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Share Name | Share Symbol | Market | Type |
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Yuma Energy Inc New | AMEX:YUMA | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.55 | 0 | 01:00:00 |
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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