SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended February 29, 1996
Commission File Number 0-7919
WYOMING OIL & MINERALS, INC.
A Wyoming Corporation I.R.S. Employer
Identification
Number 83-0217330
330 South Center
Suite 419
Casper, Wyoming 82601
P.O. Box 3560
Casper, Wyoming 82602
Registrant's telephone number including area code: (307) 234-9638
Securities Registered Pursuant to Section 12(g)
COMMON STOCK
Indicate by check mark whether the Registrant (1) has filed
all reports required 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 that 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
State the aggregate market value of the voting stock held by
non-affiliates of the Registrant (13,864,500 shares). The
aggregate market value shall be computed by reference to the price
at which the stock was sold, or the average bid and asked prices of
such stock, as of a specified date within 60 days prior to the date
of filing. As of April 9, 1996 (based on $.01 bid, $.050 asked) -
$415,935.
Indicate the number of shares outstanding of each of the
Registrant's classes of common stock as of the latest practicable
date. April 9, 1996 16,750,000 shares.
DOCUMENTS INCORPORATED BY REFERENCE: None
Item 1. Business
Wyoming Oil & Minerals, Inc. (the Company), a Wyoming
Corporation, was incorporated on February 23, 1973 as Wyoming Coal
Corporation. It was organized primarily to hold and develop state
and fee coal leases and secondarily to acquire oil and gas
properties and explore for, develop and produce oil and gas. As
the Company evolved, its emphasis shifted from holding and
developing the coal leases to acquiring oil and gas leases and
production. Some of the Company's coal leases have been explored
and found not to contain coal deposits in commercial quantities and
been dropped. As of the date of this report, the Company's coal
properties have all been sold or dropped. Since oil and gas sales
are now the Company's primary revenue source, its name was changed
to Wyoming Oil & Minerals, Inc. at a shareholders meeting held
August 10, 1981 to more accurately reflect the Company's business.
Generally, the economic success of the Company depends on its
ability to locate and purchase oil and gas properties or purchase
or lease valuable oil and gas prospects or mineral deposits. The
Company must further operate, sell or lease these deposits or
prospects to others at a profit or develop the properties itself or
in conjunction with others.
To accomplish these goals, the Company will encounter
competition from major oil and mining companies and other
independent operators attempting to acquire prospective oil and gas
leases, coal leases, production and other mineral interest. These
sources of competition may be both large and small energy oriented
companies operation in the states in which the Company does
business or may do business in the future. Some of these
competitors are major oil and gas and coal companies with
substantial reserves and earnings records. Others are small
independents with varying degrees of stability. Some not only
produce oil and gas, but refine and market petroleum products.
Some produce and market coal. The Company may be in a position of
competitive disadvantage with many of these companies in that they
have greater sources of capital, technical and management
personnel, research facilities and sources of information.
Compliance with statutory requirements respecting
environmental quality may necessitate significant capital outlays
which may materially effect the earning power of the Company or may
cause material changes in the Company's proposed business. Inc the
past fiscal year, the Company expended less than $1,000 to comply
with environmental regulation. It does not contemplate spending
significant funds incidental to its operation in the present fiscal
year to comply with environmental regulations.
The Company markets its properties or interest in its
properties to others who will develop them with the Company
retaining an economic interest. The Company also drills
exploratory oil and gas wells by itself and in joint venture with
others. Additional funds may be needed to engage in these
activities and the Company hopes to finance all or some of its
interest in these by having others pay for the drilling and/or
completion of wells in exchange for an interest in the particular
well or prospect. 2
The business of the Company is seasonal only to the extent
that weather conditions, particularly snow and cold in the winter,
impede the ability of the Company or others who may be developing
properties in which the Company has an interest to conduct
exploratory activities, drilling production or mining operations.
The Company employs its President, Jack C. Bradley, Jr., who
receives $2000 monthly and reimbursement of his actual and
necessary expenses and one assistant.
The Company is operating in one industry segment, the
exploration, production and sale of oil and gas. See Financial
Statements.
Item 2. Properties
The Company rents office space in the Goodstein Building in
Casper, Wyoming at $400 per month.
Oil and Gas Properties. For the following discussion, gross
well or acre is a well or acre in which an interest is owned. The
number of gross wells is the total number of wells in which and
interest is owned.
A net well or acre is deemed to exist when the sum of
fractional ownership interest in gross wells or acres equals one.
The number of net wells or acres is the sum of the fractional
ownership interests owned in gross wells or acres as expressed as
whole numbers and fractions thereof.
A summary of the Company's oil and gas properties as of
February 29, 1996 all located in the state of Wyoming is as
follows:
Gross Acres* Net Acres*
Undeveloped proved and
unproved acres:
Leasehold interest:
Oil and gas 440 432
Developed proved acres:
Leasehold interest:
Primarily oil 4,730 1,876
Primarily gas 320 97
* - decrease in acres due to expiration of override leases
expired in which the Company had no basis.
Oil and Gas Production. As of February 29, 1996, the Company
owns the following productive wells:
Oil Gas
Gross Net Gross Net
Working Interest 39 19.4509 0 0
Royalty 36 .1046 0 0
3
From its drilling efforts and from production purchased from
others, the Company's net yearly production of crude oil and gas
has been as follows:
Year Ended
the last day
of February Crude Oil in Barrels Gas in MCF
1994 13,372 12,599
1995 15,970 5,081
1996 13,157 3,558
The average sales price (including transfers) per unit oil and
gas produced for the years ended the last day of February is as
follows:
1996 1995 1994
Oil -- Barrels $17.00 $16.08 $12.25
Gas -- MCF $ 1.43 $ 1.47 $ 1.58
The average production (lifting) cost per unit of production
is as follows:
1996 1995 1994
Oil -- Barrels $16.96 $13.63 $ 9.45
Gas -- MCF $ 1.25 $ 1.25 $ 1.25
Net Exploratory Wells
Fiscal Year
Drilled Producers Dry Holes Total Wells
1994 0 0 0
1995 0 0 0
1996 0 0 0
Net Development Wells
Fiscal Year
Drilled Producers Dry Holes Total Wells
1994 0 0 0
1995 0 0 0
1996 0 0 0
Reserves. The following are reserve estimates as of last day
of February:
4
Proved Oil and Gas Reserves Oil (bbls) Gas (mcf)
1994 128,216 489,108
1995 69,093 99,916
1996 163,378 86,884
Proved Developed Oil and Gas Reserves
1994 124,116 224,108
1995 69,093 99,916
1996 163,378 86,884
The reserve estimates for all properties were computed both by
management and by independent petroleum engineers for areas in
which the Company has interest in certain wells. No reserve
figures have been filed with or reported to any other regulatory
authorities or agencies.
