Credo Petroleum Corp - Notification that Quarterly Report will be submitted late (NT 10-Q)
September 09 2008 - 3:42PM
Edgar (US Regulatory)
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UNITED
STATES
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OMB APPROVAL
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SECURITIES
AND EXCHANGE COMMISSION
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OMB Number: 3235-0058
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Washington,
D.C. 20549
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Expires: April 30, 2009
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Estimated average burden
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hours per response . . .
2.50
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FORM
12b-25
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SEC FILE NUMBER
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CUSIP NUMBER
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NOTIFICATION
OF LATE FILING
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(Check one):
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o
Form 10-K
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o
Form 20-F
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o
Form 11-K
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x
Form 10-Q
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o
Form 10-D
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o
Form N-SAR
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o
Form N-CSR
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For Period Ended:
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July 31, 2008
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o
Transition Report on Form
10-K
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o
Transition Report on Form
20-F
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o
Transition Report on Form
11-K
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o
Transition Report on Form
10-Q
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o
Transition Report on Form
N-SAR
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For the Transition Period Ended:
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Read Instructions (on back page) Before Preparing Form. Please Print
or Type.
Nothing
in this form shall be construed to imply that the Commission has verified any
information contained herein.
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If the notification relates to a portion of the
filing checked above, identify the Item(s) to which the notification relates:
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PART I REGISTRANT INFORMATION
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CREDO Petroleum Corporation
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Full Name of Registrant
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Former Name if Applicable
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1801 Broadway, Ste 900
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Address of Principal Executive Office
(Street and Number)
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Denver, Colorado 80202
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City, State and Zip Code
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PART II RULES
12b-25(b) AND (c)
If the subject report could not be filed without
unreasonable effort or expense and the registrant seeks relief pursuant to
Rule 12b-25(b), the following should be completed. (Check box if
appropriate)
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(a)
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The reason described in reasonable detail in
Part III of this form could not be eliminated without unreasonable
effort or expense
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x
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(b)
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The subject annual report, semi-annual report,
transition report on Form 10-K, Form 20-F, Form 11-K,
Form N-SAR or Form N-CSR, or portion thereof, will be filed
on or before the fifteenth calendar day following the prescribed due date; or
the subject quarterly report or transition report on Form 10-Q or
subject distribution report on Form 10-D, or portion thereof, will
be filed on or before the fifth calendar day following the prescribed due
date; and
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(c)
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The accountants statement or other exhibit required
by Rule 12b-25(c) has been attached if applicable.
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PART III NARRATIVE
State
below in reasonable detail why Forms 10-K, 20-F, 11-K,
10-Q, 10-D, N-SAR, N-CSR, or the transition report or
portion thereof, could not be filed within the prescribed time period.
On
September 2, 2008, in connection with preparing its quarterly report for
third quarter 2008, management of CREDO Petroleum Corporation (the company)
and the Audit Committee of its Board of Directors determined that the
contemporaneous formal documentation it had historically prepared to support
its initial hedge designations in connection with the companys natural gas
hedging program does not meet the technical requirements to qualify for cash
flow hedge accounting treatment in accordance with SFAS 133. The primary reason for this determination was
that the formal hedge documentation lacks specificity of the hedged items and
therefore, the cash flow designations failed to meet hedge documentation
requirements for cash flow hedge accounting treatment. Consequently, the unrealized gain or loss
should have been recorded in the consolidated statements of operations as a
component of income before income taxes.
Under the cash flow accounting
treatment used by the company, the fair values of the hedge contracts was
recognized in the consolidated balance sheets with the resulting unrealized
gain or loss, net of income taxes, recorded initially in accumulated other
comprehensive income and later reclassified through earnings when the hedged
production affected earnings.
The
company will restate its consolidated financial statements for fiscal years
ended October 31, 2005, 2006, 2007 and the first and second quarters of
fiscal year ending October 31, 2008.
These financial statements must be restated before there is an
appropriate basis for preparing the consolidated financial statements to be
included in the companys Form 10-Q for the quarter ended July 31,
2008.
SEC 1344 (03-05)
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Persons who are to respond to the collection of
information contained in this form are not required to respond unless the
form displays a currently valid OMB control number.
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(Attach
extra Sheets if Needed)
PART IV OTHER
INFORMATION
(1)
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Name and telephone number of person to contact in
regard to this notification
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Alford
B. Neely
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303
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297-2200
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(Name)
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(Area Code)
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(Telephone
Number)
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(2)
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Have all other periodic reports required under
Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of
the Investment Company Act of 1940 during the preceding 12 months or for such
shorter period that the registrant was required to file such report(s) been
filed ? If answer is no, identify report(s).
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x
Yes
o
No
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(3)
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Is it anticipated that any significant change in
results of operations from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in the subject
report or portion thereof?
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x
Yes
o
No
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If so, attach an explanation of the anticipated
change, both narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results cannot be made.
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The primary financial
statement items impacted by this restatement are as follows:
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Unrealized Hedges Included
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Revenues
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in Income, Net of Tax
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Net Income
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Diluted Income per share
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Period
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As reported
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As restated
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As reported
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As restated
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As reported
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As restated
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As reported
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As restated
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(amounts
in thousands, except for per share amounts)
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Fiscal year 2005
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$
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13,289
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$
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14,008
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$
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0
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$
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131
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$
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5,022
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$
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5,153
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$
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0.54
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$
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0.55
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Fiscal year 2006
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16,491
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16,757
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0
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956
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5,880
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6,836
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0.62
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0.72
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Fiscal year 2007
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16,993
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15,084
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0
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(331
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6,091
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5,760
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0.65
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0.61
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Total
Prior Years
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46,773
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45,849
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0
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756
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16,993
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17,749
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1.81
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1.88
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Nine months
ended 7/31/07
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12,993
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11,806
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0
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301
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4,737
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5,038
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0.50
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0.54
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CREDO Petroleum Corporation
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(Name of Registrant as
Specified in Charter)
has caused this notification to be signed on its
behalf by the undersigned hereunto duly authorized.
Date
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9/9/08
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By
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/s/ Alford B. Neely
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Alford B. Neely, Vice President & CFO
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INSTRUCTION:
The form may be signed by an executive officer of the registrant or by any
other duly authorized representative. The name and title of the person signing
the form shall be typed or printed beneath the signature. If the statement is
signed on behalf of the registrant by an authorized representative (other than
an executive officer), evidence of the representatives authority to sign on
behalf of the registrant shall be filed with the form.
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ATTENTION
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Intentional
misstatements or omissions of fact constitute Federal Criminal Violations
(See 18 U.S.C. 1001).
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