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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2003
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
for the transition period from to
Commission file number 1-12108
GULFWEST ENERGY INC.
--------------------
(Exact name of Registrant as specified in its charter)
Texas 87-0444770
(State or other jurisdiction (IRS Employer
of incorporation) Identification No.)
480 North Sam Houston Parkway East
Suite 300
Houston, Texas 77060
(Address of principal executive offices) (zip code)
(281) 820-1919
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(D) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO ____
The number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date, November 13, 2003, was 18,492,541
shares of Class A Common Stock, $.001 par value.
GULFWEST ENERGY INC.
FORM 10-Q FOR THE QUARTER ENDED
SEPTEMBER 30, 2003
Page of
Form 10-Q
---------
Part I: Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets, September 30, 2003
and December 31, 2002 3
Consolidated Statements of Operations for the three months
and nine months ended September 30, 2003 and 2002 5
Consolidated Statements of Cash Flows for the nine
months ended September 30, 2003 and 2002 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations 10
Item 3. Quantitative and Qualitative Disclosures about Market Risk 12
Item 4. Procedures and Controls 12
Part II: Other Information
Item 6. Exhibits and Reports on 8-K 13
Signatures 14
2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
- ------- ---------------------
GULFWEST ENERGY INC.
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2003 AND DECEMBER 31, 2002
ASSETS
September 30, December 31,
2003 2002
(Unaudited) (Audited)
---------------------- ---------------------
CURRENT ASSETS:
Cash and cash equivalents $ 294,986 $ 687,694
Accounts Receivable - trade, net of allowance for
doubtful accounts of -0- in 2003 and 2002 1,263,834 1,361,446
Prepaid expenses 374,136 303,906
---------------------- ---------------------
Total current assets 1,932,956 2,353,046
---------------------- ---------------------
OIL AND GAS PROPERTIES
Using the successful efforts method of accounting 57,654,455 56,786,043
OTHER PROPERTY AND EQUIPMENT 2,132,220 2,121,410
Less accumulated depreciation, depletion
and amortization (10,040,549) (8,498,497)
---------------------- ---------------------
Net oil and gas properties, and
other property and equipment 49,746,126 50,408,956
---------------------- ---------------------
OTHER ASSETS:
Deposits 20,142 37,442
Debt issue cost, net 128,198 289,497
---------------------- ---------------------
Total other assets 148,340 326,939
---------------------- ---------------------
TOTAL ASSETS $ 51,827,422 $ 53,088,941
====================== =====================
The Notes to Consolidated Financial Statements are an integral part of these statements.
3
GULFWEST ENERGY INC.
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2003 AND DECEMBER 31, 2002
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, December 31,
2003 2002
---------------------- ---------------------
(Unaudited) (Audited)
---------------------- ---------------------
CURRENT LIABILITIES
Notes payable $ 8,207,965 $ 4,936,088
Notes payable - related parties 1,315,000 1,290,000
Current portion of long-term debt 29,536,005 33,128,447
Current portion of long-term debt - related parties 134,877 256,967
Accounts payable - trade 4,125,224 3,928,477
Accrued expenses 431,746 458,587
---------------------- ---------------------
Total current liabilities 43,750,817 43,998,566
---------------------- ---------------------
NONCURRENT LIABILITIES
Long-term debt, net of current portion 96,416 126,552
Long-term debt, related parties 11,256
---------------------- ---------------------
Total noncurrent liabilities 96,416 137,808
---------------------- ---------------------
OTHER LIABILITIES
Derivative instruments 641,796 1,128,993
---------------------- ---------------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock 190 170
Common stock 18,493 18,493
Additional paid-in capital 29,283,692 28,258,212
Retained deficit (21,963,982) (20,453,301)
---------------------- ---------------------
Total stockholders' equity 7,338,393 7,823,574
---------------------- ---------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 51,827,422 $ 53,088,941
====================== =====================
The Notes to Consolidated Financial Statements are an integral part of these statements.