The Company has annual rental obligations from $0.50 to $1.00
per acre on all of its leasehold oil and gas on which there is no
production. If these payments are not made when due, the leases
terminate. Additionally, the leases terminate at the end of this
term unless production is obtained in which case the lease
continues as long as production continues.
Oil and Gas Operations. The Company follows the successful
efforts method of accounting for oil and gas exploration and
development activities. Under this method of accounting lease
acquisition costs, intangible drilling costs and other costs
associated with exploration efforts which result in the discovery
of proved reserves are capitalized. Costs of well equipment,
development drilling, support facilities, major betterments and
renewals and other development costs are capitalized. Capitalized
costs are amortized using the units of production method. For
leasehold costs, the basis is total estimated units proved
developed reserves both of which are estimated by independent
engineers and management of the Company. the amortized amounts are
charged to depreciation and depletion expense. The recoverability
of costs capitalized related to proved and unproved acreage is
reviewed periodically. Any impairment discovered is charged to
expenses.
Costs of drilling exploratory wells which do not result in the
discovery of proved reserves are charged to expense. Production
costs, geological and geophysical costs, and maintenance and
repairs are charged to expense.
Item 3. Legal Proceedings.
None
Item 4. Submission of Matters to a Vote of Security Holders.
None
5
PART II
Item 5. Market for Registrant's Common Equity and
Related Stockholder Matters.
Bid Prices
High Low
March 1, 1987 through February 28, 1988 1 cent 1 cent
March 1, 1988 through February 28, 1989 1 cent 1 cent
March 1, 1989 through February 28, 1990 1 cent 1 cent
March 1, 1990 through February 28, 1991 1 cent 1/2 cent
March 1, 1991 through February 28, 1992 1/2 cent 1/2 cent
March 1, 1992 through February 28, 1993 1 cent 1 cent
March 1, 1993 through February 28, 1994 1 cent 1 cent
March 1, 1994 through February 28, 1995 1 cent 1 cent
March 1, 1995 through February 28, 1996 1 cent 1 cent
The source for the over-the-counter quotations is the National
Association of Securities Dealers. Such quotations reflect inter-
dealer prices without retail mark-up, mark-down, or commission and
may not necessarily represent actual transactions.
There were approximately 1,599 holders of record of the
Company's common stock as of May 22, 1996.
No dividends have been declared or paid in the Company's
history. Wyoming law generally provides that dividends may be
declared and paid only out of the unreserved and unrestricted
earned surplus of the corporation, except when the Articles of
Incorporation of a corporation engaged in the business of
exploiting natural resources so provide, dividends may be declared
and paid out of depletion reserves.
Wyoming Oil & Minerals, Inc. has no unreserved and
unrestricted earned surplus and its Articles of Incorporation do
not provide that dividends may be paid from depletion reserves.
6
Item 6. Selected Financial Data
Year Ended February 28/29
1996 1995 1994 1993 1992
Revenues:
Operating revenues from
oil and gas sales $266,227 $293,777 $207,295 $117,297 $155,279
Other operating
revenues 24,962 32,160 25,852 25,187 28,522
Earnings (loss) from
continuing operations before
extraordinary items (51,635) (27,147)(396,484) 9,442 17,260
Extraordinary items -- -- -- -- 42,323
Net earnings (loss) from
continuing operations (51,635) (27,147)(396,484) 9,442 59,583
Earnings (loss) per share from
continuing operations * * (.02) * *
Cash dividends per
common share -- -- -- -- --
At year end:
Total assets 256,806 284,012 414,237 729,758 754,992
Long-term obligations 50,000 50,000 58,703 -- --
* Less than $.01 per share
Item 7. Management's Discussion and Analysis of
Financial Conditions and Results of Operation
Financial Position
During the Company's fiscal year 1996, net cash decreased by
$53,270. Of this decrease, $33,170 is the result of operating
activities, $15,100 was for the purchase of properties and $5,000
was principal payments on debt. The Company's emphasis regarding
property additions continues to be toward acquiring existing
production rather than from drilling new wells. No new drilling
was done by the Company in fiscal 1996 and significant costs
related to maintaining existing production. Short term notes
payable decreased by $5,000 which was paid in cash. The Company
has financed property acquisitions with debt and continue to repay
such borrowing with the revenues from those properties.
During the Company's fiscal year 1996, crude oil prices varied
within a range of approximately $13.07 to $19.10 a barrel. Natural
gas prices varied within a range of approximately $1.03 to $1.50.
Revenue from such acquired properties must not only service debt,
but continue to provide positive cash flow after retirement of that
debt.
7
Result of Operations
The Company's oil and gas revenues decreased from $293,777 in
fiscal 1995 to $266,227 in fiscal 1996. Present production has the
effect of decreasing Wyoming Oil & Minerals reserves, however, due
mainly to the waterflood of the Don Thorson #1 and the Wade Hill
unit, total oil and gas reserves increased significantly for the
fiscal year ended February 29, 1996. An independent engineering
firm generated a partial reserves analysis during fiscal year 1996.
Crude oil sales decreased by approximately 3067 equivalent barrels,
which was mainly due to the Don Thorson #1 being out of operation
for a number of months.
During fiscal 1996, the amount reserved for the depletion of
reserves and the depreciation of equipment was $18,501. Loss on
operations for the year was $45,190 due to increased workover costs
on the recently acquired producing properties.
Production and operating expenses did not materially change as
a percentage form fiscal 1995 to 1996, except for the increased
workover cost described above.
"Total" General and Administrative expenses increased $11,546
from $53,284 in fiscal 1995 to $64,830 in fiscal 1996 mainly due to
outside service expense of $9,161 for the year. Since fiscal 1985,
the Company resolved to avoid those activities that required
additional outside professional services and to limit operations to
the management of existing properties and the acquisition of
additional properties within the Company's ordinary course of
business.
Interest expense remained approximately the same as in fiscal
1995.
Management anticipates higher crude oil and natural gas prices
and therefore, and increase in oil and gas revenues in fiscal year
1997 to fiscal year 1996 will come from additional production and
higher oil and gas prices.
