Pyramid Oil Company Reports Continued Earnings Growth in First Fiscal Quarter
(firmenpresse) - BAKERSFIELD, CA -- (Marketwire) -- 05/15/12 -- Pyramid Oil Company (NYSE Amex: PDO) today announced financial results for its first quarter ended March 31, 2012.
First quarter revenue increased to $1.4 million from $1.3 million in the same quarter of fiscal 2011. The increase was attributable to higher crude oil prices, which increased by $14.70 per average barrel of oil equivalent (BOE) to $111.82 from $97.12 per average BOE in the 2011 first quarter.
Operating income increased to $457,000, up 21% from $376,000 in the first quarter last year. Net income increased 16% to $372,000, or $0.08 per share, from $320,000, or $0.07 per share, during the 2011 first quarter.
Pyramid ended the quarter with cash, cash equivalents and short-term investments of $4.9 million, total current assets of $6.0 million, and working capital of $5.4 million. The Company also reported long-term assets in the form of certificates of deposit of $1.1 million. These CDs were classified on the December 31, 2011, balance sheet as short-term investments, but have been reclassified due to their date of maturity. At March 31, the Company remained free of long-term debt.
"We have delivered another quarter of solid earnings growth and have maintained a very strong balance sheet," said John Alexander, president and CEO. "During the period we also drilled a development well on our Carneros Creek property in Kern County, California. This well, the Santa Fe #20, has now been completed and stimulated using a gel-fracking procedure. Following an initial production of fluids, an unexplained blockage has occurred, and we are currently attempting to identify the cause and correct it."
Mr. Alexander added, "As part of our long-range effort to increase oil volumes, we hope to drill at least two additional wells during the balance of the year, provided we can obtain contract drilling rigs. Of course we also will continue to evaluate external growth opportunities that could further enhance value for our shareholders."
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: .
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.
John H. Alexander
President and CEO
Pyramid Oil Company
661-325-1000
Geoff High
Principal
Pfeiffer High Investor Relations, Inc.
303-393-7044
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 15.05.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 146599
Anzahl Zeichen: 0
contact information:
Town:
BAKERSFIELD, CA
Kategorie:
Oil & Gas
Diese Pressemitteilung wurde bisher 189 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Pyramid Oil Company Reports Continued Earnings Growth in First Fiscal Quarter"
steht unter der journalistisch-redaktionellen Verantwortung von
Pyramid Oil Company (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