4
GULFWEST ENERGY INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND NINE MONTHS ENDED
SEPTEMBER 30, 2003 AND 2002
(UNAUDITED)
Three Months Nine Months
Ended September 30, Ended September 30,
2003 2002 2003 2002
----------------- ----------------- ------------------ ------------------
OPERATING REVENUES
Oil and gas sales $ 2,400,967 $ 2,555,526 8,375,986 $ 7,895,544
Well servicing revenues 11,535 24,143
Operating overhead and other income 35,096 74,565 100,804 322,610
----------------- ----------------- ------------------ ------------------
Total Operating Revenues 2,436,063 2,641,626 8,476,790 8,242,297
----------------- ----------------- ------------------ ------------------
OPERATING EXPENSES
Lease operating expenses 1,434,002 1,461,001 4,196,377 4,181,229
Cost of well servicing operations 10,445 45,041
Depreciation, depletion and amortization 540,312 625,382 1,714,921 1,912,344
General and administrative 380,176 444,271 1,214,660 1,312,989
----------------- ----------------- ------------------ ------------------
Total Operating Expenses 2,354,490 2,541,099 7,125,958 7,451,603
----------------- ----------------- ------------------ ------------------
INCOME FROM OPERATIONS 81,573 100,527 1,350,832 790,694
----------------- ----------------- ------------------ ------------------
OTHER INCOME AND EXPENSE
Interest expense (756,212) (793,017) (2,328,862) (2,236,087)
Other financing costs (1,000,000)
Gain (loss) on sale of assets (19,848) (9,964) (19,848) 1,097
Unrealized gain (loss) on derivative
Instruments 295,030 (222,296) 487,197 (1,693,274)
----------------- ----------------- ------------------ ------------------
Total Other Income and Expense (481,030) (1,025,277) (2,861,513) (3,928,264)
----------------- ----------------- ------------------ ------------------
INCOME (LOSS) BEFORE INCOME TAXES (399,457) (924,750) (1,510,681) (3,137,570)
INCOME TAXES ----------------- ----------------- ------------------ ------------------
NET INCOME (LOSS) (399,457) (924,750) (1,510,681) (3,137,570)
DIVIDENDS ON PREFERRED STOCK (56,250)
----------------- ----------------- ------------------ ------------------
NET INCOME (LOSS) AVAILABLE TO COMMON
SHAREHOLDERS $ (399,457) $ (924,750) $ (1,510,681) $ (3,193,820)
================= ================= ================== ==================
NET INCOME (LOSS) PER SHARE, BASIC AND DILUTED $ (.02) $ (.05) $ (.08) $ (.17)
================= ================= ================== ==================
The Notes to Consolidated Financial Statements are an integral part of these statements.
5
GULFWEST ENERGY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
(UNAUDITED)
2003 2002
------------------ -----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (1,510,681) $ (3,137,570)
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, depletion, and amortization 1,714,921 1,912,344
Common stock warrants issued and charged to operations 25,500 15,000
Other financing costs 1,000,000
(Gain) Loss on sale of assets 19,848 (1,097)
Unrealized (gain) loss on derivate instruments (487,197) 1,693,274
(Increase) decrease in accounts receivable - trade, net 97,612 (208,691)
(Increase) decrease in prepaid expenses (70,230) (20,622)
Increase (decrease) in accounts payable and accrued expenses 346,230 1,700,101
------------------ -----------------
Net cash provided by operating activities 1,136,003 1,952,739
------------------ -----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property and equipment 561 675,440
Purchase of property and equipment (911,201) (5,491,848)
------------------ -----------------
Net cash used in investing activities (910,640) (4,816,408)
------------------ -----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on debt (1,441,235) (3,100,748)
Proceeds from debt issuance 823,164 6,135,031
Dividends paid (56,250)
------------------ -----------------
Net cash provided by (used in) financing activities (618,071) 2,978,033
------------------ -----------------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (392,708) 114,364
CASH AND CASH EQUIVALENTS, beginning of period 687,694 689,030
------------------ -----------------
CASH AND CASH EQUIVALENTS, end of period $ 294,986 $ 803,394
================== =================
CASH PAID FOR INTEREST $ 2,183,842 $ 2,009,793
================== =================
The Notes to Consolidated Financial Statements are an integral part of these statements.
