UNITED STATES
FORM 10Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended March 31, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE |
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For the transition period from to |
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Commission file number: 0-610 |
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EQUITY OIL COMPANY |
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(Exact name of registrant as specified in its charter) |
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COLORADO |
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87-0129795 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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Suite 806, 10 West Third South, Salt Lake City, Utah 84101 |
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(Address of principal executive offices) |
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(801) 521-3515 |
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Registrant’s telephone number, including area code |
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(Former name, former address and former fiscal year, if changed since last report) |
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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 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 ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act)
Yes o No ý
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
Yes o No o
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date (May 7, 2003): 12,008,661
PART I - FINANCIAL INFORMATION
ITEM I: Financial Statements
EQUITY OIL COMPANY
Statements of Operations
For the three months ended March 31, 2003 and 2002
(Unaudited)
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2003 |
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2002 |
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REVENUES |
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Oil and gas sales |
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$ |
6,728,397 |
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$ |
3,511,397 |
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Other |
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118,577 |
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66,210 |
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6,846,974 |
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3,577,607 |
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EXPENSES |
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Operating costs |
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2,003,716 |
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1,707,062 |
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Depreciation, depletion and amortization |
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1,925,000 |
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900,000 |
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3-D seismic |
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9,917 |
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14,934 |
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Exploration |
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43,393 |
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63,659 |
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General and administrative |
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795,210 |
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547,314 |
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Production and exploration overhead |
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433,997 |
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344,425 |
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Accretion expense |
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68,000 |
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— |
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Interest |
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310,589 |
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50,889 |
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5,589,822 |
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3,628,283 |
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Income (loss) from continuing operations before income taxes |
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1,257,152 |
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(50,676 |
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Provision for (benefit from) income taxes |
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464,769 |
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(18,696 |
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Income (loss) from continuing operations |
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792,383 |
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(31,980 |
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Discontinued operations (Note 6) |
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Income from operations of properties sold, net of provision for income taxes of $52,812 and $43,296 |
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90,041 |
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73,816 |
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Gain on sale of properties, net of provision for income taxes of $415,168 |
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655,168 |
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— |
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Income before cumulative effect of accounting change |
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1,537,592 |
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41,836 |
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Cumulative effect of change in accounting, net of benefit from income taxes of $622,832 |
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(1,061,865 |
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NET INCOME |
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$ |
475,727 |
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$ |
41,836 |
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Proforma net income reflecting adoption of SFAS 143 |
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$ |
23,786 |
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The accompanying notes are an integral part of these statements.
2
EQUITY OIL COMPANY
Statements of Operations
For the three months ended March 31, 2003 and 2002
Continued
(Unaudited)
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2003 |
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2002 |
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Basic income (loss) per common share |
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Income (loss) from continuing operations |
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$ |
.07 |
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(.00 |
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Income from discontinued operations |
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$ |
.06 |
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$ |
.01 |
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Income before cumulative effect of accounting change |
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$ |
.13 |
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$ |
.00 |
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Cumulative effect of change in accounting |
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$ |
(.09 |
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— |
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NET INCOME |
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$ |
.04 |
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$ |
.00 |
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Diluted income (loss) per common share |
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Income (loss) from continuing operations |
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$ |
.07 |
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(.00 |
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Income from discontinued operations |
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$ |
.06 |
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$ |
.01 |
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Income before cumulative effect of accounting change |
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$ |
.13 |
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$ |
.00 |
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Cumulative effect of change in accounting |
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$ |
(.09 |
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— |
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NET INCOME |
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$ |
.04 |
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$ |
.00 |
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Proforma net income per share, reflecting adoption of SFAS 143 |
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Basic |
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— |
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$ |
.00 |
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Diluted |
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— |
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$ |
.00 |
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Weighted average shares outstanding |
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Basic |
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12,008,661 |
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12,687,061 |
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Diluted |
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