its Texas properties 
for $354,000.  LOE for these properties in the first quarter of 1995 was        
$30,000.  Oil and gas revenue for these properties in the first quarter of      
1995 were $26,000 and $29,000, respectively.  Oil and gas sales volume for      
these properties for the period were 1,589 barrels and 17,757 MCF.              

  Average product prices and volumes are set forth in the following table:

   1996                         1995
   --------------------------  -------------------------
   Sales Volume Average Price Sales Volume Average Price
   ------------ ------------- ------------ -------------

Oil - barrels     55,696       $17.41        56,505       $15.64                
Gas - MCF         52,945         1.51       102,271         1.46                
NGLs- barrels      9,549        13.35        11,270        12.43                

Revenue increased due to higher interest income and nonrecurring      
refunds.  Higher prices more than offset the decline in gas sales resulting     
from lower production levels and property sales.                                

  Interest expense decreased due to the conversion of the convertible debt
in November 1995.                                                               

OUTLOOK FOR REMAINDER OF 1996                                                   

Hedging                                                               
-------                                                               

The Company continues to evaluate hedging strategies for its oil      
production but has never entered into such actions and at this time does not    
expect to.  As of May 9, 1996, the Company is receiving $19.00 per barrel for   
its California production as compared to an average price of $15.62 during      
the first quarter of 1995.                                                      

Liquidity and Capital Resources                                       
-------------------------------                                       

Cash from operations is expected to enable the Company to meet its    
obligations as they become due through the next 12 months.                      

Future Results of Operations                                          
----------------------------                                          

Assuming stable production and prices, a profit is expected for the   
remaining nine months.                                                          

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PART II.  OTHER INFORMATION                                                     

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                                       

(a)  Exhibits                                                                   

(27) Financial Data Schedule.                                         

(b)   No reports on Form 8-K were filed by the Company during the quarter       
ended March 31, 1996.                                               

SIGNATURE   

 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.                                                                

  HALLADOR PETROLEUM COMPANY

Date:  May 10, 1996         By: /s/ VICTOR P. STABIO                            
     ---------------------
Victor P. Stabio
           Chief Executive Officer and
       Chief Financial Officer

        Signing on behalf of the
           registrant and as principal
                 financial and accounting officer.

7 

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10QSB’ Filing		Date		First		Last			Other Filings
Filed on:		5/14/96
		5/10/96		7
		5/9/96		6
For Period End:		3/31/96		1		7
		12/31/95		5					10KSB
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