SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended May 31, 1996 Commission File #0-7919
Wyoming Oil and Minerals, Inc.
------------------------------
(Exact name as specified in its Charter)
Wyoming 83-0217330
------------------------------- ------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
330 S. Center, Suite 419, Casper, Wyoming 82602
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(Address of Principal Executive Offices)
Registrant's Telephone Number, Including Area Code: (307 234-9638)
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Indicate by check mark whether the registrant (1) has filed all reports re-
quired to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period than the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
YES X NO
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As of May 31, 1996, there were 16,750,000 shares of $0.01 par value common
stock issued and outstanding.
WYOMING OIL AND MINERALS, INC.
TABLE OF CONTENTS
May 31, 1996
PART I - FINANCIAL STATEMENTS
Unaudited Balance Sheets
May 31, 1996 and February 29, 1996 1
Unaudited Condensed Statements of Operations
Three Months Ended May 31, 1996 and 1995 2
Unaudited Condensed Statements of Changes
in Financial Position
Three Months Ended May 31, 1996 and 1995 3
Unaudited Notes to Financial Statements 4
Management's Discussion and Analysis of
the Unaudited Condensed Statements of
Operations 5
PART II - OTHER INFORMATION 6
WYOMING OIL AND MINERALS, INC.
UNAUDITED BALANCE SHEETS
ASSETS May 31, Feb 29,
1996 1996
Current assets: ---------- ----------
Cash $3,829 $7,717
Accounts receivable 45,019 43,316
Marketable equity securities,
at market value (Note 4) 5,850 5,850
Inventory 50,005 50,005
---------- ----------
Total current assets: 104,703 106,888
---------- ----------
Property and equipment, at cost less
accumulated depreciation and depletion:
157,206 =February 29, 1996
161,831 =May 31, 1996
145,232 149,857
---------- ----------
Other assets 61 61
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$249,996 $256,806
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable, current portion (Note 3) $11,500 $12,000
Accounts payable and accrued expenses 72,775 73,928
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Total current liabilities: 84,275 85,928
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Long term debt (Note 3) 50,000 50,000
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Stockholders' equity:
Capital stock, common, $.01 par-value
Authorized: 25,000,000 shares
Issued: 16,750,000 shares as of
February 29, 1996 and May 31, 1996 167,500 167,500
Additional paid-in capital 1,021,025 1,021,025
Accumulated deficit (1,072,804)(1,067,647)
---------- ----------
115,721 120,878
---------- ----------
$249,996 $256,806
========== ==========
The notes to financial statements are an integral part of these statements.
1
WYOMING OIL AND MINERALS, INC.
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended
May 31, May 31,
1996 1995
Operating revenues: ---------- ----------
Oil and gas sales $75,400 $56,770
Other operating income 5,367 6,270
Gain (loss) on sale of assets
---------- ----------
Total operating revenues 80,767 63,040
---------- ----------
Operating expenses:
Gerneral and administrative 14,465 12,358
Production expenses 69,996 58,991
Lease rentals 12
---------- ----------
Total operating expenses 84,461 71,361
---------- ----------
Operating income (loss) (3,694) (8,321)
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Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 4 168
Interest (expense) (1,466) (1,840)
---------- ----------
Other income (expense) net (1,462) (1,672)
---------- ----------
Earnings (loss) from operations before taxes on earnings (5,156) (9,993)
Taxes on earnings
---------- ----------
Earnings (loss) before extraordinary items (5,156) (9,993)
Extraordinary items:
Effects of utilization of loss carry-forward benefits
---------- ----------
Net earnings (loss) ($5,156) ($9,993)
========== ==========
Weighted average number of shares outstanding 16,750,000 16,750,000
========== ==========
Net earnings (loss) per common share * *
========== ==========
*Less than $.01 per share
The notes to financial statements are an integral part of these statements.
2
WYOMING OIL AND MINERALS, INC.
UNAUDITED CONDENSED STATEMENTS OF CHANGES
IN FINANCIAL POSITION
Three Months Ended
May 31, May 31,
1996 1995
---------- ----------
Sources of working capital:
Net earnings (adjusted by items not using
working capital) ($532) ($7,010)
---------- ----------
(532) (7,010)
---------- ----------
Uses of working capital:
Purchase of properties (Note 2) 15,100
---------- ----------
15,100
---------- ----------
Increase (decrease) in working capital (532) (22,110)
Working capital (deficit), beginning of period 20,960 69,194
---------- ----------
Working capital (deficit), end of period $20,428 $47,084
========== ==========
The notes to financial statements are an integral part of these statements.
3
WYOMING OIL AND MINERALS, INC.
UNAUDITED NOTES TO FINANCIAL STATEMENTS
1. Significant accounting policies
-------------------------------
Refer to the Company's annual financial statements for a description of
the accounting policies which have been continued without change. Also, refer
to the footnotes with those financial satements for additional details of the
Company's financial condition, results of operations, and changes in financial
position. The details of those notes have not changed, except as a result of
normal transactions in the interim, or as disclosed within this report.
In the opinion of Management of the Company, the accompanying financial
statements contain all adjustments necessary to present fairly the financial
position as of May 31, 1996 and 1995, and the results of operations for the
three month periods then ended. The results of operations for the three month
periods ended May 31,1996 and 1995 are not necessarily indicative of the re-
sults to be expected for the full year.
2. Properties
----------
During the period ended May 31, 1995, the Company purchased interests
in seven wells located in Converse County, Wyoming at a cost of $15,100.
3. Notes payable
-------------
As of May 31, 1996, the Company had outstanding notes payable of $61,500.
The interest rate on these loans is 1% over the prime rate. A loan having a
balance of $11,500 is secured by a producing well.
4. Marketable Securities
---------------------
Marketable securities are carried at the lower of cost or market at the
balance sheet date. That determination is made by aggregating all current
marketable equity securities. Marketable equity securities in current assets
had a cost at May 31, 1996 of $73,411.
At May 31, 1996, there were gross unrealized losses of $67,561 per-
taining to the current portfolio.
4
WYOMING OIL AND MINERALS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS
The following is Management's discussion and analysis of material changes
in financial conditions since the end of the most recent fiscal year.
During the three months ended May 31, 1996, the Company's net working
capital decreased by $532, the result of capital used by operations.
Crude oil and natural gas sales for the three months ended May 31, 1996
were $18,630 higher than for the corresponding period of the prior year. This
increase is mostly the result of the timing of oil sales.
General and administrative expenses were $2,107 higher during the current
three month period as compared to the corresponding 1995 period. This in-
crease is due mainly to timing differences of various administrative costs.
Production expenses were $11,005 higher during the 1996 period as compare
to the 1995 period. This increase is mainly the result of the timing of
various well repair costs.
5
WYOMING OIL AND MINERALS, INC.
PART II - OTHER INFORMATION
Item 9 - Exhibits and Reports on Form 8-K
Exhibit 27
(b) None
6
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
WYOMING OIL AND MINERALS, INC.
(Registrant)
Dated:
-------------------------------- /s/ Jack C. Bradley, Jr.
-------------------------
Jack C. Bradley, Jr.
President and Chief
Financial Officer
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