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.