6
GULFWEST ENERGY INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2003 AND 2002
(UNAUDITED)
1. During interim periods, we follow the accounting policies set forth in our
Annual Report on Form 10-K filed with the Securities and Exchange
Commission. Users of financial information produced for interim periods are
encouraged to refer to the footnotes contained in the Annual Report when
reviewing interim financial results.
2. The accompanying financial statements include the Company and its
wholly-owned subsidiaries: RigWest Well Service, Inc. formed September 5,
1996; GulfWest Texas Company formed September 23, 1996; DutchWest Oil
Company formed July 28, 1997; Southeast Texas Oil and Gas Company, L.L.C.
acquired September 1, 1998; SETEX Oil and Gas Company formed August 11,
1998; GulfWest Oil and Gas Company formed February 8, 1999; LTW Pipeline
Co. formed April 19, 1999; GulfWest Development Company formed November 9,
2000; and, GulfWest Oil and Gas Company (Louisiana) LLC formed July 31,
2001. All material intercompany transactions and balances are eliminated
upon consolidation.
3. In management's opinion, the accompanying interim financial statements
contain all material adjustments, consisting only of normal recurring
adjustments necessary to present fairly the financial condition, the
results of operations, and the statements of cash flows of GulfWest Energy
Inc. for the interim periods.
4. Non-cash Investing and Financing
During the nine month period ended September 30, 2003, we decreased the
current portion of long term debt - related parties by applying $17,300 in
deposits and reclassified $176,324 from accrued expenses to current portion
of long term debt. Also during the period, $1 million in preferred stock
was issued to an energy lender as required by an agreement that expired on
May 29,2003.
During the nine month period ended September 30, 2002, we acquired $74,653
in property and equipment through notes payable to financial institutions.
We also acquired $182,742 of oil producing properties in exchange of
accounts receivable from a related party.
5. As a result of a financing agreement with an energy lender, we were
required to enter into an oil and gas hedging agreement with the lender. It
has been determined this agreement meets the definition of SFAS 133
"Accounting for Derivative Instruments and Hedging Activities" and is
accounted for as a derivative instrument.
We entered into the agreement, commencing in May 2000, to hedge a portion
of our oil and gas sales for the period of May 2000 through April 2004. The
agreement calls for initial volumes of 7,900 barrels of oil and 52,400 Mcf
of gas per month, declining monthly thereafter. We entered into a second
agreement with the energy lender, commencing September 2001, to hedge an
additional portion of our oil and gas sales for the periods of September
2001 through July 2004 and September 2001 through December 2002,
respectively. The agreement calls for initial volumes of 15,000 barrels of
oil and 50,000 Mmbtu of gas per month, declining monthly thereafter. As a
result of these agreements, we realized a reduction in revenues of
$1,209,982 for the nine-month period ended September 30, 2003, which is
included in oil and gas sales. The estimated change in fair value of the
derivatives is reported in Other Income and Expense as unrealized (gain)
loss on derivative instruments. The estimated fair value of the derivatives
is reported in Other Assets (or Other Liabilities) as derivative
instruments.
7
6. Stock Based Compensation
In October 1995, SFAS No. 123, "Stock Based Compensation," (SFAS 123) was
issued. This statement requires that we choose between two different
methods of accounting for stock options and warrants. The statement defines
a fair-value-based method of accounting for stock options and warrants but
allows an entity to continue to measure compensation cost for stock options
and warrants using the accounting prescribed by APB Opinion No. 25 (APB
25), "Accounting for Stock Issued to Employees." Use of the APB 25
accounting method results in no compensation cost being recognized if
options are granted at an exercise price at the current market value of the
stock or higher. We will continue to use the intrinsic value method under
APB 25 but are required by SFAS 123 to make pro forma disclosures of net
income (loss) and earnings (loss) per share as if the fair value method had
been applied in its 2003 and 2002 financial statements.