8
Financial Position
During the Company's fiscal year 1995, net cash decreased by
$26,989. Of this decrease, $50,612 is the result of operating
activities, $75,616 is proceeds from the sale of properties, $2,436
was for the purchase of properties and $49,557 was principal
payments on debt. The Company's emphasis regarding property
additions continues to be toward acquiring existing production
rather than from drilling new wells. No new drilling was done by
the Company in fiscal 1995 and significant costs related to
maintaining existing production. Short term notes payable
decreased by $7,500 which was paid in cash. The Company has
financed property acquisitions with debt and continue to repay such
borrowing with the revenues from those properties.
During the Company's fiscal year 1995, crude oil prices varied
within a range of approximately $10.55 to $18.10 a barrel. Natural
gas prices varied within a range of approximately $1.08 to $1.82.
Revenue from such acquired properties must not only service debt,
but continue to provide positive cash flow after retirement of that
debt.
Result of Operations
The Company's oil and gas revenues increased from $207,295 in
fiscal 1994 to $293,777 in fiscal 1995. This increase resulted
from the purchase of additional producing properties. Present
production has the effect of increasing Wyoming Oil & Minerals
reserves, however, due mainly to the loss of the Bradbury well and
sale of another producing property, total oil and gas reserves
decreased significantly for the fiscal year ended February 28,
1995. An independent engineering firm generated a partial reserves
analysis during fiscal year 1995. Crude oil sales increased by
approximately 1345 equivalent barrels, which was mainly due to the
purchase of producing properties.
During fiscal 1995, the amount reserved for the depletion of
reserves and the depreciation of equipment was $10,467. Loss on
operations for the year was $20,361 due to a loss of $16,519 on the
sale of a producing property and increased workover costs on the
newly acquired producing properties.
Production and operating expenses did not materially change as
a percentage form fiscal 1994 to 1995, except for the increased
workover cost described above.
"Total" General and Administrative expenses increased $15,792
from $37,492 in fiscal 1994 to $53,284 in fiscal 1995 mainly due to
an increase in salary to the President of $18,000. Since fiscal
1985, the Company resolved to avoid those activities that required
additional outside professional services and to limit operations to
the management of existing properties and the acquisition of
additional properties within the Company's ordinary course of
business.
Interest expense increased by $2,170 due to additional
borrowing.
9
Management anticipates higher crude oil and natural gas prices
and therefore, and increase in oil and gas revenues in fiscal year
1996 to fiscal year 1995 will come from additional production and
higher oil and gas prices.
Financial Position
During the Company's fiscal year 1994, net cash increased by
$20,337. Of this increase, $9,629 is the result of operating
activities, $27,063 is proceeds from the sale of properties,
$102,911 was for the purchase of properties, $13,444 was principal
payments on debt and $100,000 was the proceeds of loans. The
Company's emphasis regarding property additions continues to be
toward acquiring existing production rather than from drilling new
wells. No new drilling was done by the Company in fiscal 1994 and
significant costs related to maintaining existing production.
Short term notes payable decreased by $5,500 which was paid in
cash. The Company has financed property acquisitions with debt and
continue to repay such borrowing with the revenues from those
properties.
During the Company's fiscal year 1994, crude oil prices varied
within a range of approximately $10.62 to $18.75 a barrel. Natural
gas prices varied within a range of approximately $1.11 to $1.96.
Revenue from such acquired properties must not only service debt,
but continue to provide positive cash flow after retirement of that
debt.
Result of Operations
The Company's oil and gas revenues increased from $117,297 in
fiscal 1993 to $207,295 in fiscal 1994. This increase resulted
from the purchase of additional producing properties. During 1994
the Company and other related and unrelated parties purchased the
Waugh Dome Field (see Note #3) in Hot Springs County, Wyoming and
the Thorson #1 well in Weston County, Wyoming. Present production
has the effect of significantly increasing Wyoming Oil & Minerals
reserves. An independent engineering firm generated a reserves
analysis during fiscal year 1994. A replacement operator has
assumed control of the Bradbury B #1 well in Uinta County, Wyoming,
and other wells in the area (see Note #10). Information has been
published that a gas production line for the field will be
constructed to an existing gas plant in the area. Crude oil sales
increased by approximately 8500 equivalent barrels, which was
mainly due to the purchase of producing properties.
During fiscal 1994, the amount reserved for the depletion of
reserves and the depreciation of equipment was $39,286. Loss on
operations for the year was $374,419 due to a loss of $356,973 on
the sale of the Finn Shurley Field and increased workover costs on
the newly acquired producing properties.
Production and operating expenses did not materially change as
a percentage form fiscal 1993 to 1994, except for the increased
workover cost 1described above.
10
"Total" General and Administrative expenses decreased $16,522
from $53,951 in fiscal 1993 to $37,492 in fiscal 1994. Since
fiscal 1985, the Company resolved to avoid those activities that
required additional outside professional services and to limit
operations to the management of existing properties and the
acquisition of additional properties within the Company's ordinary
course of business.
Interest expense increased by $906 due to additional
borrowing.
Management anticipates higher crude oil and natural gas prices
and therefore, and increase in oil and gas revenues in fiscal year
1995 to fiscal year 1994 will come from additional production and
higher oil and gas prices.
Item 8. Financial Statements and Supplementary Data.
For the financial statements and supplementary data required
by Item 8, see Financial Statements, Unaudited Supplemental
Financial Information and Schedules.
Item 9. Disagreements on Accounting and Financial Disclosure.
Not applicable
PART III
Item 10. Directors and Executive Officers
of the Registrant.
The following are the present directors and executive officers
of the Company and the director-nominees for the coming year.
Jack C. Bradley Jr., age 54, has been president and a director
of the Company since February 23, 1973. Bradley also is the
president, a director, and the majority shareholder of Manx Oil
Corporation, Casper, Wyoming since 1969; vice-president, director
and shareholder on Manewal-Bradley Oil Company, Newcastle, Wyoming
since 1962; and, secretary, director and shareholder of
Econoservice, Inc., Casper, Wyoming since 1986 -- all of which are
engaged in the oil and gas exploration or production business.
Since 1970, he has been owner of Zephyr Exploration which is
a sole proprietorship engaged in the oil and gas exploration and
production business and real estate investments.
Jess A. Tolerton, age 72, has been secretary, treasurer and
director since February 12, 1974. Tolerton was a practicing
attorney in Cheyenne, Wyoming from 1966 to 1968 and from January
1974 to December 31, 1990. He is now retired from practice.
There is no family relationship between any of the officers
and directors of the Company. The term of the officers expire at
the annual directors meeting.
