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| 8-K - 8-K - Yuma Energy, Inc. | v360932_8k.htm |
| Pyramid Oil Company | FOR IMMEDIATE RELEASE: |
Pyramid Oil Company Reports Third Quarter Financial Results
BAKERSFIELD, Calif. – November 14, 2013 – Pyramid Oil Company (NYSE MKT: PDO) today announced financial results for its third quarter ended September 30, 2013.
Third quarter revenue was $1.1 million versus $1.2 million in the same quarter last year. The decrease was principally attributable to a 7% decline in crude oil production volumes offset by higher average sales prices. Crude prices increased by $2.32 per average barrel of oil equivalent (BOE) to $102.21 from $99.89 per average BOE in the 2012 third quarter.
The Company reported an operating loss of $928,000 versus operating income of $286,000 in the third quarter last year. The decline is attributable to $1.1 million in one-time expenses related to an employment agreement entered into in 2002 with the former president and CEO, who retired effective September 30, 2013. Net loss was $534,000, or $0.11 per share, versus net income of $208,000, or $0.04 per share, during the same quarter in 2012.
For the nine-month period, revenue was $3.3 million versus $3.9 million during the same period of 2012. Operating loss was $591,000 versus operating income of $1.1 million in the comparable prior-year period, while net loss was $291,000, or $0.06 per share, versus net income of $869,000, or $0.19 per share, in the same period a year ago. Operating cash flow at the nine-month mark was $846,000 compared with $1.7 million during the first nine months of last year.
At September 30, Pyramid had cash, cash equivalents, restricted cash and short-term investments of $6.6 million, and total current assets of $8.0 million. The Company also reported long-term assets in the form of certificates of deposit of $1.1 million. Current liabilities at September 30 were $964,000 and total liabilities were $3.0 million. Stockholders’ equity at the end of the quarter was $10.4 million.
“Absent one-time severance-related expenses, our year-to-date results would have generated income in excess of half a million dollars,” said Mike Herman, interim president and CEO. “Moreover, we have maintained our financial strength and closed the quarter with a healthy balance sheet.”
“Looking forward, we are establishing an aggressive program designed to improve oil production volumes and strengthen our financial performance. This program will include the rework and recompletion of several existing wells on our California properties.”
Herman added, “We have made important progress on our previously announced program to re-drill and deepen three wells into the Monterey formation on our Delaney Tunnell property in Santa Maria, California. State permits to re-drill two wells are now in hand, and we have received verbal confirmation from the State that two additional permits, which allow us to re-drill a third well and utilize it for water disposal, have been approved and will be sent to the Company shortly. We expect drilling operations on this project will commence during next year’s first quarter.”
Pursuant to management’s goal of growing the Company and improving shareholder value, Herman said Pyramid also will explore reserve acquisitions from other oil and gas operators, as well as potential merger and joint venture opportunities, should they arise.
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.
###
CONTACT:
Geoff High
Principal
Pfeiffer High Investor Relations, Inc.
303-393-7044
| PYRAMID OIL COMPANY | ||||||||||||||||||||||||
| STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
| REVENUES: | ||||||||||||||||||||||||
| Oil and gas sales | $ | 1,138,438 | $ | 1,198,420 | $ | 3,300,650 | $ | 3,907,792 | ||||||||||||||||
| COSTS AND EXPENSES: | ||||||||||||||||||||||||
| Operating expenses | 535,227 | 476,122 | 1,469,708 | 1,365,861 | ||||||||||||||||||||
| General and administrative | 294,430 | 192,910 | 751,433 | 632,804 | ||||||||||||||||||||
| Termination expenses | 1,040,764 | 0 | 1,040,764 | 0 | ||||||||||||||||||||
| Taxes, other than income | ||||||||||||||||||||||||
| and payroll taxes | 33,044 | 44,885 | 100,599 | 129,266 | ||||||||||||||||||||
| Provision for depletion, | ||||||||||||||||||||||||
| depreciation and amortization | 127,010 | 151,502 | 388,806 | 519,396 | ||||||||||||||||||||
| Accretion expense | 6,288 | 13,153 | 24,599 | 31,970 | ||||||||||||||||||||