If we had used the fair value method required by SFAS 123, our net loss and
per share information would approximate the following amounts:
Three months 2003 2002
--------------------------- ------------------------------------- -------------------------------------
As Reported Proforma As Reported Proforma
SFAS 123 compensation cost $ $ $ $
APB 25 compensation cost $ $ $ $
Net income (loss) $ (399,457) $ (399,457) $ (924,750) $ (924,750)
Income (loss) per
common share-basic
and diluted $ (.02) $ (.02) $ (.05) $ (.05)
Nine months 2003 2002
--------------------------- ------------------------------------- -----------------------------------------
As Reported Proforma As Reported Proforma
SFAS 123 compensation cost $ $ 7,350 $ $ 32,000
APB 25 compensation cost $ $ $ $
Net income (loss) $ (1,510,681) $ (1,518,031) $ (3,193,820) $ (3,225,820)
Income (loss) per
common share-basic
and diluted $ (.08) $ (.08) $ (.17) $ (.17)
8
7. As shown in the financial statements, we had a working capital deficiency
of $41,817,861 at September 30, 2003 and $41,645,520 for the year ended
December 31, 2002. This and other conditions raise substantial doubt about
our ability to continue as a going concern.
8. On July 24, 2003 we signed a letter of agreement with Starlight Corporation
of Denver to pursue a merger of the two companies. A definitive agreement
and plan of merger is being developed, which will be subject to board and
shareholder approval by both companies, as well as regulatory approvals and
customary due diligence.
If approved, the merger is planned to be achieved through a stock-for-stock
exchange, whereby 100% of the Starlight stock will be exchanged for
GulfWest stock with GulfWest as the surviving entity. The merger is
contingent upon achieving consolidated re-financing of the combined company
with terms agreeable to both parties, as well as GulfWest's largest debt
holder. The refinancing will include significant new capital for
development projects on the Gulf Coast and in the Rockies.
9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
- ------- ------------------------------------
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
------------------------------------------------
Overview
- --------
We are engaged primarily in the acquisition, development, exploitation,
exploration and production of crude oil and natural gas. Our focus is on
increasing production from our existing crude oil and natural gas properties
through the further exploitation, development and optimization of those
properties, and on acquiring additional crude oil and natural gas properties.
Our gross revenues are derived from the following sources:
1. Oil and gas sales that are proceeds from the sale of crude oil and
natural gas production to midstream purchasers;
2. Operating overhead and other income that consists of earnings from
operating crude oil and natural gas properties for other working
interest owners, and marketing and transporting natural gas. This also
includes earnings from other miscellaneous activities.
3. Well servicing revenues that are earnings from the operation of well
servicing equipment under contract to third party operators.
Results of Operations
- ---------------------
The factors which most significantly affect our results of operations are
(1) the sales price of crude oil and natural gas, (2) the level of total sales
volumes of crude oil and natural gas, (3) the level of and interest rates on
borrowings and, (4) the level and success of new acquisitions and development of
existing properties.
Comparative results of operations for the periods indicated are discussed below.
Three-Month Period Ended September 30, 2003 compared to Three Month Period
Ended September 30, 2002.
Revenues
Oil and Gas Sales. Revenues from the sale of crude oil and natural gas for
the quarter decreased 6% from $2,555,500 in 2002 to $2,401,000 in 2003 due to
lower production volumes offset by higher natural gas prices. The lower
production volumes were due to (1) the natural decline in production from our
Gulf Coast fields; (2) the temporary shut-in of some natural gas wells in the
Grand Lake and Madisonville Fields, as a result of gas compressor and sales
pipeline maintenance and operational changes; and (3) the non-availability of
capital funds needed to restore production in certain wells with down-hole
mechanical problems.