11
Item 11. Executive Compensation
No director or officer of the Company received enumeration
which exceeded $60,000 in the past fiscal year.
The Company has never granted any options to any of its
officers or directors to purchase any of the Company's securities.
The Company has adopted a key employee stock option plan designed
to qualify under Section 422 of the Internal Revenue Code of 1954,
as amended; however, no options have been granted pursuant to the
plan. At the present time, no officer or director holds any
options granted by the Company to purchase any on the Company's
securities.
Item 12. Security Ownership of Certain
Beneficial Owners and Management.
Amount and Nature
of Beneficial Percent of
Name and Address Ownership Class
The Hawks Company 1,260,000 (1) 7.5%
P.O. Box 2493
Casper, WY 82601
(1) Owned of record
The following are shares owned by management:
Amount and Nature
of Beneficial Percent of
Director Ownership Class
Jack C. Bradley, Jr. 2,135,500 (1) 12.7%
P.O. Box 3560
Casper, WY 82602
Jess A. Tolerton 650,000 3.9%
All directors and
officers as a group 2,785,500 16.6%
(1) Of this total 2,085,500 shares are owned by record by Jack C.
Bradley, Jr., and 50,000 are owned by Manx Oil Corporation of
which Bradley is the president, a director, and owner of a majority
of its outstanding common shares.
Item 13. Certain Relationships and Related Transactions.
Not applicable.
12
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K.
(a) See attached Financial Statements,
Unaudited Supplemental Financial Information and Schedules.
(b) No reports of Form 8-K were filed in the fourth quarter of the
fiscal year ended February 29, 1996.
(c) Exhibits required by Item 601 of Regulation SK: None
13
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
WYOMING OIL & MINERALS, INC.
A Wyoming Corporation
By: /s/ Jack C. Bradley, Jr.
Jack C. Bradley, Jr., President
and Principal Financial Officer
DATED: May 8, 1996
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following person on
behalf of the Registrant and in the capacities and on the dates
indicated.
/s/ Jack C. Bradley, Jr.
Jack C. Bradley, Jr.,
Director and President
DATED: May 8, 1996
/s/ Jess A. Tolerton
Jess A. Tolerton
Director and Secretary
DATED: May 8, 1996
INDEPENDENT AUDITORS' REPORT
Board of Directors
Wyoming Oil and Minerals, Inc.
Casper, Wyoming
I have audited the accompanying balance sheets of Wyoming Oil and
Minerals, Inc., as of February 29, 1996 and February 28, 1995 and
the related statements of operations, changes in stockholders'
equity and cash flows for the years ended February 29, 1996,
February 28, 1995 and February 28, 1994. These financial
statements are the responsibility of the Company's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Wyoming
Oil and Minerals, Inc. as of February 29, 1996 and February 28,
1995, and the results of its operations and changes in its
stockholders' equity and its cash flow for the years ended February
29, 1996, February 28, 1995 and February 28, 1994, in conformity
with generally accepted accounting principles.
In the course of my audit of the financial statements, I also
examined Schedules I, IV, V, VI and X for the years ended February
29, 1996, February 28, 1995 and February 28, 1994. In my opinion,
such schedules present fairly the financial data required to be set
forth therein.
MAURICE M. MORTON
Certified Public Accountant
Casper, Wyoming
May 8, 1996
WYOMING OIL AND MINERALS, INC.
Balance Sheets
ASSETS
February 29, February 28,
1996 1995
Current assets:
Cash $ 7,717 $ 60,987
Accounts receivable 43,316 46,194
Marketable equity securities -
(Note 3) 5,850 5,850
Inventory of oilfield equipment and
oil in tanks - at lower of cost (specific identification)
or market 50,005 17,662
Total current assets 106,888 130,693
Property and equipment, at cost under the
successful efforts method of accounting
(Note 4):
Proved oil and gas properties
(Notes 4, 5, & 6) 298,142 283,042
Unproved oil and gas properties 4,842 4,842
Pipeline and drilling equipment 570 570
Office furniture and equipment 3,509 3,509
307,063 291,963
Less accumulated depletion and
depreciation (157,206) (138,705)
149,857 153,258
Other assets 61 61
Total $256,806 $284,012
(Continued)
See accompanying notes to financial statements.
F-2
WYOMING OIL AND MINERALS, INC.
Balance Sheets
(Continued)
February 29, February 28,
1996 1995
Current liabilities:
Notes payable (Note 5):
Related parties $12,000 $ 17,000
Accounts payable (Note 11) 72,123 44,499
Accrued expenses 1,805 -
Total current liabilities 85,928 61,499
Long-term debt-related parties (Note 6)50,000 50,000
Stockholders' equity (Note 7):
Common stock, $.01 par value:
Authorized - 25,000,000 shares
Issued - 16,750,000
shares in 1996 and 1995 167,500 167,500
Additional paid-in capital 1,021,025 1,021,025
Accumulated deficit (1,067,647) (1,016,012)
120,878 172,513
Totals $256,806 $284,012
See accompanying notes to financial statements.
F-3
WYOMING OIL AND MINERALS, INC.
Statements of Operations
February 29, February 28, February 28,
1996 1995 1994
Operating revenues:
Oil and gas sales
(Notes 5, 6 & 10) $266,227 $293,777 $207,295
Gain (loss) on sale of oil and
gas properties and equipment - (16,519) (356,973)
Other operating income 24,962 32,160 25,852
Total operating revenues 291,189 309,418 (123,826)
Operating expenses:
General and administrative 64,830 53,284 37,429
Depreciation and depletion 18,501 10,467 39,286
Oil and gas production costs 251,419 250,316 165,650
Abandoned properties - 15,006 6,834
Lease rentals 1,629 706 1,394
Total operating expenses 336,379 329,779 250,593
Operating income (loss) (45,190) (20,361) (374,419)
Other income (expense):
Loss on sale of other securities - -- (17,500)
Interest income 523 239 290
Interest expense (6,968) (7,025) (4,855)
Other income (expense), net(6,445) (6,786) (22,065)
(Continued)
See accompanying notes to financial statements.
F-4
WYOMING OIL AND MINERALS, INC.
Statements of Operations
(Continued)
February 29, February 28, February 28,
1996 1995 1994
Earnings (loss) before
income taxes: $(51,635) $(27,147) $(396,484)
Current taxes - - -
Net earnings (loss) $(51,635) $(27,147) $ (396,484)
Weighted average number of shares
outstanding 16,750,000 16,750,000 16,750,000
Net earnings (loss ) per
common share:
Primary and fully diluted:
Net earnings (loss) $ * $ * $ (.02)
*Less than $.01 per share
See accompanying notes to financial statements.
