SEC Info - Hallador Energy Co - ‘10QSB’ for 9/30/95

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Hallador Energy Co – ‘10QSB’ for 9/30/95

As of: Tuesday, 11/14/95 · For: 9/30/95 · Accession #: 788965-95-10 · File #: 0-14731

  As Of                Filer                Filing    For·On·As Docs:Size

11/14/95  Hallador Energy Co                10QSB       9/30/95    2:21K

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

Document/Exhibit                   Description                      Pages   Size 

 1: 10QSB       Third Quarter Form 10-Qsb                             13     46K 
 2: EX-27       Article 5 Financial Data Schedule                      2±     8K

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

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Consolidated Statement of Cash Flows Consolidated Statement of Operations Exhibits and Reports on Form 8-K Legal Proceedings Management's Discussion and Analysis or Plan of Operation Notes to Financial Statements Signature
1	1st Page - Filing Submission
6	Consolidated Statement of Operations
7	Consolidated Statement of Cash Flows
8	Notes to Financial Statements
9	Management's Discussion and Analysis or Plan of Operation
13	Item 1. Legal Proceedings
"	Item 6. Exhibits and Reports on Form 8-K
"	Signature

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United States             
SECURITIES AND EXCHANGE COMMISSION              
WASHINGTON, D. C.  20549              

FORM 10-QSB             

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

For the quarterly period ended September 30, 1995                               

OR                  

[ ] TRANSITION  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE                 
SECURITIES EXCHANGE ACT OF 1934                                         

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)            (Zip Code)              

303-839-5504                           FAX 303-832-3013       
(Issuer's telephone number, including area code)              

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 [ ]                            

As of November 13, 1995 7,661,264 shares of the issuer's common stock           
were outstanding.                                                               

This report contains 13 pages.  There are no exhibits.              
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HALLADOR PETROLEUM COMPANY              

FORM 10-QSB             

INDEX             

                                                                [Download Table]


                                                                  
                                                              Page
PART I.   Financial Information:                               No.

          Consolidated Balance Sheet - September 30, 1995         
            and December 31, 1994............................   3 

          Pro Forma Condensed Consolidated Balance Sheet -        
            September 30, 1995................................  5 

          Consolidated Statement of Operations - three and        
            nine months ended September 30, 1995 and 1994....   6 

          Consolidated Statement of Cash Flows - nine months      
            ended September 30, 1995 and 1994................   7 

          Notes to Financial Statements......................   8 

          Management's Discussion and Analysis or Plan of         
            Operation........................................   9 

PART II.  Other Information:                                      

          Legal Proceedings..................................  13 

          Exhibits and Reports on Form 8-K...................  13 

          Signature..........................................  13 


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PART I.  FINANCIAL INFORMATION:                                                 

HALLADOR PETROLEUM COMPANY              

Consolidated Balance Sheet              
(in thousands)              

ASSETS              

                                                                [Download Table]

                                    September 30,   December 31,
                                        1995           1994 *   
                                    (unaudited)                 
                                    -------------   ------------
                                                                
Current assets:                                                 
  Cash and cash equivalents           $   1,020        $    438 
  Accounts receivable-                                          
    Oil and gas sales                       339             504 
    Well operations                         332             251 
                                       --------         ------- 
         Total current assets             1,691           1,193 
                                       --------         ------- 

Oil and gas properties (full cost                               
  accounting), at cost:                                         
    Evaluated properties                 39,470          39,352 
    Less - accumulated depreciation,                            
      depletion, amortization           (31,968)        (31,154)
                                       --------        -------- 
                                          7,502           8,198 
                                       --------        -------- 
Other assets                                156             156 
                                       --------        -------- 
                                      $   9,349       $   9,547 
                                       ========        ======== 


*Derived from the Form 10-KSB.                                                  

See accompanying notes.             