Operating Overhead and Other Income. Revenues from these activities
decreased 53% from $74,600 in 2002 to $35,100 in 2003. In 2002, we had income
due to a farm-out of deep mineral rights on a lease at Vaughn Field.
Costs and Expenses
Lease Operating Expenses. Lease operating expenses decreased slightly from
$1,461,000 in 2002 to $1,434,000 in 2003.
Depreciation, Depletion and Amortization (DD and A). DD and A decreased 14%
from $625,400 in 2002 to $540,300 in 2003, due to lower commodity sales volumes.
10
General and Administrative (G and A) Expenses. G and A expenses decreased
14% for the period from $444,300 in 2002 to $380,200 in 2003, due to a reduction
of the number of personnel in the Houston office.
Interest Expense. Interest expense decreased 5% from $793,000 in 2002 to
$756,200 in 2003, primarily due to lower interest rates.
Nine-Month Period Ended September 30, 2003 compared to Nine-Month Period
Ended September 30, 2002.
Revenues
Oil and Gas Sales. Revenues from the sale of crude oil and natural gas for
the period increased 6% from $7,895,500 in 2002 to $8,376,000 in 2003 due to
higher natural gas prices partially offset by lower production volumes. The
lower production volumes were due to (1) the natural decline in production from
our Gulf Coast fields; (2) the temporary shut-in of some natural gas wells in
the Grand Lake and Madisonville Fields, as a result of gas compressor and sales
pipeline maintenance and operational changes; and (3) the non-availability of
capital funds needed to restore production in certain wells with down-hole
mechanical problems.
Operating Overhead and Other Income. Revenues from these activities
decreased 69% from $322,600 in 2002 to $100,800 in 2003. During the period in
2002, we had income due to a farm-out of deep mineral rights on a lease at
Vaughn Field and from a gas transportation sales contract with a local utility
that was subsequently terminated.
Costs and Expenses
Lease Operating Expenses. Lease operating expenses remained practically the
same at $4,181,200 in 2002 and $4,196,400 in 2003.
Depreciation, Depletion and Amortization (DD and A). DD and A decreased 10%
from $1,912,300 in 2002 to $1,714,900 in 2003, due to lower commodity sales
volumes.
General and Administrative (G and A) Expenses. G and A expenses decreased
7% for the period from $1,313,000 in 2002 to $1,214,700 in 2003, due to a
reduction of the number of personnel in the Houston office.
Interest Expense. Interest expense increased 4% from $2,236,100 in 2002 to
$2,328,900 in 2003, due to increased debt.
Financial Condition and Capital Resources
- -----------------------------------------
At September 30, 2003, our current liabilities exceeded our current assets
by $41,817,861. We had a loss of $399,457 for the quarter compared to a loss of
$924,750 for the period in 2002.
During the third quarter of 2003, our sales volumes were 49,330 barrels of
crude oil and 263,561 Mcf of natural gas compared to 68,136 barrels of crude oil
and 382,705 Mcf of natural gas in the third quarter of 2002. Revenue for crude
oil sales for the quarter was $1,176,604 in 2003 compared to $1,457,469 in 2002
and for natural gas sales was $1,224,363 in 2003 compared to $1,098,060 in 2002.
During the nine-month period ended September 30, 2003 our sales volumes
were 169,953 barrels of oil and 908,346 Mcf of natural gas compared to 214,685
barrels of oil and 1,170,386 Mcf of natural gas for the period in 2002. Revenue
for crude oil sales for the period was $4,076,097 in 2003 compared to $4,433,898
in 2002 and for natural gas sales was $4,299,889 in 2003 compared to $4,620,635
in 2002.
11
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
- ------- ----------------------------------------------------------
The following market rate disclosures should be read in conjunction with
the quantitative disclosures about market risk contained in the Company's 2002
annual report on Form 10-K, as well as with the consolidated financial
statements and notes thereto included in this quarterly report on Form 10-Q.