F-5
WYOMING OIL AND MINERALS, INC.
Statements of Stockholders' Equity
Common Stock
$.01 Par Value Paid-in
Shares Amount Capital
Balance at February 28, 1993 $16,750,000 $167,500 $1,020,525
Sale of Treasury Stock - - 500
Net Loss - - -
Balance at February 28, 1994 16,750,000 167,500 1,021,025
Net Loss - - -
Balance at February 28, 1995 16,750,000 167,500 1,021,025
Net Loss - - -
Balance at February 29, 1996 $16,750,000 $167,500 $1,021,025
Additional
Accumulated Treasury Stock
Deficit Shares Amount Total
Balance at February 28, 1993$ (592,381) $100,000 $(500) $595,144
Sale of Treasury Stock - (100,000) 500 1,000
Net Loss (396,484) - - (396,484)
Balance at February 28, 1994 (988,865) - - 199,660
Net Loss ( 27,147) - - ( 27,147)
Balance at February 28, 1995 (1,016,012) - - 172,513
Net Loss ( 51,635) - - ( 51,635)
Balance at Febryary 29, 1996$(1,067,647) - - $120,878
See accompanying notes to financial statements
F-6
WYOMING OIL AND MINERALS, INC.
Statements of Cash Flows
February 29, February 28, February 28,
1996 1995 1994
Cash flows from operating activities:
Cash received from customers $294,067 $314,001 $224,261
Cash paid to suppliers
and employees (322,597) (357,714) (210,725)
Interest income 523 239 290
Interest expense (5,163) (7,138) (4,197)
Net cash provided by (used in)
operating activities (33,170) (50,612) 9,629
Cash flows from investing activities:
Purchase of oil and gas properties
and equipment (15,100) (2,436) (102,911)
Proceeds from sale of oil and gas
properties and equipment - 75,616 27,063
Net cash provided by (used in)
investing activities (15,100) 73,180 (75,848)
Cash flows from financing activities:
Proceeds from loan - - 100,000
Principal payments (5,000) (49,557) (13,444)
Net cash provided by (used in)
financing activities (5,000) (49,557) 86,556
Net increase (decrease)
in cash and cash equivalents (53,270) (26,989) 20,337
Cash and cash equivalents at
beginning of year 60,987 87,976 67,639
Cash and cash equivalents at
end of year $7,717 $60,987 $87,976
(Continued)
See accompanying notes to financial statements.
F-7
WYOMING OIL AND MINERALS, INC.
Statements of Cash Flows
(Continued)
February 29, February 28, February 28,
1996 1995 1994
Reconciliation of net income to net cash provided
by operating activities
Net earnings (loss) $(51,635) $(27,147) $(396,484)
Adjustments to reconcile net income to cash provided
by operating activities:
Depreciation and depletion 18,501 10,467 39,286
Issuance of treasury stock for
interest expense - - 1,000
(Increase) decrease in
accounts receivable 2,878 (13,678) (13,434)
(Increase) decrease in
inventory (32,343) 1,742 4,548
Increase (decrease) in
accounts payable 27,624 (53,408) (6,252)
Increase (decrease) in
accrued expenses 1,805 (113) (342)
Abandoned properties - 15,006 6,834
Loss on sale of other securities - - 17,500
Gain (loss) on sale of oil
and gas propertiesand equipment - 16,519 356,973
Net cash provided by
operating activities $(33,170) $(50,612) $9,629
Supplemental schedule of non cash investing and financing
activities
Treasury stock of $1,000 was issued in payment of interest expense
during the year ended February 28, 1994.
See accompanying notes to financial statements.
F-8
WYOMING OIL AND MINERALS, INC.
Notes to Financial Statements
February 29, 1996 and February 28, 1995 and February 28, 1994
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General
Wyoming Oil and Minerals, Inc. engages principally in the
exploration, development and production of oil and gas which is
mainly in Wyoming.
USE OF ESTIMATES
The preparation of financial statements in conformity with
generally accepted accounting principles require management to make
estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amount of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
ACCOUNTS RECEIVABLE
The Company uses the direct write off method for bad debts
which expenses uncollectible accounts in the year they become
uncollectible. Any difference between this method and the
allowance method is not material.
MARKETABLE EQUITY SECURITIES
Marketable equity securities are classified as
available-for-sale securities and are carried at fair value at the
balance sheet date.
When securities are sold, the cost is based on the first-in,
first-out method.
OIL AND GAS PROPERTIES
The Company follows the successful efforts method of
accounting for oil and gas exploration and development activities.
Under this method of accounting, lease acquisition costs,
intangible drilling costs and other costs associated with
exploration efforts, which result in the discovery of proved
reserves, are capitalized. Costs of well equipment, development
drilling, support facilities, major betterment and renewals and
other development costs are also capitalized. Capitalized
acquisition costs of proved properties are amortized using the
unit-of-production method on the basis of total estimated units of
proved oil and gas reserves. Other capitalized costs are amortized
using the unit-of-production method on the basis of total estimated
units of proved developed reserves. The amortized amounts
recharged to depreciation and depletion expense. The
recoverability of costs capitalized both for proved and unproved
properties is reviewed periodically. Any impairment discovered is
charged to expense.
F-9
Costs of drilling exploratory wells which do not result in the
discovery of proved reserves are charged to expense. Production
costs, geological and geophysical costs, and maintenance and
repairs are charged to expense when incurred.
WYOMING OIL AND MINERALS, INC.
Notes to Financial Statements
February 29, 1996 and February 28, 1995 and February 28, 1994
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
OTHER PROPERTY AND EQUIPMENT
The Company's pipeline and drilling equipment and office
furniture and equipment are depreciated utilizing the straight-line
method to apportion costs over an estimated useful life of five
years.
INCOME TAXES
Investment tax credits are recorded in the year in which they
are utilized to reduce income taxes.
EARNINGS (LOSS) PER COMMON SHARE
Earnings or loss per common share is based on the weighted
average number of shares of the Company's $.01 par value common
stock outstanding during the year. Outstanding warrants have been
excluded because the exercise price is substantially higher than
the trading price of the Company's stock.
STATEMENT OF CASH FLOWS
For purposes of the statement of cash flows, the Company
considers all highly liquid debt instruments purchased with a
maturity of three months or less to be cash equivalents.
