Welcome!

Microsoft Cloud Authors: Elizabeth White, Pat Romanski, Liz McMillan, Mihai Corbuleac, David Bermingham

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 Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
18th Cloud Expo, taking place June 7-9, 2016, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some...
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
"What we see what happens when you have a completely networked society and the potential to now drive the value creation and the collaboration and the ecosystems that are possible when you start to be able to connect people and industries together in ways that have never been possible before," explained Esmeralda Swartz, VP of Marketing Enterprise & Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...