| Other costs and expenses | 29,991 | 33,975 | 116,189 | 118,449 | ||||||||||||||||||||
| 2,066,754 | 912,547 | 3,892,098 | 2,797,746 | |||||||||||||||||||||
| OPERATING (LOSS) INCOME | (928,316 | ) | 285,873 | (591,448 | ) | 1,110,046 | ||||||||||||||||||
| OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
| Interest income | 10,235 | 10,975 | 30,550 | 31,835 | ||||||||||||||||||||
| Other income | 0 | 0 | 0 | 250 | ||||||||||||||||||||
| Interest expense | 0 | (152 | ) | 0 | (868 | ) | ||||||||||||||||||
| 10,235 | 10,823 | 30,550 | 31,217 | |||||||||||||||||||||
| (LOSS) INCOME BEFORE INCOME | ||||||||||||||||||||||||
| TAX PROVISION (BENEFIT) | (918,081 | ) | 296,696 | (560,898 | ) | 1,141,263 | ||||||||||||||||||
| Income tax provision (benefit) | ||||||||||||||||||||||||
| Current | (4,000 | ) | 16,800 | 11,126 | 99,800 | |||||||||||||||||||
| Deferred | (380,300 | ) | 72,000 | (281,000 | ) | 172,900 | ||||||||||||||||||
| (384,300 | ) | 88,800 | (269,874 | ) | 272,700 | |||||||||||||||||||
| NET (LOSS) INCOME | ($ | 533,781 | ) | $ | 207,896 | ($ | 291,024 | ) | $ | 868,563 | ||||||||||||||
| BASIC (LOSS) INCOME | ||||||||||||||||||||||||
| PER COMMON SHARE | ($ | 0.11 | ) | $ | 0.04 | ($ | 0.06 | ) | $ | 0.19 | ||||||||||||||
| DILUTED (LOSS) INCOME | ||||||||||||||||||||||||
| PER COMMON SHARE | ($ | 0.11 | ) | $ | 0.04 | ($ | 0.06 | ) | $ | 0.19 | ||||||||||||||
| Weighted average number of | ||||||||||||||||||||||||
| common shares outstanding | 4,688,085 | 4,687,644 | 4,688,085 | 4,685,117 | ||||||||||||||||||||
| Diluted average number of | ||||||||||||||||||||||||
| common shares outstanding | 4,688,085 | 4,687,644 | 4,688,085 | 4,685,117 | ||||||||||||||||||||
| PYRAMID OIL COMPANY | ||||||||||
| BALANCE SHEETS | ||||||||||
| ASSETS | ||||||||||
| September 30, | December 31, | |||||||||
| 2013 | 2012 | |||||||||
| (Unaudited) | (Audited) | |||||||||
| CURRENT ASSETS: | ||||||||||
| Cash and cash equivalents | $ | 3,512,689 | $ | 3,834,097 | ||||||
| Restricted cash | 334,657 | 0 | ||||||||
| Short-term investments | 2,139,695 | 2,135,709 | ||||||||
| Trade accounts receivable | 446,973 | 375,090 | ||||||||
| Income taxes receivable | 45,400 | 73,069 | ||||||||
| Crude oil inventory | 85,684 | 82,180 | ||||||||
| Prepaid expenses and other assets | 99,923 | 257,370 | ||||||||
| Deferred income taxes | 694,500 | 264,400 | ||||||||
| TOTAL CURRENT ASSETS | 7,359,521 | 7,021,915 | ||||||||
| PROPERTY AND EQUIPMENT, at cost | ||||||||||
| Oil and gas properties and equipment | ||||||||||
| (successful efforts method) | 20,089,288 | 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 | 1,136,566 | 1,202,544 | ||||||||
| 24,809,494 | 24,701,643 | |||||||||
| Less: accumulated depletion, depreciation, | ||||||||||
| amortization and valuation allowances | (21,306,941 | ) | (20,953,324 | ) | ||||||
| TOTAL PROPERTY AND EQUIPMENT | 3,502,553 | 3,748,319 | ||||||||
| INVESTMENTS AND OTHER ASSETS | ||||||||||
| Long-term investments | 1,124,100 | 1,101,526 | ||||||||
| Restricted cash | 632,672 | 0 | ||||||||
| Deferred income taxes | 472,700 | 621,800 | ||||||||
| Deposits | 250,000 | 250,000 | ||||||||
| Other Assets | 11,380 | 17,380 | ||||||||
| TOTAL INVESTMENTS OTHER ASSETS | 2,490,852 | 1,990,706 | ||||||||
| TOTAL ASSETS | $ | 13,352,926 | $ | 12,760,940 | ||||||
| PYRAMID OIL COMPANY | ||||||||||
| BALANCE SHEETS | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| September 30, | December 31, | |||||||||
| 2013 | 2012 | |||||||||
| (Unaudited) | (Audited) | |||||||||
| CURRENT LIABILITIES: | ||||||||||
| Accounts payable | $ | 199,909 | $ | 226,759 | ||||||
| Accrued professional fees | 116,020 | 120,000 | ||||||||
| Accrued taxes, other than income taxes | 28,822 | 70,407 | ||||||||
| Accrued payroll and related costs | 65,649 | 58,954 | ||||||||
| Accrued royalties payable | 218,783 | 204,509 | ||||||||
| Deferred compensation liability | 334,657 | 0 | ||||||||
| Accrued insurance | 0 | 94,116 | ||||||||
| TOTAL CURRENT LIABILITIES | 963,840 | 774,745 | ||||||||
| LIABILITY FOR DEFERRED COMPENSATION | 669,316 | 0 | ||||||||
| LIABILITY FOR ASSET RETIREMENT OBLIGATIONS | 1,352,460 | 1,327,861 | ||||||||
| TOTAL LIABILITIES | 2,985,616 | 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 | 8,684,339 | 8,975,363 | ||||||||
| TOTAL STOCKHOLDERS' EQUITY | 10,367,310 | 10,658,334 | ||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 13,352,926 | $ | 12,760,940 | ||||||