RECLASSIFICATIONS
Certain reclassifications have been made to financial
statements of prior years to be comparative with the current year
presentation.
OFF-BALANCE-SHEET RISK
Sale of oil and gas are made to domestic petroleum purchasing
and refining companies with payment normally received within thirty
to sixty days of sale. Billings to joint interest holders are
normally received within thirty to sixty days of billing.
F-10
WYOMING OIL AND MINERALS, INC.
Notes to Financial Statements
February 29, 1996, February 28, 1995 and February 28, 1994
2. FOURTH QUARTER ADJUSTMENTS
During the fourth quarter of the year ended February 29, 1996,
the Company recorded an increase of $32,893 in the amount of oil
inventory stored in tanks. Oil and gas income also increased
$32,893.
During the fourth quarter of the year ended February 29, 1996,
the Company wrote off a proved undeveloped lease. Cost was
decreased $86,441, accounts payable was decreased $71,435 and a
loss was recorded of $15,006. See Note 11.
3. MARKETABLE EQUITY SECURITIES
Marketable equity securities are summarized below:
February 29, February 28,
1996 1995
Available-for-sale securities,
at cost $ 73,411 $73,411
Less: Valuation allowance 67,561 67,561
Fair Value $ 5,850 $ 5,850
The Company held a $17,500 investment in a private company
which was carried at cost. Since the investment was not readily
marketable, it was classified as noncurrent in the accompanying
balance sheet. The investment was written off in fiscal year 1994.
There were no significant unrealized gains or losses.
4. OIL AND GAS PROPERTIES
Effective May 1, 1995, the Company purchased 20% of seven
producing leases in Converse and Campbell Counties, Wyoming from a
related party for $15,100.
During fiscal year 1995, the Company sold its interest in
producing wells in Campbell County, Wyoming to an independent party
for $4,181 and recognized a loss of $16,519.
See Note 2, also.
During fiscal 1994, the Company sold its interest in producing
wells in Weston County, Wyoming to an independent party for $27,062
and recognized a loss of $356,973.
Effective November 1, 1993, the Company purchased 58% to 100%
working interests in producing leases in Weston County, Wyoming
from an independent party for $50,000.
Effective March 1, 1993, the Company purchased 40% of two
producing leases in Hot Springs County, Wyoming from an independent
party for $50,000.
F-11
WYOMING OIL AND MINERALS, INC.
Notes to Financial Statements
February 29, 1996, February 28, 1995 and February 28, 1994
5. NOTES PAYABLE
The Company had outstanding notes payable as follows:
Other 1996 1995
Note to individual (related party), due on
demand, interest at 1% over the prime rate,
(9.25% at February 29, 1996) unsecured. $ 500 $ 4,000
Note to individual (related party) due on
demand, interest at 1% over the prime rate
(9.25% at February 29, 1996)
secured by a producing well. 11,500 13,000
$12,000 $ 17,000
Other information regarding short-term notes payable is as
follows:
1996 1995 1994
Average aggregate
short-term borrowings $14,500 $20,750 $27,250
Maximum aggregate short-term borrowings
at any month-end $17,000 $24,500 $30,000
Weighted average interest rate 9.0% 8.0% 7.0%
The weighted average interest rate was computed by dividing
interest expense by the weighted average of such borrowings
outstanding.
6. LONG-TERM DEBT
The Company had long-term debt as follows:
1996 1995
Notes payable to two individuals (related parties),
due December 1, 1996, interest at 1% over the prime rate
(10.25% at February 29, 1996),
unsecured $50,000 $50,000
Long-term debt maturities are as follows:
Year Ended February 28, Amount
1998 50,000
F-12
WYOMING OIL AND MINERALS, INC.
Notes to Financial Statements
February 29, 1996, February 28, 1995 and February 28, 1994
7. STOCKHOLDERS' EQUITY
The Company has adopted a key-employee stock option plan. The
plan provides for a maximum of 1,000,000 shares of the Company's
common stock available to be optioned. The fair market value of
the shares, as determined by the Board of Directors at the time the
option is granted, will be the exercise price. The options will
expire on the earlier of five years after being granted or two
months after termination of employment. Since the adoption of the
plan, no options have been granted.
No dividends have ever been declared or paid.
During the year ended February 28, 1994 the Company sold
100,000 shares of treasury stock for $1,000.
8. INCOME TAXES
At the year ended February 28, 1995 the Company adopted SFAS
No. 109, "Accounting for Income Taxes" which applies an asset and
liability approach requiring the recognition of deferred tax assets
and liabilities with respect to the expected future tax
consequences of events that have been recorded in the financial
statements and tax returns. If it is more likely than not that all
or a portion of a deferred tax asset will not be realized, a
valuation allowance must be recognized. Compliance with the
Statement did not require restatement of the financial statements.
Net income and losses differ from taxable income (loss)
because certain revenues and expenses are reported in the financial
statements in periods which differ for those in which they are
subject to taxation. The principal timing differences are
intangible drilling costs, which are deducted as incurred for tax
purposes, but capitalized and depleted for proven properties for
financial statement purposes; and unrealized losses on marketable
securities, which are recognized for financial statement purposes
currently, but not until realized for tax purposes. Deferred
income taxes are not recognized on the timing differences as it is
not likely that all net operating loss carryforwards will be used.
February 28,
1996 1995 1994
Pretax income per books $(51,635) $(27,147) $(396,484)
Timing differences:
Depletion on intangible
drilling costs 2,000 3,000 19,000
Excess of capital losses over
capital gains - - 17,500
Basis difference on sale of oil and
gas properties - 18,402 244,560
Taxable income (loss) $(49,635) $(5,745) $(115,424)
F-13
As discussed above, the Company adopted SFAS No. 109 as of
February 28, 1994. Deferred tax (assets) liabilities are comprised
of the following at February 28, computed using a tax rate of 15%:
WYOMING OIL AND MINERALS, INC.
Notes to Financial Statements
February 29, 1996, February 28, 1995 and February 28, 1994
8. INCOME TAXES (Continued)
Tax effects of temporary differences for: 1996 1995
Accounting for oil and gas properties $ 606 $ 905
Accounting for securities held for sale (6,428) (6,428)
(5,822) (5,523)
Tax loss carryforwards (107,216) (107,606)
(113,038) (113,129)
Valuation allowance 113,038 113,129
Net deferred tax $ - $ -
At February 29, 1996, the Company had net operating loss
carryforwards available of $ 714,772 and unused investment credit
carryforwards available of $ 19,018. Such carryforwards expire as
follows:
Net
Operating Investment
Expiration Loss Credits
1997 106,495 9,828
1998 217,687 4,968
1999 8,275 498
2000 61,322 3,724
2001 20,035 -
2002 127,905 -
2003 115,412 -
2004 8,006 -
2005 49,635 -
$714,772 $19,018*
* subject to limitations
The Company also has long-term capital loss carryover of
$94,940.
