BAKERSFIELD, CA today announced financial results for its first
fiscal quarter ended March 31, 2008.
Revenue increased 92% to $1,589,896 versus $826,180 in last
year's first quarter. Approximately 81% of the increase was due to
higher oil and gas prices, which were up by $38.50 per equivalent
barrel of oil versus the first quarter last year. Approximately 12%
of the increase was due to higher production and sales levels.
Pyramid's first quarter net revenue share of crude oil production
increased by approximately 1,800 barrels compared with the first
quarter last year.
Operating income increased to $739,698 versus $44,379 in the
first quarter a year ago. Net income rose to $834,271, or $0.22 per
diluted share, from $57,929, or $0.02 per diluted share, in the
comparable year-ago quarter.
John Alexander, president and CEO, said, "The sales and earnings
momentum we carried at the end fiscal 2007 continued through the
first fiscal quarter, and in light of the opportunities we are
pursuing to increase our oil and gas production, we are optimistic
about our prospects for continued financial growth during the
remainder of the year.
"Important progress has been achieved on our natural gas joint
venture in Texas, where the operator recently executed a gas sales
contract," Alexander said. "We anticipate construction of the
3.8-mile gas pipeline will begin shortly, and are anticipating that
sales will commence sometime this summer."
Post-frac testing on the initial well in the Texas JV indicated
natural gas rates of more than 4 million cubic feet per day.
Pyramid owns a gross 12.5% working interest (before payout) in the
prospect. The JV also holds oil and gas leases on approximately
5,700 contiguous acres surrounding the initial well, and plans to
commence additional drilling operations on the acreage shortly
after completion of the gas sales pipeline.
Pyramid also is currently conducting completion and testing
operations on a recently drilled well in its Carneros Creek field
in California, and intends to report on production results once
testing efforts have been completed. The Company plans to drill
additional wells in the field during 2008, and also is conducting
enhancement efforts on several existing Carneros Creek wells in an
effort to boost production rates.
Cash and short-term investments at March 31, 2008, were
$2,329,113, up from $2,097,427 at December 31, 2007. Working
capital at the end of the first quarter improved to $2,398,148 from
$2,251,635 at the end of fiscal 2007. Stockholders' equity
increased to $7,438,226 from $6,603,955 during the three-month
period.
About Pyramid Oil Company
Pyramid Oil Company has been in the oil and gas business
continuously since incorporating in 1909. Pyramid acquires
interests in land and producing properties through acquisition and
lease, and then drills and/or operates crude or natural gas wells
in an effort to discover or produce oil and/or natural gas. More
information about the Company can be found at:
http://www.pyramidoil.com.
Safe Harbor Statement
Certain statements and information included in this press
release constitute "forward-looking statements" within the meaning
of the Federal Private Securities Litigation Reform Act of 1995,
including statements regarding the completion and testing of wells.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause the Company's actual results in
future periods to differ materially from forecasted results.
Factors that could cause or contribute to such differences include,
but are not limited to the value of crude oil or the performance of
wells.
PYRAMID OIL COMPANY
STATEMENTS OF OPERATIONS
(UNAUDITED)
Three months ended
March 31,
2008 2007
----------- -----------
REVENUES: $ 1,589,896 $ 826,180
----------- -----------
COSTS AND EXPENSES:
Operating expenses 422,806 362,663
Exploration costs -28,812 4,835
General and administrative 232,511 275,154
Taxes, other than income and payroll taxes 35,510 27,156
Provision for depletion,
depreciation and amortization 162,820 97,670
Accretion expense 5,810 5,631
Other costs and expenses 19,552 8,692
----------- -----------
850,198 781,801
----------- -----------
OPERATING INCOME 739,698 44,379
----------- -----------
OTHER INCOME (EXPENSE):
Interest income 22,077 23,789
Other income 9,662 3,600
Interest expense -641 -14
----------- -----------
31,098 27,375
----------- -----------
INCOME (LOSS) BEFORE
INCOME TAX PROVISION 770,796 71,754
Income taxes
Current 91,625 13,825
Deferred -155,100 0
----------- -----------
-63,475 13,825
----------- -----------
NET INCOME $ 834,271 $ 57,929
=========== ===========
BASIC INCOME PER COMMON SHARE $ 0.22 $ 0.02
=========== ===========
DILUTED INCOME PER COMMON SHARE $ 0.22 $ 0.02
=========== ===========
Weighted average number of common shares
outstanding 3,741,721 3,741,721
PYRAMID OIL COMPANY
BALANCE SHEETS
ASSETS
March 31, December 31,
2008 2007
(Unaudited) (Unaudited)
------------- -------------
CURRENT ASSETS:
Cash $ 836,845 $ 618,448
Short-term investments 1,492,268 1,478,979
Trade accounts receivable 882,867 643,340
Employee loan receivable 1,200 0
Interest receivable 4,579 2,251
Crude oil inventory 80,785 71,298
Deferred taxes 56,000 0
Prepaid expenses 139,725 170,914
------------- -------------
TOTAL CURRENT ASSETS 3,494,268 2,985,229
------------- -------------
PROPERTY AND EQUIPMENT, at cost
Oil and gas properties and equipment
(successful efforts method) 15,422,676 14,734,929
Capitalized asset retirement costs 310,579 310,579
Drilling and operating equipment 2,073,137 2,050,556
Land, buildings and improvements 1,043,744 1,010,847
Automotive, office and other
property and equipment 1,148,025 1,141,451
------------- -------------
19,998,161 19,248,362
Less: accumulated depletion, depreciation,
amortization and valuation allowance -14,203,430 -14,040,610
------------- -------------
5,794,731 5,207,752
------------- -------------
OTHER ASSETS
Deposits 250,000 250,000
Deferred Taxes 99,100 0
Other Assets 7,380 7,380
Assets held for resale 9,633 9,633
------------- -------------
$ 9,655,112 $ 8,459,994
------------- -------------
PYRAMID OIL COMPANY
BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, December 31,
2008 2007
(Unaudited) (Unaudited)
------------- -------------
CURRENT LIABILITIES:
Accounts payable $ 513,836 $ 108,500
Accrued professional fees 43,500 54,165
Accrued taxes, other than income taxes 61,954 61,684
Accrued payroll and related costs 55,975 57,647
Accrued royalties payable 252,539 212,916
Accrued insurance 49,763 65,999
Accrued income taxes 92,753 145,815
Current maturities of long-term debt 25,800 26,868
------------- -------------
TOTAL CURRENT LIABILITIES 1,096,120 733,594
------------- -------------
LONG-TERM DEBT, net of current maturities 38,653 44,542
------------- -------------
LIABILITY FOR SHARE BASED COMPENSATION 65,400 67,000
------------- -------------
LIABILITY FOR ASSET RETIREMENT OBLIGATION 1,016,713 1,010,903
------------- -------------
COMMITMENTS
STOCKHOLDERS' EQUITY:
Preferred stock-no par value; 10,000,000
authorized shares; no shares issued or
outstanding 0 0
Common stock-no par value; 50,000,000
authorized shares; 3,741,721 shares issued
and outstanding 1,071,610 1,071,610
Retained earnings 6,366,616 5,532,345
------------- -------------
7,438,226 6,603,955
------------- -------------
$ 9,655,112 $ 8,459,994
------------- -------------
CONTACTS: John H. Alexander President and CEO Pyramid Oil
Company 661-325-1000 Geoff High Principal Pfeiffer High Investor
Relations, Inc. 303-393-7044
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