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HALLADOR PETROLEUM COMPANY            

Consolidated Balance Sheet            
(in thousands, except share data)             

LIABILITIES AND STOCKHOLDERS' DEFICIT             

                                                                [Download Table]

                                    September 30,  December 31,
                                        1995          1994*    
                                     (unaudited)               
                                    -------------  ------------
                                                               
Current liabilities:                                           
  Accounts payable and                                         
    accrued liabilities               $     268      $     262 
  Oil and gas sales payable                 178            114 
  Convertible debt to related                                  
    parties including accrued                                  
    interest of $154                                     5,115 
  Debt with recourse only to                                   
    the South Cuyama Field                  561            826 
                                        -------        ------- 
         Total current liabilities        1,007          6,317 
                                        -------        ------- 

Convertible debt to related                                    
  parties including accrued                                    
  interest of $374                        5,307                
                                        -------                
Debt with recourse only to the                                 
  South Cuyama Field                      6,362          6,497 
                                        -------        ------- 
Key Employee Bonus Plan                     122            102 
                                        -------        ------- 
Other                                        65             65 
                                        -------        ------- 
Stockholders' deficit:                                         
  Common stock, $.01 par value;                                
    100,000,000 shares authorized;                             
    7,661,264 shares issued                  77             77 
  Preferred stock, $.10 par value;                             
    10,000,000 shares authorized;                              
    no shares issued                                           
Additional paid-in capital                9,995          9,995 
Accumulated deficit                     (13,586)       (13,506)
                                        -------        ------- 
                                         (3,514)        (3,434)
                                        -------        ------- 
                                       $  9,349       $  9,547 
                                        =======        ======= 


*Derived from the Form 10-KSB.                                                  

See accompanying notes.             

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HALLADOR PETROLEUM COMPANY              

Pro Forma Condensed Consolidated Balance Sheet                
September 30, 1995                
(unaudited-in thousands, except share data)               

                                                                [Download Table]
                                                                 
Current assets:                                                  
  Cash and cash equivalents                            $   3,920 
  Receivables                                                671 
                                                        -------- 
         Total current assets                              4,591 

Oil and gas properties, net                                7,502 
Other assets                                                 156 
                                                        -------- 
                                                       $  12,249 
                                                        ======== 

Current liabilities:                                             
  Payables                                             $     446 
  Debt with recourse only to the South Cuyama Field          561 
                                                        -------- 
         Total current liabilities                         1,007 
                                                        -------- 

Debt with recourse only to the S. C. Field                 6,362 
                                                        -------- 

Key Employee Bonus Plan and other                            187 
                                                        -------- 

Stockholders' equity:                                            
  Common stock, $.01 par value;                                  
    100,000,000 shares authorized;                               
    72,078,000 shares issued                                 721 
Additional paid-in capital                                17,558 
Accumulated deficit                                      (13,586)
                                                        -------- 
                                                           4,693 
                                                        -------- 
                                                       $  12,249 
                                                        ======== 

BASIS OF PRESENTATION             

The pro forma balance sheet has been prepared to give effect to the             
proposed recapitalization discussed in the Management's Discussion              
and Analysis on page 9, as if it occurred on September 30, 1995.                
There can be no assurances that the proposed transactions will occur.           

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HALLADOR PETROLEUM COMPANY          

Consolidated Statement of Operations          
(in thousands)          
(unaudited)         

                                                                [Download Table]


                              Nine months ended  Three months ended
                                September 30,        September 30, 
                               1995      1994      1995      1994  
                             --------  --------  --------   -------
                                                                   
Revenue:                                                           
  Oil                       $ 2,717   $ 2,483    $   843   $   908 
  Gas                           368       746         88       187 
  NGLs                          363       346        105       106 
  Interest and other             33        16         15         7 
                            -------   -------    -------   ------- 
                              3,481     3,591      1,051     1,208 
                            -------   -------    -------   ------- 
Costs and expenses:                                                
  Lease operating             2,105     2,011        599       683 
  Depreciation,                                                    
    depletion and                                                  
    amortization                460       504        139       172 
  General and                                                      
    administrative              285       367         96       132 
     Interest                   711       754        240       252 
                            -------   -------    -------   ------- 
                              3,561     3,636      1,074     1,239 
                            -------   -------    -------   ------- 
Net loss                   $    (80) $    (45)  $    (23) $    (31)
                            =======   =======    =======   ======= 
Per share amounts                                                  
  are not meaningful                                               

Weighted average                                                   
  shares outstanding          7,661     6,733      7,661     6,733 
                            =======   =======    =======   ======= 

See accompanying notes.           

