Pyramid Oil Company Reports First Quarter Financial Results
(firmenpresse) - BAKERSFIELD, CA -- (Marketwired) -- 05/14/13 -- Pyramid Oil Company (NYSE MKT: PDO) today announced financial results for its first quarter ended March 31, 2013.
First quarter revenue was $1.0 million versus $1.4 million in the same quarter of fiscal 2012. The decrease was attributable to lower crude sales volumes versus the year-ago first quarter, and lower crude oil prices, which declined by $5.53 per average barrel of oil equivalent (BOE) to $106.29 from $111.82 per average BOE in the 2012 first quarter.
Operating income was $164,000 versus $457,000 in the first quarter last year. Net income was $113,000, or $0.02 per share, versus $372,000, or $0.08 per share, during the same quarter in 2012.
Pyramid ended the first quarter with cash, cash equivalents and short-term investments of $6.0 million, total current assets of $7.1 million, and working capital of $6.4 million. The Company also reported long-term assets in the form of certificates of deposit of $1.1 million. Current liabilities at March 31 were $680,000 and total liabilities were $2.0 million. Stockholders' equity at the end of the quarter was $10.8 million.
"We remain focused on advancing our previously discussed 2013 drilling program, which principally involves re-entering various wells on our Delaney Tunnell property in Santa Maria, California," said John Alexander, president and CEO. "We are currently working to secure the required State drilling permits and a contract rig, and hope to commence drilling operations during the second half of the year."
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: 14.05.2013 - 12:00 Uhr
Sprache: Deutsch
News-ID 259623
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BAKERSFIELD, CA
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Oil & Gas
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