I have been watching this thread for the last little while and I had my interest peaked, so I called the company and got some financial reports. The 1997 Annual Report was not out yet but I can put some numbers up for the 9 month period in 1997 vs. 1996 ending August 31
For Bearcat Explorations Ltd.
CONSOLIDATED STATEMENT OF OPERATIONS (unadited)
1997 1996
Revenue:
Oil and Gas sales - gross $26,666 $205,865
Oil and Gas sales - net of royalties 26,279 161,802
Other 18,661 75,924
Net Revenue: 44,940 237,726
Expenses:
Production 41,111 77,392
Interest 23,481 65,438
Administration and general 505,673 593,580
Depletion, depreciation 24,855 31,863
Payment in lieu of gas delivery 0 269,775
Net Expenses: 595,120 1,038,048
Loss from operations: (550,180) (800,322)
Gain (loss) on sale of non-related co. (2,100) 534,000
Gain (loss) on sale of shares of
related company 0 (138,240)
Gain (loss) for the period (552,280) (404,562)
Deficit, beginning of period (42,292,286) (24,963,260)
Deficit end of period (42,844,566) (25,367,822)
Loss per share 0.0099 0.009143
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION (unaudited)
Cash provided by (applied to) 1997 1996
Operations
Loss for the period (552,280) (404,562)
Items not affecting current cash flow
Depletion and depreciation 24,855 31,863
Amortization of tenant inducement (21,877) (21,877)
Decrease in non-cash operating
working capital (898,043) (270,240)
Net Operations: (1,447,345) (664,816)
Financing
Long Term Debt 0 1,125,000
Proceeds on issue of shares by co. 2,690,000 0
Purchase of shares of the co.
by subsidiary (55,130) 0
Deferred revenue applied 0 (181,500)
Repayment of bank indebtedness (1,040,000) (320,000)
Net Financing: 1,594,870 623,500
Investing
Cost of property, equipment,
and land acquired 0 (169,326)
Proceeds on disposal of property
and equipment 1,577,253 0
Refundable deposits (54,200) 0
Loan receivable (900) (855)
Investment in related company (83,211) 183,040
Investment in related company
by subsidiary (44,482) 0
Proceeds on disposal of shares 6,606 0
Net Investing: 1,401,066 12,859
Net cash provided (used) 1,548,591 (28,457)
Cash(deficiency), beginning of year(1,149,149) 67,156
Cash and Term deposits, end of period 399,442 38,699
Keep in mind this is only comparing the 9 month periods in 1996 and 1997. I do have the full numbers for 1996. If anyone has information regarding Bearcat's involvement in Lumberton Mines Limited during 1990 and 1991 please let me know. The company is paying Revenue Canada for some question on expenditures allocated to the investors on a flow-through basis. Lot's of questions, little confidence.
Curtis
P.S. That was close Bearcatbob
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