F-14
WYOMING OIL AND MINERALS, INC.
Notes to Financial Statements
February 29, 1996, February 28, 1995 and February 28, 1994
9. RELATED PARTY TRANSACTIONS
The Company is related to the following companies by common
ownership and/or management:
Manx Oil Corporation
Manewal-Bradley Oil Company, Inc.
Zephyr Exploration
Econoservice, Inc.
Lease operating expenses paid to Manx Oil Company was
$162,617, to Manewal-Bradley Oil Company, Inc. was $4,405 and to
Econoservice, Inc. was $7,870 for the year ended February 29, 1996.
Amounts received from Manx Oil Corporation was $1,914 for lease
operating expenses. Oil and gas revenue received from Manx Oil
Corporation was $170,975 and oil and gas revenue paid was $1,792.
The Company owed Manx Oil Corporation $49,088 at February 29, 1996,
$14,818 at February 28, 1995 and $10,710 at February 28, 1994.
Manx Oil Corporation owed the Company $16,045 at February 29, 1996.
No expense, paid or accrued, has been reflected in the
accompanying financial statements for services of the Company's
President in 1992, since any such amounts have been waived since
1979. The President began drawing a salary in 1993. See Notes 5
and 6 for a summary of notes payable to related parties and Note 4
for producing leases purchased from a related party.
10. MAJOR PURCHASERS
The following customers each contributed 10% or more of the
revenues derived from oil and gas sales as follows:
February 28, February 28, February 28,
1996 1995 1994
Eighty-Eight Oil $132,678 $165,570 $64,939
Texaco $33,707 $27,131 $32,943
JN Petroleum $59,620 $54,744 $51,483
11. LIABILITY FOR DRILLING AND COMPLETION COSTS
On March 24, 1995, the owner of the lease and well known as
the J.A. Bradbury No. 1 notified the Company and others that they
rejected the claim that the Company and others had any valid
interest in the lease or the well because the person from whom the
Company purchased the interest did not have legal ownership. The
Company did not contest the issue and the property and related
accounts payable has been written off. See Note 2, also.
F-15
WYOMING OIL AND MINERALS, INC.
Notes to Financial Statements
February 29, 1996, February 28, 1995 and February 28, 1994
12. SUPPLEMENTARY OIL AND GAS INFORMATION (Unaudited)
CAPITALIZED COSTS
Capitalized costs relating to the Company's oil and gas
producing activities as of February 29, 1996, February 28, 1995 and
February 28, 1994 are as follows:
1996 1995 1994
Proved properties $298,142 $283,042 $407,153
Unproved properties 4,842 4,842 4,842
$302,984 $287,884 $411,995
Support equipment $ 570 $ 570 $ 570
Accumulated depreciation
and depletion $153,697 $135,196 $144,135
COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION,
EXPLORATION, AND DEVELOPMENT ACTIVITIES
Costs incurred in oil and gas property acquisition,
exploration and development activities, including capital
expenditures, are summarized as follows for the years ended
February 29, 1996, February 28, 1995 and February 28, 1994 (all in
the United States):
1996 1995 1994
Property acquisition costs:
Proved properties $15,100 $2,436 $102,050
Unproved properties $ - $ - $ -
Exploration costs $ 1,629 $ 706 $ 1,394
Development costs $ - $ - $ -
RESULTS OF OPERATIONS FOR OIL AND GAS PRODUCING ACTIVITIES
The results of operations for oil and gas producing
activities, excluding capital expenditures and corporate overhead
and interest costs, are as follows for the years ended February 29,
1996, February 28, 1995 and February 28, 1994 (all in the United
States):
1996 1995 1994
Revenues $266,227 $293,777 $207,295
Production costs 251,419 250,316 165,650
Exploration costs 1,629 706 1,394
Depreciation and depletion 18,501 10,467 39,286
$ 5,322 $32,288 $ 965
F-16
WYOMING OIL AND MINERALS, INC.
Notes to Financial Statements
February 29, 1996, February 28, 1995 and February 28, 1994
12. SUPPLEMENTARY OIL AND GAS INFORMATION (Unaudited) (Continued)
OIL AND GAS RESERVE QUANTITIES
The estimates of proved reserves and related valuations were
determined both by management and by independent petroleum
engineers. Estimates of proved reserves are inherently imprecise
and are continually subject to revision based on production
history, results of additional exploration and development and
other factors.
Proved reserves are reserves judged to be economically
producible in future years from known reservoirs under existing
economic and operating conditions; i.e., prices and costs as of the
date the estimate is made and assuming continuation of current
regulatory practice using conventional production methods and
equipment. Proved developed reserves are those expected to be
recovered through existing wells with existing equipment and
operating methods.
Presented below is a summary of the changes in estimated
proved reserves of the Company, all of which are located in the
United States, for the years ended February 29, 1996 and February
28, 1995 and February 28, 1994:
1996 1995 1994
Oil Gas Oil Gas Oil Gas
(bbls.) (mcf) (bbls.) (mcf) (bbls.) (mcf)
Proved reserves:
Beginning of year 69,093 99,916 128,216 489,108 60,069 689,234
Improved Recovery -
Water Flood 94,278 - - - - -
Revisions of previous
estimates 826 (9,474)(36,867) 89 (1,479)(29,962)
Purchase of minerals
in place 12,338 - - - 119,396 -
Production (13,157) (3,558)(15,970)(5,081)(13,372)(12,599)
Sales of minerals
in place - - (6,286)(384,200)(36,398)(157,565)
End of year 163,378 86,884 69,093 99,916 128,216 498,108
Proved developed reserves:
Beginning of year69,093 99,916 124,116 224,108 55,969 424,234
End of year 163,378 86,884 69,093 99,916124,116 224,108
Included in proved reserves and proved developed reserves at
February 28, 1994 are 5,800 bbls. and 371,000 mcf whose production
was dependent on construction of a pipeline and increased capacity
at a sweetening plant, and other matters as more fully described in
Note 11.