All of the Company's financial instruments are for purposes other than
trading. The Company only enters derivative financial instruments in conjunction
with its oil and gas hedging activities.
Hypothetical changes in interest rates and prices chosen for the following
stimulated sensitivity effects are considered to be reasonably possible
near-term changes generally based on consideration of past fluctuations for each
risk category. It is not possible to accurately predict future changes in
interest rates and product prices. Accordingly, these hypothetical changes may
not be an indicator of probable future fluctuations.
Interest Rate Risk
The Company is exposed to interest rate risk on debt with variable interest
rates. At September 30, 2003, the Company carried variable rate debt of
$38,019,411. Assuming a one percentage point change at September 30, 2003 on the
Company's variable rate debt, the annual pretax income would change by $380,019.
Commodity Price Risk
The Company hedges a portion of its price risks associated with its oil and
natural gas sales which are classified as derivative instruments. As of
September 30, 2003, these derivative instruments' liabilities had a fair value
of $641,796. A hypothetical change in oil and gas prices could have an effect on
oil and gas futures prices, which are used to estimate the fair value of our
derivative instrument. However, it is not practicable to estimate the resultant
change, in any, in the fair value of our derivative instrument.
ITEM 4. PROCEDURES AND CONTROLS
- ------- -----------------------
As of September 30, 2003, an evaluation was performed under the supervision
and with the participation of the Company's management, including the CEO and
Vice President of Finance, of the effectiveness of the design and operation of
the Company's disclosure controls and procedures. Based on that evaluation, the
Company's management, including the CEO and Vice President of Finance, concluded
that the Company's disclosure controls and procedures were effective as of
September 30, 2003. There have been no significant changes in the Company's
internal controls or in other factors that could significantly affect internal
controls subsequent to September 30, 2003.
12
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
- ------- ---------------------------------
(a) Exhibits -
Number Description
------ -----------
*3.1 Articles of Incorporation of the Registrant and Amendments
thereto.
+3.3 Amendment to the Company's Articles of Incorporation to increase
the number of shares of Class A Common Stock that the Company
will have authority to issue from 20,000,000 to 40,000,000
shares, approved by the Shareholders on November 19, 1999and
filed with the Secretary of State of Texas on December 3, 1999.
#3.2 Amendment to the Articles of Incorporation of the Registrant
changing the name of the Registrant to "GulfWest Energy Inc.",
approved by the Shareholders on May 18, 2001 and filed with the
Secretary of Texas on May 21, 2001.
*3.4 Bylaws of the Registrant.
#10.1GulfWest Oil Company 1994 Stock Option and Compensation Plan,
amended and restated as of April 1, 2001, and approved by the
shareholders on May 18, 2001.
- ---------------
* Previously filed with the Registrant's Registration Statement (on
Form S-1, Reg. No. 33-53526), filed with the Commission on
October 21, 1992.
+ Previously filed with the Registrant's Definitive Proxy
Statement, filed with the Commission on October 18, 1999.
# Previously filed with the Registrant's Definitive Proxy
Statement, filed with the Commission on April 16, 2001.
(b) Form 8-K -
Current Report on Form 8-K reporting Items 5 and 7, announcing the
Company had signed a letter of agreement with Starlight Corporation to
pursue a merger of the two companies, dated July 21, 2003, filed with
the Commission on July 28, 2003.
13
SIGNATURES
Pursuant to the requirements of Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
GULFWEST ENERGY INC.
(Registrant)
Date: November 13, 2003 by: /s/ Thomas R. Kaetzer
--------------------------------
Thomas R. Kaetzer
President
Date: November 13, 2003 by: /s/ Jim C. Bigham
---------------------------------
Jim C. Bigham
Executive Vice President and Secretary
Date: November 13, 2003 By: /s/ Richard L. Creel
---------------------------------
Richard L. Creel
Vice President of Finance