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HALLADOR PETROLEUM COMPANY            

Consolidated Statement of Cash Flows              
(in thousands)              
(unaudited)               

                                                                [Download Table]


                                           Nine months ended  
                                            September 30,     
                                            1995        1994  
                                         ---------   ---------
                                                              
Cash flows from                                               
  operating activities                   $    746    $    554 
                                          -------     ------- 
Cash flows from investing activities:                         
  Proceeds from property sales                354             
  Additions to oil and gas properties        (118)       (105)
                                          -------     ------- 
  Net cash provided (used in) investing                       
    activities                                236        (105)
                                          -------     ------- 
Cash flows from financing activities:                         
  Repayments of debt                         (400)       (446)
                                          -------     ------- 
Net increase in cash and                                      
  cash equivalents                            582           3 

Cash and cash equivalents,                                    
  beginning of period                         438         369 
                                          -------     ------- 
Cash and cash equivalents,                                    
  end of period                          $  1,020    $    372 
                                          =======     ======= 


See accompanying notes.           

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HALLADOR PETROLEUM COMPANY          

NOTES TO FINANCIAL STATEMENTS         
(unaudited)         

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, 1994 Form 10-KSB.         
This quarterly report should be read in conjunction with such         
annual report.                                                        

2.   As previously reported in 1992, the Company was named a                    
defendant in an action styled Kenneth Eugene Hahn, et al. v.          
Love Process Engineering, Inc., et al (Case Number SM074020)          
filed in the Santa Barbara Superior Court, North County Santa         
Maria Branch, Santa Maria, California.  This matter has been          
settled with no material monetary affect to the Company.              

8               

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HALLADOR PETROLEUM COMPANY                

MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION             

LIQUIDITY AND CAPITAL RESOURCES                                                 

During second quarter 1995, the Company reached an agreement to       
extend the debt with its majority shareholder, the Robert C. Hardie             
family, and certain other investors in the original bridge loan from            
December 16, 1994 to December 31, 1997.  The notes, bearing 6%                  
interest per annum, are collateralized (second to TCW, see below) by            
the Company's interest in its California property.  The notes are               
convertible into company common stock at a price of $.15 per share,             
which approximated fair market value at the time of the agreement.              
Interest is payable, at the option of the Company, either in cash or            
common stock using a fixed price of $.15 per share.  Warrants                   
previously issued in conjunction with the notes to purchase 5,000,000           
shares of common stock were extended to September 30, 1998.  The                
exercise price of the warrants was lowered to $.20 from $.25.                   
Approximately 35,667,000 new common shares would be issued assuming             
total conversion of the bridge loan plus interest through November              
13, 1995.  See proposed recapitalization.                                       

PROPOSED RECAPITALIZATION                                             
-------------------------                                             

On November 2, 1995, the Company announced an agreement in            
principal to sell approximately $2.9 million of its common stock at             
ten cents per share to an investor group including Dillon, Read &               
Co., Inc.  As part of this transaction, scheduled to close during               
early January 1996, current holders of the Company's convertible notes          
and warrants have agreed to convert their notes and cancel their                
warrants in the amount of approximately $5,350,000 for approximately            
35,667,000 shares of common stock.  At the conclusion of the                    
transaction, the Company will increase its cash position by                     
approximately $2.9 million and will have no notes, warrants or                  
recourse debt outstanding.  Present holders of the Company's common             
stock will own approximately 60% of the Company and the Dillon, Read            
group will own approximately 40%.  The Company's float will be                  
approximately 5%.                                                               

