UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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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 Quarter Ended June 30, 2004 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Transition Period From to |
Commission File Number: 000-25717
PETROHAWK ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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86-0876964 |
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(State of Incorporation) |
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(I.R.S. Employer Identification No.) |
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1100 Louisiana, Suite 4400, Houston, TX |
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77002 |
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(Address of principal executive offices) |
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(Zip Code) |
(832) 204-2700
(Registrant’s telephone number, including area code)
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
As of August 1, 2004, the Registrant had 13,791,757 shares of Common Stock, $.001 par value, outstanding.
INDEX
2
PETROHAWK ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
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JUNE 30, |
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DECEMBER 31, |
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CURRENT ASSETS: |
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Cash |
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$ |
45,789,000 |
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$ |
2,109,681 |
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Accounts receivable |
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Oil and gas sales |
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3,356,191 |
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1,898,746 |
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Other |
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312,665 |
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113,529 |
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Prepaid expenses and other |
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937,893 |
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564,980 |
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Total current assets |
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50,395,749 |
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4,686,936 |
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OIL AND GAS PROPERTIES, at cost (full cost method) |
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Evaluated properties |
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82,235,358 |
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78,717,380 |
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Unevaluated properties |
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1,213,034 |
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1,294,212 |
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Less – accumulated amortization of full cost pool |
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(41,908,317 |
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(39,740,116 |
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Net oil and gas properties |
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41,540,075 |
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40,271,476 |
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OTHER OPERATING PROPERTY AND EQUIPMENT, at cost |
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Gas gathering system and equipment |
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1,502,692 |
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1,496,404 |
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Support equipment |
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197,379 |
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197,379 |
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Other |
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350,518 |
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276,498 |
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Less – accumulated depreciation |
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(826,469 |
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(813,450 |
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Net other operating property and equipment |
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1,224,120 |
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1,156,831 |
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DEBT ISSUE COSTS, net of amortization |
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1,282,317 |
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— |
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TOTAL ASSETS |
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$ |
94,442,261 |
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$ |
46,115,243 |
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CURRENT LIABILITIES: |
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Accounts payable, trade |
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$ |
2,578,491 |
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$ |
1,646,559 |
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Dividends payable |
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110,375 |
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112,707 |
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Asset retirement obligation – current portion |
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171,860 |
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171,860 |
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Income taxes payable |
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31,251 |
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— |
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Other accrued liabilities |
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423,974 |
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566,990 |
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Total current liabilities |
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3,315,951 |
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2,498,116 |
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LONG-TERM DEBT |
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— |
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13,284,652 |
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SUBORDINATED CONVERTIBLE NOTE PAYABLE |
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35,000,000 |
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— |
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ASSET RETIREMENT OBLIGATIONS, less current portion |
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1,106,386 |
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1,062,860 |
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STOCKHOLDERS’ EQUITY |
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Preferred stock, $.001 par value, 5,000,000 shares authorized; 604,271issued and outstanding at June 30, 2004 and December 31, 2003. Liquidation value at June 30, 2004 of $5,700,872. |
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604 |
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604 |
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Common stock, $.001 par value; 50,000,000 shares authorized; 13,800,139 and 6,223,036 shares issued at June 30, 2004 and December 31, 2003, respectively; 13,791,757 and 6,214,654 shares outstanding at June 30, 2004 and December 31, 2003, respectively. |
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13,800 |
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6,223 |
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Additional paid-in capital |
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78,276,174 |
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51,930,449 |
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Treasury stock, at cost; 8,382 shares at June 30, 2004 and December 31, 2003. |
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(36,428 |
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(36,428 |
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Accumulated deficit |
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(23,234,226 |
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(22,631,233 |
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Total stockholders’ equity |
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55,019,924 |
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29,269,615 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
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$ |
94,442,261 |
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$ |
46,115,243 |
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The accompanying notes are an integral part of these condensed consolidated financial statements
3
PETROHAWK ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
(unaudited)
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FOR THE THREE MONTHS ENDED |
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FOR THE SIX MONTHS ENDED |
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2004 |
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2003 |
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2004 |
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