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Eagle Oil Holding Company, Inc. Management Discussion and Analysis of Financial Conditions
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PR Newswire
RENO, Nev., May 7, 2013
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.
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