Attached files
| file | filename |
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| 8-K - Yuma Energy, Inc. | v308271_8k.htm |
Exhibit 99.1
| Pyramid Oil Company | FOR IMMEDIATE RELEASE: |
Pyramid Oil Company Reports Strong Full-Year
and Fourth Quarter Financial Growth
Selected Highlights:
| · | Full-year oil and gas sales increase 26% to $5.7 million versus 2010 |
| · | Full-year EPS improves to $0.23 from $0.05 in prior year |
| · | Operating cash flow increases to $2.5 million from $1.7 million in 2010 |
| · | Year-end cash, cash equivalents and short-term investments increase to $6.0 million from $4.6 million at end of 2010; long-term debt less than $25,000 |
BAKERSFIELD, Calif. – March 29, 2012 – Pyramid Oil Company (Amex: PDO) today announced financial results for its fiscal year and fourth quarter ended December 31, 2011.
Full-year oil and gas sales increased 26% to $5.7 million from $4.5 million in 2010. The increase was principally due to higher average crude oil prices, which increased by $28.74 per average barrel of oil equivalent (BOE) to $104.78 from $76.04 per average BOE in 2010. Total revenue increased 18% to $5.7 million from $4.8 million last year. Total revenue in 2010 included a $321,000 third-quarter gain on the sale of a portion of the Company’s interest in a Texas natural gas joint venture.
Full-year operating income increased to $1.2 million from $54,000 during in 2010. Net income increased to $1.1 million, or $0.23 per share, from net income of $246,000, or $0.05 per share, during 2010. The Company’s strong bottom-line growth was achieved despite non-cash valuation allowances in 2011 of $727,000 associated with two new wells that did not achieve anticipated production results.
For the fourth quarter, total revenue increased 18% to $1.4 million from $1.2 million in the same quarter last year. Average crude oil prices during the quarter increased $26.50 per average BOE to $108.15 from $81.65 per average BOE in the fourth quarter of 2010.
Pyramid reported fourth quarter operating income of $435,000 versus an operating loss of $91,000 in the prior year’s fourth quarter. Net income was $344,000, or $0.07 per share, versus a net loss of $27,000, or $0.01 per share, in the comparable prior-year period.
The Company closed the year with in cash, cash equivalents and short-term investments of $6.0 million, up 30% from $4.6 million at the end of 2010. Total current assets at December 31, 2011, were $7.2 million, working capital was $6.5 million and the Company had a current ratio of 10:1. Long-term debt was $22,000. Pyramid reported full-year cash flow from operations of $2.5 million, up 45% from $1.7 million during 2010.
“The financial results we delivered during 2011 resulted from the sustained strong price environment for crude coupled with our very lean cost structure,” said John Alexander, president and CEO. “Production from our core properties drove solid growth at both the top and bottom lines, as well as in operating cash flow. We also have augmented Pyramid’s financial position, and entered fiscal 2012 with the strongest balance sheet we have had in several years.”
“Looking forward, we will continue to pursue exploratory and developmental drilling prospects on our leases in Kern County, California. During the first quarter we commenced drilling the Santa Fe #20 well on our Carneros Creek property, and we hope to wrap up well completion efforts in the next few days. This is one of several wells we hope to drill during 2012, depending on rig availability. We also will continue to evaluate external growth opportunities as part of our overall objective of building shareholder value.”
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.
###
| CONTACTS: | |
| John H. Alexander | Geoff High |
| President and CEO | Principal |
| Pyramid Oil Company | Pfeiffer High Investor Relations, Inc. |
| 661-325-1000 | 303-393-7044 |
| PYRAMID OIL COMPANY | ||||||
| STATEMENTS OF OPERATIONS | ||||||
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| REVENUES: | ||||||||||||||||
| Oil and gas sales | $ | 1,400,768 | $ | 1,185,617 | $ | 5,688,437 | $ | 4,515,211 | ||||||||
| Gain on sales of property and equipment | 0 | 0 | 1,512 | 320,556 | ||||||||||||
| 1,400,768 | 1,185,617 | 5,689,949 | 4,835,767 | |||||||||||||
| COSTS AND EXPENSES: | ||||||||||||||||
| Operating expenses | 506,619 | 411,683 | 1,789,569 | 1,576,892 | ||||||||||||
| General and administrative | 213,404 | 221,106 | 879,779 | 874,899 | ||||||||||||
| Stock based compensation | 0 | 9,783 | 43,743 | 123,283 | ||||||||||||
| Taxes, other than income | ||||||||||||||||
| and payroll taxes | 35,805 | 31,038 | 137,163 | 128,351 | ||||||||||||
| Provision for depletion, | ||||||||||||||||
| depreciation and amortization | 139,600 | 204,979 | 735,231 | 703,094 | ||||||||||||
