Pyramid Oil Company Reports Second Quarter Financial Results

Marketwired

BAKERSFIELD, CA--(Marketwired - Aug 14, 2013) - Pyramid Oil Company (NYSE MKT: PDO) today announced financial results for its second quarter ended June 30, 2013.

Second quarter revenue was $1.2 million versus $1.3 million in the same quarter last year. The decrease was attributable to lower crude sales volumes versus the year-ago second quarter, and lower crude oil prices. Crude prices declined by $9.27 per average barrel of oil equivalent (BOE) to $98.79 from $108.06 per average BOE in the 2012 second quarter.

Operating income was $173,000 versus $368,000 in the second quarter last year. Net income was $130,000, or $0.03 per share, versus $289,000, or $0.06 per share, during the same quarter in 2012.

For the six-month period, revenue was $2.2 million versus $2.7 million during the same period of 2012. Operating income was $337,000 versus $824,000 in the comparable prior-year period, while net income was $243,000, or $0.05 per share, versus $661,000, or $0.14 per share, in the same period a year ago. Operating cash flow at the mid-year mark was $485,000 compared with $1.3 million during the first six months of last year.

At June 30, Pyramid had cash, cash equivalents and short-term investments of $6.3 million, total current assets of $7.3 million, and working capital of $6.7 million. The Company also reported long-term assets in the form of certificates of deposit of $1.1 million. Current liabilities at June 30 were $559,000 and total liabilities were $1.9 million. Stockholders' equity at the end of the quarter was $10.9 million.

John Alexander, president and CEO, said increasing Pyramid's crude production volumes remains a high priority. "We are focused on advancing our well re-entry program in Santa Maria, California. We are still awaiting associated permits from the State of California, and then will secure a contract drilling rig. We remain optimistic we can commence drilling operations later this year."

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
BALANCE SHEETS
         
ASSETS
         
         
    June 30,   December 31,
    2013   2012
    (Unaudited)   (Audited)
             
CURRENT ASSETS:            
  Cash and cash equivalents   $ 4,152,665   $ 3,834,097
  Short-term investments     2,138,406     2,135,709
  Trade accounts receivable     467,160     375,090
  Income taxes receivable     41,400     73,069
  Crude oil inventory     83,582     82,180
  Prepaid expenses and other assets     117,566     257,370
  Deferred income taxes     264,400     264,400
             
    TOTAL CURRENT ASSETS     7,265,179     7,021,915
             
PROPERTY AND EQUIPMENT, at cost            
  Oil and gas properties and equipment (successful efforts method)     20,063,740     20,007,453
  Capitalized asset retirement costs     425,978     425,978
  Drilling and operating equipment     2,058,744     1,966,750
  Land, buildings and improvements     1,098,918     1,098,918
  Automotive, office and other property and equipment     1,202,544     1,202,544
             
      24,849,924     24,701,643
  Less: accumulated depletion, depreciation, amortization and valuation allowances     -21,215,120     -20,953,324
             
  TOTAL PROPERTY AND EQUIPMENT     3,634,804     3,748,319
             
INVESTMENTS AND OTHER ASSETS            
  Long-term investments     1,116,493     1,101,526
  Deferred income taxes     522,500     621,800
  Deposits     250,000     250,000
  Other Assets     17,380     17,380
             
  TOTAL INVESTMENTS OTHER ASSETS     1,906,373     1,990,706
             
    TOTAL ASSETS   $ 12,806,356   $ 12,760,940
             
             
 
 
PYRAMID OIL COMPANY
BALANCE SHEETS
         
LIABILITIES AND STOCKHOLDERS' EQUITY
         
         
    June 30,   December 31,
    2013   2012
    (Unaudited)   (Audited)
             
CURRENT LIABILITIES:            
  Accounts payable   $ 177,346   $ 226,759
  Accrued professional fees     84,604     120,000
  Accrued taxes, other than income taxes     0     70,407
  Accrued payroll and related costs     57,446     58,954
  Accrued royalties payable     226,500     204,509
  Accrued insurance     13,197     94,116
             
    TOTAL CURRENT LIABILITIES     559,093     774,745
             
LONG TERM DEBT, net of current maturites     0     0
             
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS     1,346,172     1,327,861
             
    TOTAL LIABILITIES     1,905,265     2,102,606
             
COMMITMENTS AND CONTINGENCIES            
             
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; 4,688,085 shares issued and outstanding     1,682,971     1,682,971
  Retained earnings     9,218,120     8,975,363
             
    TOTAL STOCKHOLDERS' EQUITY     10,901,091     10,658,334
             
             
  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 12,806,356   $ 12,760,940
             
             
 
 
PYRAMID OIL COMPANY
STATEMENTS OF OPERATIONS
(UNAUDITED)
                 
    Three months ended June 30,   Six months ended June 30,
                 
    2013   2012   2013   2012
                         
REVENUES:                        
  Oil and gas sales   $ 1,154,409   $ 1,340,314   $ 2,162,212   $ 2,709,372
                         
COSTS AND EXPENSES:                        
  Operating expenses     500,043     459,798     934,481     889,739
  General and administrative     234,862     228,878     457,003     439,894
  Taxes, other than income and payroll taxes     37,158     36,960     67,555     84,381
  Provision for depletion, depreciation and amortization     148,817     186,738     261,796     367,894
  Accretion expense     7,932     5,730     18,311     18,817
  Other costs and expenses     52,973     54,669     86,198     84,474
                         
      981,785     972,773     1,825,344     1,885,199
                         
OPERATING INCOME     172,624     367,541     336,868     824,173
                         
OTHER INCOME (EXPENSE):                        
  Interest income     10,004     10,170     20,315     20,860
  Other income     0     250     0     250
  Interest expense     0     -290     0     -716
                         
      10,004     10,130     20,315     20,394
INCOME BEFORE INCOME TAX PROVISION     182,628     377,671     357,183     844,567
  Income tax provision                        
  Current     9,357     34,600     15,126     83,000
  Deferred     43,200     54,500     99,300     100,900
      52,557     89,100     114,426     183,900
                         
NET INCOME   $ 130,071   $ 288,571   $ 242,757   $ 660,667
                         
BASIC INCOME PER COMMON SHARE   $ 0.03   $ 0.06   $ 0.05   $ 0.14
                         
DILUTED INCOME PER COMMON SHARE   $ 0.03   $ 0.06   $ 0.05   $ 0.14
                         
Weighted average number of common shares outstanding     4,688,085     4,683,853     4,688,085     4,683,853
                         
Diluted average number of common shares outstanding     4,688,085     4,686,827     4,688,085     4,686,929
                         
                         
Contact:
CONTACTS:
John H. Alexander
President and CEO
Pyramid Oil Company
661-325-1000

Geoff High
Principal
Pfeiffer High Investor Relations, Inc.
303-393-7044

Rates

View Comments (0)