EGOH - Eagle Oil Holding Company, Inc. Management
Post# of 29744
Posted On: 05/07/2013 10:46:30 AM
EGOH - Eagle Oil Holding Company, Inc. Management Discussion and Analysis of Financial Conditions
RENO, Nev., May 7, 2013 /PRNewswire/ --
FINANCIAL
The following discussion should be read in conjunction with Company's Unaudited Financial Statements included in this report.
RESULTS OF OPERATIONS: 2012-2013
During the beginning fiscal year 2012-2013, the management continued to concentrate on the solicitation of outside contractors to implement the company's oil production and development plan. The purpose was to concentrate more attention on the requirements from the RRC of Texas in re-conditioning the wells as per the RRC requirements. In spite of the efforts that the Company negotiated, referred to as "Farmout Agreements," for the field management and development, all failed to achieve results.
INCOME ACTIVITIES:
Continuing problems with the Texas RRC have stopped production through all of 2011 and 2013 to date. We were unable get the release from the RRC to begin operations. It would have taken approximately 180 days to complete the tests and any remediation needed and it depended on the funding of approximately $500,000 obtained prior to the start-up. With the pending merger plan, we have abandoned the efforts to secure funding and begin the process. A new operator would have to be secured in order to provide the cash flow due the merger group and the Eagle stock holders.
General office expenses remain low due to no staff to support and the officers not taking any salary. Most of the expenses have been localized to overhead only and past field overhead.
Legal: The Company has not yet been able to settle the suit from the former President, Connie Helwig et al, that had been filed in Reno in 2011. Currently the suit is not being pursued in court by either party, but held in abeyance. The suit from the Lease Holders, the Siler family, concerning the status of the lease was resolved in the Siler's favor. There are no other legal suits against Eagle Oil Holding Co. (Trading Symbol: EGOH)
Additional updates and news are shown or listed on the Company website: www.eagleoilholdingco.com
EAGLE OIL HOLDING COMPANY, INC.
(An Exploration Stage Company)
Balance Sheets 3rd Quarter to Date 2013
UNAUDITED
Assets
January 31, 2013
Cash
$258
Oil and gas rights, at cost
0
Property and equipment, net
1,238.803
Total assets
$1,239,061
Liabilities and Stockholder's Equity
Current liabilities:
Cash overdraft $ Accrued expenses
121,716
Field Property Tax, Accrued
0
Notes payable, Contracts Payable
583,337
Total liabilities
$ 705,053
Stockholder's equity: Common
Stock, $0.001 par value
500,000,000 shares authorized,
439,696,454 shares issued and
outstanding as of January 31,2013
439,697
Additional paid in capital
2,825,832
Accumulated deficit
(2,828,571)
Total stockholder's equity
437,386
Total liabilities and stockholder's equity
$ 1,142,439
EAGLE OIL HOLDING COMPANY, INC.
(An Exploration Stage Company)
Statements of Operation
For the third quarter: ended January 31, 2013
UNAUDITED
Revenues Development Contract
$ 425
Cost of goods sold
Gross profit (loss)
$425
Operating expenses
Depreciation expense
$0
General and administrative expense
$ 93
Total operating expenses
$5,532
Loss from operations
$(5,532)
Other expense
Interest expense
$(0)
Loss before taxes
$(5,532)
Provision for income taxes
$(0)
Net loss
$(5,532)
Net loss per share - basic Net
$(0.0001)
Loss per share diluted
$(0.0001)
Weighted average number of shares - basic
439,696,454
Weighted average number of shares - diluted
439,696,454
Contact: Brian Wilmot, 209 736 4854, egvr@comcast.net
SOURCE Eagle Oil Holding Company, Inc.
RENO, Nev., May 7, 2013 /PRNewswire/ --
FINANCIAL
The following discussion should be read in conjunction with Company's Unaudited Financial Statements included in this report.
RESULTS OF OPERATIONS: 2012-2013
During the beginning fiscal year 2012-2013, the management continued to concentrate on the solicitation of outside contractors to implement the company's oil production and development plan. The purpose was to concentrate more attention on the requirements from the RRC of Texas in re-conditioning the wells as per the RRC requirements. In spite of the efforts that the Company negotiated, referred to as "Farmout Agreements," for the field management and development, all failed to achieve results.
INCOME ACTIVITIES:
Continuing problems with the Texas RRC have stopped production through all of 2011 and 2013 to date. We were unable get the release from the RRC to begin operations. It would have taken approximately 180 days to complete the tests and any remediation needed and it depended on the funding of approximately $500,000 obtained prior to the start-up. With the pending merger plan, we have abandoned the efforts to secure funding and begin the process. A new operator would have to be secured in order to provide the cash flow due the merger group and the Eagle stock holders.
General office expenses remain low due to no staff to support and the officers not taking any salary. Most of the expenses have been localized to overhead only and past field overhead.
Legal: The Company has not yet been able to settle the suit from the former President, Connie Helwig et al, that had been filed in Reno in 2011. Currently the suit is not being pursued in court by either party, but held in abeyance. The suit from the Lease Holders, the Siler family, concerning the status of the lease was resolved in the Siler's favor. There are no other legal suits against Eagle Oil Holding Co. (Trading Symbol: EGOH)
Additional updates and news are shown or listed on the Company website: www.eagleoilholdingco.com
EAGLE OIL HOLDING COMPANY, INC.
(An Exploration Stage Company)
Balance Sheets 3rd Quarter to Date 2013
UNAUDITED
Assets
January 31, 2013
Cash
$258
Oil and gas rights, at cost
0
Property and equipment, net
1,238.803
Total assets
$1,239,061
Liabilities and Stockholder's Equity
Current liabilities:
Cash overdraft $ Accrued expenses
121,716
Field Property Tax, Accrued
0
Notes payable, Contracts Payable
583,337
Total liabilities
$ 705,053
Stockholder's equity: Common
Stock, $0.001 par value
500,000,000 shares authorized,
439,696,454 shares issued and
outstanding as of January 31,2013
439,697
Additional paid in capital
2,825,832
Accumulated deficit
(2,828,571)
Total stockholder's equity
437,386
Total liabilities and stockholder's equity
$ 1,142,439
EAGLE OIL HOLDING COMPANY, INC.
(An Exploration Stage Company)
Statements of Operation
For the third quarter: ended January 31, 2013
UNAUDITED
Revenues Development Contract
$ 425
Cost of goods sold
Gross profit (loss)
$425
Operating expenses
Depreciation expense
$0
General and administrative expense
$ 93
Total operating expenses
$5,532
Loss from operations
$(5,532)
Other expense
Interest expense
$(0)
Loss before taxes
$(5,532)
Provision for income taxes
$(0)
Net loss
$(5,532)
Net loss per share - basic Net
$(0.0001)
Loss per share diluted
$(0.0001)
Weighted average number of shares - basic
439,696,454
Weighted average number of shares - diluted
439,696,454
Contact: Brian Wilmot, 209 736 4854, egvr@comcast.net
SOURCE Eagle Oil Holding Company, Inc.
(0)
(0)