Members of the Robert C. Hardie family of Sacramento, California      
will continue to own the majority of the common stock of the Company.           
As a result of the recapitalization, the board will be expanded to              
include Mr. Bryan Lawrence of Dillon, Read and Mr. Cortlandt Dietler,           
a private investor in Denver.                                                   

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With the additional funds from the proposed recapitalization,         
the Company plans to engage in the trading and acquisition of non-              
producing oil and gas mineral leases and fee-simple minerals in                 
addition to its oil and gas exploration and production activities.              
Management plans to increase the Company's reserves and cash flows              
through "drill bit" carried interests as opposed to acquisitions of             
producing properties.                                                           

Management is planning to effect a one-for-ten reverse stock        
split sometime during the first half of 1996.                                   

TCW DEBT                                                              
--------                                                              

The South Cuyama Field (the "Field"), the Company's primary           
asset which accounts for over 94% of the Company's revenue                      
and reserves, is pledged by non-recourse debt to Trust Company of the           
West (TCW).  The Company owns 92% of Santa Barbara Partners (SBP), an           
Oklahoma general partnership, which in turn owns an 84% working                 
interest (69% net revenue interest) in the Field subject to an 18%              
net profits interest.  Eighty-five percent of SBP's cash flow from              
the property is used to service the TCW debt.  Interest at 9% on the            
TCW debt is paid monthly.  The other 15% of SBP's cash flow from the            
Field is distributed monthly to SBP's partners.                                 

PROPERTIES SOLD IN JULY                                                         

In July the Company sold its interest in certain non-operated         
Texas properties for $354,000.  Lease operating expenses (LOE) for              
each of the nine-month periods ended September 30, 1995 and 1994 were           
approximately $60,000 and $77,000, respectively.  LOE for the three-            
month period ended September 30, 1994 was approximately $26,000.                
Sales data are set forth in the following tables:                               

Nine Months Sales for Sold Properties   
1995                   1994   
Volume      Value      Volume      Value    
----------  ---------  ----------  ---------    

Oil - barrels        2,895    $50,000       4,819   $ 74,000                    
Gas - MCF           34,698     57,000      55,035    121,000                    

Third Quarter Sales for Sold Properties   
1995                   1994   
Volume      Value      Volume      Value    
----------  ---------  ----------  ---------    

Oil - barrels          --         --        1,367    $23,000                    
Gas - MCF              --         --       17,102     32,000                    

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RESULTS OF OPERATIONS                                                           

YEAR-TO-DATE COMPARISON                                               
-----------------------                                               

Revenue decreased slightly due primarily to declining gas             
production and prices offset by higher prices for oil and NGLs.  As             
reported in the Company's 1994 Form 10-KSB, gas reserves were reduced           
by approximately 40%.  Since current gas production is less than                
expected, during the second quarter of 1995 management decided to               
further reduce the gas reserves by 20%.  This second reduction                  
equates to 716 MMCF net to the Company.  Average product prices and             
volumes are set forth in the following table:                                   

   1995                         1994
   Sales Volume Average Price Sales Volume Average Price
   ------------ ------------- ------------ -------------

Oil - barrels    169,220       $16.06       177,383       $14.00                
Gas - MCF        262,155         1.40       413,469         1.80                
NGLs- barrels     33,177        10.95        38,026         9.10                

LOE increased due to fractionation costs of approximately             
$168,000 for five wells during the first half of 1995; there were no            
such costs in 1994. As a result of a brush fire in the third quarter            
of 1994, the Company incurred costs of $76,000.  The Company accounts           
for fractionation costs similar to well workover expense as opposed             
to capitalizing such costs.                                                     

General and administrative expenses decreased due to a reduction      
in compensation costs as a result of the resignation of the Company's           
Chief Operating Officer in 1994 and such position has since been                
eliminated.                                                                     

QUARTER-TO-DATE COMPARISON                                            
--------------------------                                            

Revenue decreased slightly because of the July 1995 property          
sale and for the reasons discussed above (except oil prices remained            
about the same).  The table below provides sales data and average               
prices for the two periods.                                                     

