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Gold/Mining/Energy : Dynamix Corp (DYX was Dakota Resources, DAK)
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To: John Gorham who wrote (549)10/13/1999 4:34:00 PM
From: Benjamin Ng  Read Replies (1) of 587
 
1999 Q3 Report

Was posted to SEDAR on September 30. See sedar.com

1999 THIRD QUARTER REPORT

The company is pleased to report that the problems with the Kentucky gas production have been resolved, gas prices are strong, and the results for the fourth quarter are expected to be very acceptable. The commencement of the second four wells has been delayed, and will probably not be until spring. The company should be in a position to participate at that time.

The outlook for the upcoming seismic season is very promising. Many of the exploration companies have greatly increase their projected budgets, and with the sustained major increases in oil and gas prices, there will be a great deal more seismic projects than expected. The company expects to have an average of three crews operating for the season, which will enable it to return to a profitable operation.

The company is assessing a possible opportunity in a petroleum oriented operation and will shortly be able to ascertain the feasibility of the operation.


                    DYNAMIX CORPORATION
        STATEMENT OF CHANGES IN FINANCIAL POSITION
                 FOR THE NINE MONTHS ENDED
                       JUNE 30, 1999
                        (UNAUDITED)

                                             1999       1998
OPERATING ACTIVITIES
INCOME (LOSS) FOR THE PERIOD              (386459)    170580
DEPRECIATION                               160166      91240
LOSS ON EQUIPMENT DISPOSAL                    550       1237
                                         ---------  ---------
                                          (225746)    263057

CHANGES IN NON-CASH
    WORKING CAPITAL ITEMS                     229     445810

INVESTING ACTIVITIES

    CAPITAL ASSETS - NET                     (8283)    (12320) 
    EXPENDITURE ON MINERAL PROPERTIES                  (10242)
    EXPENDITURE ON PETROLEUM PROPERTIES      (9010)    272775
    INVESTMENTS IN SUBSIDIARY               809000
                                          ---------  ---------
                                            (17373)  (1104337)

FINANCE ACTIVITIES
    PROCEEDS ON ISSUANCE OF
        COMMON SHARES-NET                   (16520)    657435
    INCREASE(DECREASE) IN LONG TERM DEBT    (75418)   (302389)
    PAYABLE ON EQUIPMENT                               213640
                                          ---------  ---------
                                            (91938)    568696

INCREASE(DECREASE) IN CASH DURING PERIOD   (334825)    173216

CASH AT BEGINNING OF PERIOD                 (54201)   (181600)
CASH (BANK INDEBTEDNESS) END OF PERIOD     (389026)     (8384)

                    DYNAMIX CORPORATION
                 CONSOLIDATED BALANCE SHEET

                       JUNE 30, 1999
                        (UNAUDITED)

                                             1999       1998
ASSETS
    CURRENT
        CASH                                 2433      89624
	ACCOUNTS RECEIVABLE                715711     600932
        PREPAID EXPENSES                    27327      15264
                                         ---------  ---------
                                           745471     705820

    CAPITAL ASSETS AT BOOK VALUE           517627     739910
    PETROLEUM & NATURAL GAS PROPERTIES     317371     272775
    MINERAL PROPERTIES                      69380     160475
    LOAN RECEIVABLE                         60000      60000
    MWSTNMNTS-AT COST                       12750      21750
    RECOVERABLE DEPOSITS                     9403       8623
    CHARTER                                   763
                                         ---------  ---------
                                          1732765    1909353

LIABILITIIES
    CURRENT
        CHEQUES ISSUED IN EXCESS OF
            FUNDS ON HAND                  391459
        ACCOUNTS PAYABLE                   648391    1343977
        INCOME TAX PAYABLE                            111868
        CURRENT PORTION OF LONG TERM DEBT  100008     100008
        DEPOSIT ON EQUIPMENT                42852
                                         ---------  ---------
                                          1182710     734196
    LONG TERM DEBT                          66672     166680
    NOTES PAYABLE                          274496     136388
                                         ---------  ---------
                                          1523878    1037264

SHAREHOLDERS EQUITY
    SHARE CAP                             3528188    3494898
    DEFICIT                               3319301    2622809
                                         ---------  ---------
                                           208882     872089
                                         ---------  ---------
                                          1732765    1909353

SIGNED ON BEHALF OF THE BOARD

"J.R. BATEMAN"
DIRECTOR

"J.A. PETERS"
DIRECTOR

                    DYNAMIX CORPORATION
    CONSOLIDATED STATEMENT OF INCOME OLOSS) AND DEFICIT
          FOR THE NINE MONTHS ENDED JUNE 30,1999

                                             1999       1998
REVENUE
    GEOPHYSICAL SERVICES                  2027197    4066705
    NATURAL GAS SALES-NET                   33879
                                         ---------  ---------
                                          2061076

EXPENSE
    OPERATING                             1934465    3464106
    GENERAL ADMINISTRATIVE                 341373     322436
    DEPRECIATION                           160166      91240
                                         ---------  ---------
                                          2436004    3877782

INCOME(LOSS) BEFORE OTHER CHARGES         (374928)    188923

OTHER CHARGES
    LOSS ON DISPOSAL OF EQUIPMENT             550       1237
    FINANCING FEES                                     19000
                                         ---------  ---------
                                              550      20237
                                         ---------  ---------

INCOME(LOSS) FOR THE PERIOD               (375478)    168686

DEFICIT, BEGINNING OF PERIOD              2955204    2454123

DEFICIT, END OF PERIOD                    3330682    2285437

NET INCOME(LOSS) PER SHARE                  0.019      0.008
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