| Valuation allowances | 23,879 | 355,059 | 751,263 | 1,222,527 | ||||||||||||
| Accretion expense | 18,521 | 16,180 | 45,314 | 34,955 | ||||||||||||
| Other costs and expenses | 28,366 | 27,097 | 147,330 | 118,043 | ||||||||||||
| 966,194 | 1,276,925 | 4,529,392 | 4,782,044 | |||||||||||||
| OPERATING INCOME (LOSS) | 434,574 | -91,308 | 1,160,557 | 53,723 | ||||||||||||
| OTHER INCOME (EXPENSE): | ||||||||||||||||
| Interest income | 11,159 | 13,697 | 49,863 | 43,601 | ||||||||||||
| Other income (expense) | 0 | -24,058 | 500 | -14,061 | ||||||||||||
| Interest expense | -561 | 33 | -3,020 | -300 | ||||||||||||
| 10,598 | -10,328 | 47,343 | 29,240 | |||||||||||||
| INCOME (lLOSS) BEFORE INCOME | ||||||||||||||||
| TAX PROVISION (BENEFIT) | 445,172 | -101,636 | 1,207,900 | 82,963 | ||||||||||||
| Income tax provision (benefit) | ||||||||||||||||
| Current | 39,903 | 17,000 | 203,203 | 109,100 | ||||||||||||
| Deferred | 61,000 | -91,900 | -90,500 | -272,000 | ||||||||||||
| 100,903 | -74,900 | 112,703 | -162,900 | |||||||||||||
| NET INCOME (LOSS) | $ | 344,269 | $ | -26,736 | $ | 1,095,197 | $ | 245,863 | ||||||||
| Basic Income (Loss) Per Common Share | $ | 0.07 | $ | -0.01 | $ | 0.23 | $ | 0.05 | ||||||||
| Diluted Income (Loss) Per Common Share | $ | 0.07 | $ | -0.01 | $ | 0.23 | $ | 0.05 | ||||||||
| Weighted average number of | ||||||||||||||||
| common shares outstanding | 4,683,853 | 4,677,728 | 4,683,853 | 4,677,728 | ||||||||||||
| Diluted average number of | ||||||||||||||||
| common shares outstanding | 4,687,580 | 4,686,003 | 4,687,580 | 4,686,003 | ||||||||||||
| PYRAMID OIL COMPANY | ||||||
| BALANCE SHEETS | ||||||
| ASSETS | ||||||
| December 30, | December 31, | |||||||
| 2011 | 2010 | |||||||
| (Unaudited) | (Audited) | |||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 2,762,676 | $ | 1,535,532 | ||||
| Short-term investments | 3,200,364 | 3,058,528 | ||||||
| Trade accounts receivable | 549,476 | 508,457 | ||||||
| Joint interest billing receivable | 6,019 | 0 | ||||||
| Income taxes receivable | 21,169 | 0 | ||||||
| Crude oil inventory | 118,156 | 86,361 | ||||||
| Prepaid expenses and other assets | 255,846 | 230,876 | ||||||
| Deferred income taxes | 262,500 | 245,100 | ||||||
| TOTAL CURRENT ASSETS | 7,176,206 | 5,664,854 | ||||||
| PROPERTY AND EQUIPMENT, at cost | ||||||||
| Oil and gas properties and equipment | ||||||||
| (successful efforts method) | 19,124,558 | 18,101,529 | ||||||
| Capitalized asset retirement costs | 401,242 | 389,463 | ||||||
| Drilling and operating equipment | 1,956,371 | 1,946,805 | ||||||
| Land, buildings and improvements | 1,073,918 | 1,066,571 | ||||||
| Automotive, office and other | ||||||||
| property and equipment | 1,192,118 | 1,182,613 | ||||||
| 23,748,207 | 22,686,981 | |||||||
| Less: accumulated depletion, depreciation, | ||||||||
| amortization and valuation allowances | -20,091,655 | -18,687,908 | ||||||
| TOTAL PROPERTY AND EQUIPMENT | 3,656,552 | 3,999,073 | ||||||
| OTHER ASSETS | ||||||||
| Deferred income taxes | 781,600 | 708,500 | ||||||
| Deposits | 250,000 | 250,000 | ||||||
| Other Assets | 17,380 | 7,380 | ||||||
| TOTAL OTHER ASSETS | 1,048,980 | 965,880 | ||||||
| TOTAL ASSETS | $ | 11,881,738 | $ | 10,629,807 | ||||
| PYRAMID OIL COMPANY | ||||||
| BALANCE SHEETS | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| December 30, | December 31, | |||||||
| 2011 | 2010 | |||||||
| (Unaudited) | (Audited) | |||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 88,494 | $ | 73,374 | ||||
| Accrued professional fees | 142,990 | 122,506 | ||||||
| Accrued taxes, other than income taxes | 77,471 | 63,361 | ||||||
| Accrued payroll and related costs | 51,252 | 60,365 | ||||||
| Accrued royalties payable | 224,810 | 193,052 | ||||||
| Accrued insurance | 82,428 | 86,888 | ||||||
| Accrued income taxes | 0 | 12,800 | ||||||
| Current maturities of long-term debt | 32,285 | 13,473 | ||||||
| TOTAL CURRENT LIABILITIES | 699,730 | 625,819 | ||||||
| LONG TERM DEBT, net of current maturites | 22,330 | 26,946 | ||||||
| LIABILITY FOR ASSET RETIREMENT OBLIGATIONS | 1,278,889 | 1,235,193 | ||||||
| TOTAL LIABILITIES | 2,000,949 | 1,887,958 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| STOCKHOLDERS' EQUITY: | ||||||||
| Preferred stock-no par value; | ||||||||
| Authorized - 10,000,000 shares; | ||||||||
| Issued and outstanding - none | 0 | 0 | ||||||
| Common stock-no par value; | ||||||||
| Authorized - 50,000,000; | ||||||||
| Issued and outstanding - 4,683,853 shares | ||||||||
| and 4,677,728 shares at December 31, 2011 | ||||||||
| and December 31, 2010, respectively | 1,682,971 | 1,639,228 | ||||||
| Retained earnings | 8,197,818 | 7,102,621 | ||||||
| TOTAL STOCKHOLDERS' EQUITY | 9,880,789 | 8,741,849 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 11,881,738 | $ | 10,629,807 | ||||