   1995                         1994
   Sales Volume Average Price Sales Volume Average Price
   ------------ ------------- ------------ -------------

Oil - barrels      54,230      $15.54        58,309       $15.58                
Gas - MCF          68,945        1.28       122,200         1.53                
NGLs- barrels      10,897        9.65        12,768         8.27                

LOE decreased because of non-recurring costs associated with the      
late July 1994 brush fire.                                                      

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OUTLOOK FOR REMAINDER OF 1995                                                   

FRACTIONATION PROJECT                                                 
---------------------                                                 

The Company initiated a study to fractionate(frac) certain wells      
in the Field as reported in the 1994 Form 10-KSB.  Through September            
30, 1995 five wells have been fractionated.  Although the results               
from the first frac job were encouraging; the results from the                  
additional four frac jobs were unsuccessful.  The Company continues             
to evaluate frac opportunities in the Field and on November 8, 1995,            
an additional well was fracted; the results from this latest                    
endeavor will not be known until early December 1995.                           

HEDGING                                                               
-------                                                               

The Company continues to evaluate hedging strategies for its oil      
production.  There are several strategies available that may be                 
implemented when the price of oil, as reflected in the futures                  
market, is higher.  As of November 10, 1995, the Company is receiving           
$15.25 per barrel for its California production as compared to an               
average price of $15.54 during the third quarter of 1995.                       

Currently, the Company is receiving approximately $1.40/MCF for       
its California gas production which is more than the average price              
received of $1.32 during the third quarter 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 small loss is expected       
for the fourth quarter.                                                         

STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS NOT YET ADOPTED          
------------------------------------------------------------          

In March 1995, the Financial Accounting Standards Board issued        
Statement of Financial Accounting Standards (SFAS) No. 121,                     
"Accounting for the Impairment of Long-Lived Assets and for Long-               
Lived Assets to Be Disposed Of."  The Company will have to implement            
SFAS No. 121 by the quarterly period ending March 31, 1996.  The                
provisions will require the Company to review long-lived assets for             
impairment whenever events or changes in circumstances indicate that            
the carrying amount of an asset may not be recoverable.  If it is               
determined that an impairment loss has occurred based on expected               
future cash flows, then the loss should be recognized in the income             
statement and certain disclosures regarding the impairment should be            
made in the financial statements.  Because the Company uses the full            
cost method of accounting, the provisions of SFAS No. 121 are not               
expected to apply.                                                              

12              

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PART II.  OTHER INFORMATION                                                     

ITEM 1.  LEGAL PROCEEDINGS                                                      

As previously reported in 1992, the Company was named a               
defendant in an action styled KENNETH EUGENE HAHN, ET AL. V. LOVE               
PROCESS ENGINEERING, INC., ET AL (CASE NUMBER SM074020) filed in the            
Santa Barbara Superior Court, North County Santa Maria Branch, Santa            
Maria, California.  This matter has been settled with no material               
monetary affect to the Company.                                                 

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                                       

(a)  Exhibits                                                                   

No reports on Form 8-K were filed by the Company during the           
quarter ended September 30, 1995.                                               

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:  November 13, 1995    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.

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10QSB’ Filing	Date	First	Last	Other Filings

	9/30/98	9		10QSB, 10QSB/A
	12/31/97	9		10KSB40, NT 10-K
	3/31/96	12		10QSB
Filed on:	11/14/95
	11/13/95	9	13
	11/10/95	12
	11/8/95	12
	11/2/95	9
For Period End:	9/30/95	1	13
	12/31/94	2	8
	12/16/94	9
	9/30/94	2	10
				List all Filings

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Filing Submission 0000788965-95-000010 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Hallador Energy Co – ‘10QSB’ for 9/30/95

As of: Tuesday, 11/14/95 · For: 9/30/95 · Accession #: 788965-95-10 · File #: 0-14731

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Quarterly Report — Small Business — Form 10-QSBFiling Table of Contents

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Quarterly Report — Small Business — Form 10-QSB
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10QSB — Third Quarter Form 10-Qsb
Document Table of Contents