Pyramid Oil Company Reports Second Quarter Financial Results
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 | |||||||||
