Click here to close now.




















Welcome!

Microsoft Cloud Authors: Eric Aarrestad, Greg O'Connor, Liz McMillan, Aleksei Gavrilenko, Elizabeth White

News Feed Item

Pyramid Oil Company Reports Third Quarter and Nine-Month Financial Results

Company Delivers Continued Profitability and Improved Financial Strength; Value of Cash, Short-Term Investments and CDs Increases to $1.45 per Share

BAKERSFIELD, CA -- (Marketwire) -- 11/14/12 -- Pyramid Oil Company (NYSE MKT: PDO) today announced financial results for its third quarter and nine-month period ended September 30, 2012.

Third quarter revenue was $1.2 million versus $1.4 million in the same quarter a year ago. The decline was attributable to lower average crude sales prices and a decrease in crude production volumes. The Company realized third quarter crude prices per average barrel of oil equivalent (BOE) of $99.81 versus $105.06 per average BOE in the same quarter last year, while its net revenue share of crude oil sales decreased by approximately 1,400 barrels versus the 2011 third quarter.

Operating income was $286,000 versus a loss from operations of $162,000 in the third quarter last year. Last year's operating results included a $673,000 non-cash valuation allowance associated with the Pike 1-H horizontal joint venture well. Third quarter net income was $208,000, or $0.04 per share, versus net income of $4,000, or $0.00 per share in comparable prior-year quarter.

For the nine-month period, revenue was $3.9 million versus $4.3 million during the same period of 2011. Operating income was $1.1 million versus $726,000 in the comparable prior-year period, while net income was $869,000, or $0.19 per share, compared with net income of $751,000, or $0.16 per share, in the same period a year ago. Operating cash flow at the nine-month mark was to $1.7 million versus $2.0 million during the first nine months of last year.

Pyramid further strengthened its financial position during the quarter, as cash, cash equivalents and short-term investments increased to $5.7 million from $5.3 million at the end of the second quarter and $4.9 million at December 31, 2011. Working capital improved to $6.1 million, while total current assets have increased to $6.7 million. The Company also held $1.1 million in CDs at the end of the quarter, which, when combined with cash, cash equivalents and short-term investments, was $6.8 million, or $1.45 per share. Pyramid's balance sheet remained free of long-term debt at the close of the quarter.

"Another quarter of solid earnings and cash flow has added to the strength of our financial position, giving us increased flexibility as we seek opportunities to grow the Company," said John Alexander, president and CEO. "Enhancing shareholder value remains our primary focus as we evaluate these opportunities."

Pyramid is in the process of acquiring Victory Oil Company's 32% working interest in the Pike 1-H well and 50 acres of surface and mineral interests associated with Victory's Murphy Fee property. The transaction will give Pyramid 100% working interest in the Pike 1-H, which was drilled as a joint venture by Pyramid and Victory during the first quarter of 2011. Both Companies expect to conclude the transaction in the fourth quarter of 2012.

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         Nine months ended
                                September 30,             September 30,
                          ------------------------  ------------------------

                              2012         2011         2012         2011
                          -----------  -----------  -----------  -----------

REVENUES:
  Oil and gas sales       $ 1,198,420  $ 1,412,842  $ 3,907,792  $ 4,289,181
                          -----------  -----------  -----------  -----------

COSTS AND EXPENSES:
  Operating expenses          476,122      421,405    1,365,861    1,282,950
  General and
   administrative             192,910      222,583      632,804      666,375
  Stock based
   compensation                     0            0            0       43,743
  Taxes, other than
   income and payroll
   taxes                       44,885       37,399      129,266      101,358
  Provision for
   depletion,
   depreciation and
   amortization               151,502      184,208      519,396      595,631
  Valuation allowances              0      673,000            0      727,384
  Accretion expense            13,153        5,229       31,970       26,793
  Other costs and
   expenses                    33,975       31,280      118,449      118,964
                          -----------   ----------   ----------   ----------

                              912,547    1,575,104    2,797,746    3,563,198
                          -----------   ----------   ----------   ----------

OPERATING INCOME (LOSS)       285,873     -162,262    1,110,046      725,983
                          -----------   ----------   ----------   ----------

OTHER INCOME (EXPENSE):
  Interest income              10,975       12,193       31,835       38,704
  Other income                      0            0          250          500
  Interest expense               -152         -568         -868       -2,459
                          -----------   ----------   ----------   ----------

                               10,823       11,625       31,217       36,745
                          -----------   ----------   ----------   ----------
INCOME (LOSS) BEFORE
 INCOME TAX PROVISION
 (BENEFIT)                    296,696     -150,637    1,141,263      762,728
  Income tax provision
   (benefit)
    Current                    16,800       52,700       99,800      163,300
    Deferred                   72,000     -207,600      172,900     -151,500
                          -----------   ----------   ----------   ----------
                               88,800     -154,900      272,700       11,800
                          -----------   ----------   ----------   ----------

