Pyramid Oil Company Reports Fourth Quarter and Full-Year Financial Results; Establishes Drilling Objectives for 2013
(firmenpresse) - BAKERSFIELD, CA -- (Marketwire) -- 04/01/13 -- Pyramid Oil Company (NYSE MKT: PDO) today announced financial results for its fourth quarter and full fiscal year ended December 31, 2012.
Fourth quarter revenue was $1.1 million versus $1.4 million in the same quarter in 2011. The decline was attributable to lower average crude sales prices and a decrease in crude production volumes. The Company realized fourth quarter crude prices per average barrel of oil equivalent (BOE) of $101.62 versus $108.15 per average BOE in the 2011 fourth quarter. The Company's net revenue share of crude oil sales decreased by approximately 2,250 barrels compared with the same quarter in 2011.
During the fourth quarter, the Company recorded a $237,000 non-cash valuation allowance associated with the Santa Fe #20 well, which was drilled during the first quarter but currently is not producing. The non-recurring charge resulted in a fourth quarter operating loss of $135,000 versus operating income of $435,000 in the comparable quarter last year. Fourth quarter net loss was $91,000, or $0.02 per share, versus net income of $344,000, or $0.07 per share, in comparable prior-year quarter.
For the full fiscal year, revenue was $5.0 million versus $5.7 million in 2011. The full-year realized price per average BOE was $105.38 versus $104.78 per average BOE in 2011, while the Company's net revenue share of crude oil sales decreased by 6,888 barrels versus 2011.
Operating income was $975,000 versus $1.2 million in the prior year, while net income was $778,000, or $0.17 per share, compared with net income of $1.1 million, or $0.23 per share, in 2011. The Company generated operating cash flow of $2.1 million versus $2.5 million during 2011.
Pyramid closed 2012 with cash, cash equivalents and short-term investments of $6.0 million, up from $4.9 million at the end of 2011. Working capital improved to $6.2 million from $5.4 million, while total current assets increased to $7.0 million from $6.1 million. The Company also held $1.1 million in CDs at December 31, 2012. The combined year-end value of the Company's cash, cash equivalents, short-term investments and CDs was $7.1 million, or $1.51 per share. Pyramid's balance sheet remained free of long-term debt at the end of the year.
"The enhanced the strength of our balance sheet will allow us to internally fund a more active drilling program during the coming year," said John Alexander, president and CEO. "One of our primary goals is to re-drill three existing wells on our Delaney Tunnell property in Santa Maria. Two of the wells will be producers, and will be re-drilled into the Monterey Formation at a depth of approximately 6,700 feet. The third well will be re-drilled as a disposal well for production water."
Mr. Alexander said the wells are currently in the planning and permitting phase, and depending on rig availability, the Company intends to commence re-drilling operations during this year's third or fourth quarter. The original wells were drilled to a depth of approximately 4,700 feet and produced from the Thomas Sands formation.
"If successful, these wells could represent meaningful additions to our daily production volumes," Mr. Alexander added. "They also could represent an important step toward our continuous objective of maximizing shareholder value."
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
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Datum: 01.04.2013 - 11:00 Uhr
Sprache: Deutsch
News-ID 244543
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