NET INCOME                $   207,896  $     4,263  $   868,563  $   750,928
                          ===========  ===========  ===========  ===========

BASIC INCOME PER COMMON
 SHARE                    $      0.04  $      0.00  $      0.19  $      0.16
                          ===========  ===========  ===========  ===========

DILUTED INCOME PER
 COMMON SHARE             $      0.04  $      0.00  $      0.19  $      0.16
                          ===========  ===========  ===========  ===========

Weighted average number
 of common shares
 outstanding
                            4,687,644    4,683,853    4,685,117    4,682,492
                          ===========  ===========  ===========  ===========

Diluted average number
 of common shares
 outstanding
                            4,687,644    4,685,177    4,685,117    4,688,465
                          ===========  ===========  ===========  ===========


                             PYRAMID OIL COMPANY
                               BALANCE SHEETS

                                   ASSETS

                                           September 30,      December 31,
                                               2012               2011
                                            (Unaudited)         (Audited)
                                         ----------------   ----------------

CURRENT ASSETS:
  Cash and cash equivalents              $      3,582,642   $      2,762,676
  Short-term investments                        2,134,391          2,128,380
  Trade accounts receivable                       431,151            555,495
  Income taxes receivable                          55,569             21,169
  Crude oil inventory                             106,025            118,156
  Prepaid expenses and other assets               116,140            255,846
  Deferred income taxes                           262,500            262,500
                                         ----------------   ----------------

    TOTAL CURRENT ASSETS                        6,688,418          6,104,222
                                         ----------------   ----------------

PROPERTY AND EQUIPMENT, at cost
  Oil and gas properties and
   equipment (successful efforts
   method)                                     19,919,006         19,124,558
  Capitalized asset retirement costs              409,338            401,242
  Drilling and operating equipment              1,966,750          1,956,371
  Land, buildings and improvements              1,073,918          1,073,918
  Automotive, office and other
   property and equipment                       1,228,147          1,192,118
                                         ----------------   ----------------

                                               24,597,159         23,748,207

  Less: accumulated depletion,
   depreciation, amortization and
   valuation allowances                       -20,611,051        -20,091,655
                                         ----------------   ----------------

  TOTAL PROPERTY AND EQUIPMENT                  3,986,108          3,656,552
                                         ----------------   ----------------

INVESTMENTS AND OTHER ASSETS
  Long-term investments                         1,093,919          1,071,984
  Deferred income taxes                           608,700            781,600
  Deposits                                        250,000            250,000
  Other Assets                                     17,380             17,380
                                         ----------------   ----------------

  TOTAL INVESTMENTS OTHER ASSETS                1,969,999          2,120,964
                                         ----------------   ----------------

    TOTAL ASSETS                         $     12,644,525   $     11,881,738
                                         ================   ================

                             PYRAMID OIL COMPANY
                               BALANCE SHEETS

                    LIABILITIES AND STOCKHOLDERS' EQUITY

                                           September 30,      December 31,
                                               2012,              2011
                                            (Unaudited)         (Audited)
                                         ----------------   ----------------

CURRENT LIABILITIES:
  Accounts payable                       $        147,763   $         88,494
  Accrued professional fees                       126,876            142,990
  Accrued taxes, other than income
   taxes                                           40,203             77,471
  Accrued payroll and related costs                62,987             51,252
  Accrued royalties payable                       206,513            224,810
  Accrued insurance                                     0             82,428
  Current maturities of long-term
   debt                                             5,981             32,285
                                         ----------------   ----------------

    TOTAL CURRENT LIABILITIES                     590,323            699,730
                                         ----------------   ----------------

LONG TERM DEBT, net of current
 maturites                                              0             22,330
                                         ----------------   ----------------

LIABILITY FOR ASSET RETIREMENT
 OBLIGATIONS                                    1,304,850          1,278,889
                                         ----------------   ----------------

    TOTAL LIABILITIES                           1,895,173          2,000,949
                                         ----------------   ----------------

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;
   4,683,853 shares issued and
   outstanding                                  1,682,971          1,682,971
  Retained earnings                             9,066,381          8,197,818
                                         ----------------   ----------------

    TOTAL STOCKHOLDERS' EQUITY                 10,749,352          9,880,789
                                         ----------------   ----------------

  TOTAL LIABILITIES AND STOCKHOLDERS'
   EQUITY                                $     12,644,525   $     11,881,738
                                         ================   ================


CONTACTS:
John H. Alexander
President and CEO
Pyramid Oil Company
661-325-1000

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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.