F-17
STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS AND
CHANGES THEREIN RELATING TO PROVED OIL AND GAS RESERVES
STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 69 prescribes
guidelines for computing a standardized measure of future net cash
flows and changes therein relating to estimated proved reserves.
The Company has followed those guidelines which are briefly
discussed below.
WYOMING OIL AND MINERALS, INC.
Notes to Financial Statements
February 29, 1996, February 28, 1995 and February 28, 1994
12. SUPPLEMENTARY OIL AND GAS INFORMATION (UNAUDITED) (CONTINUED)
Oil and Gas Reserve Quantities (Continued)
Future cash inflows and future production and development costs
are determined by applying year-end prices and costs to the
estimated quantities of oil and gas to be produced. Estimated
future income taxes are computed using year-end statutory income
tax rates, including consideration for previously legislated future
statutory depletion rates and investment tax credits. The
resulting future net cash flows are reduced to present value
amounts by applying a 10% annual discount factor.
The assumptions used to compute the standardized measure are
those prescribed by the Financial Accounting Standards Board and,
as such, do not necessarily reflect the Company's expectations of
actual revenues to be derived from those reserves or their present
worth. The limitations inherent in the reserve quantity estimation
process, as discussed previously, are equally applicable to the
standardized measure computations since these estimates are the
basis for the valuation process.
Presented below are the standardized measure of discounted
future net cash flows and changes therein relating to proved
reserves as of and for the years ended February 29, 1996 and
February 28, 1995 and February 28, 1994.
1996 1995 1994
Future cash inflows $2,922,401 $1,240,670 $2,332,055
Future production and
development costs (1,398,293) (642,010) (855,900)
Future income
tax expenses (196,596) - (51,327)
Future net cash flows 1,327,512 598,660 1,424,828
10% annual discount for estimated
timing of cash flows (517,858) (179,506) (802,052)
Standard measure of discounted
future net cash flows$809,654 $419,154 $622,776
F-18
WYOMING OIL AND MINERALS, INC.
Notes to Financial Statements
February 29, 1996, February 28, 1995 and February 28, 1994
12. SUPPLEMENTARY OIL AND GAS INFORMATION (UNAUDITED) (CONTINUED)
OIL AND GAS RESERVE QUANTITIES (CONTINUED)
The following are the principal sources of changes in the
standardized measure of discounted future net cash flows:
February 29, February 28, February 28,
1996 1995 1994
Sales and transfers of oil and gas produced,
net of production costs $(14,808) $(43,461) $(41,645)
Net changes in prices
and production costs (13,554) 469,084 (216,901)
Improved Recovery
- Water Flood 515,701 - -
Revisions of previous
quantities estimates (4,119) (175,213) (17,778)
Net change in purchases and sales of
minerals in place - (600,886) 464,665
Accretion of discount 41,915 62,278 34,566
Net changes in income taxes (196,596) 51,327 (29,512)
Other 61,961 33,249 83,718
Net increase (decrease) 390,500 (203,622) 277,113
Estimated standardized measures:
Beginning of year 419,154 622,776 345,663
End of year $809,654 $419,154 $622,776
F-19
WYOMING OIL AND MINERALS, INC.
Schedule l - Marketable Securities - Other Investments
COLUMN A COLUMN B COLUMN C
Name of lessor and Number of shares
title of each issue or units each Cost of value
-principal amounts issue at balance of each balance
of bonds and notes sheet date sheet date
February 29, 1996
Marketable equity securities:
Double Eable Petrolem and Mining Co 1,800 $ 55,609
Aspen Exploraiton 22,000 7,297
Nova Resources 1,202 6,255
$69,161 $ 5,850
February 28, 1995
Marketable equity securities:
Double Eagle Petroleum and Mining Co 1,800 $ 55,609
Aspen Exploration 22,000 7,297
Nova Resources 1,202 6,255
$69,161 $ 5,850
February 28, 1994
Marketable equity securities:
Double Eagle Petroleum and Mining Co 1,800 $ 55,609
Aspen Exploration 22,000 7,297
Nova Resources 1,202 6,255
$69,161 $ 5,850
COLUMN D COLUMN E
Amount at which each
Market each other Portfolio of
security issues equity security
carried in in the issues and
balance sheet
February 29,1996
Marketable equity securities:
Double Eagle Petroleum and Mining Co $ 1,575 $ 1,575
Aspen Exploraiton 4,125 4,125
Nova Resources 150 150
$ 5,850
February 28, 1995
Marketable equity securities:
Double Eagle Petroleum and Mining Co $ 1,575 $ 1,575
Aspen Exploration 4,125 4,125
Nova Resources 150 150
$ 5,850
February 28, 1994
Marketable equity securities:
Double Eagle Petroleum and Mining Co $ 1,575 $ 1,575
Aspen Exploraiton 4,125 4,125
Nova Resources 150 150
$ 5,850
F-20
WYOMING OIL AND MINERALS, INC.
Schedule IV - Indebtedness of and to Related Parties - Not Current
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E
Name of Balance at -Indebtedness of- Balance at
Person Beginning Additions Deductions End
Year Ended
January 28, 1996:
Lola Martin
Linda Allen
Year Ended
January 28, 1995:
Lola Martin
Linda Allen
COLUMN F COLUMN G COLUMN H COLUMN E
Balance at -Indebtedness to- Balance at
Beginning Additions Deductions End
Year Ended
January 28, 1996:
Lola Martin $ 25,000 $ - $ - $ 25,000
Linda Allen 25,000 - - 25,000
$ 50,000 - - $ 50,000
Year Ended
January 28, 1995
Lola Martin $ 25,000 - - $ 25,000
Linda Allen 25,000 - - 25,000
$ 50,000 - - $ 50,000
NOTE - Amounts loaned were for operating capital.
F-21
WYOMING OIL & MINERALS, INC.
Schedule V - Property, Plant and Equipment
Balance at
beginning Additions Retirements
Classification period at cost
Year ended February 29, 1996:
Producing oil & gas leases $ 283,042 $ 15,100 $ -
Oilfiled equipment - - -
Drilling equipment 570 - -
Office furniture & fixtures 3,509 - -
Nonproducing mineral interests 4,842 - -
$ 291,963 $ 15,100 $ -
Year ended February 28, 1995:
Producing oil & gas leases $ 407,153 $ 2,436 $126,547
Oilfield equipment - - -
Drilling equipment 570 - -
Office furniture & fixtures 3,509 - -
Nonproducing mineral interests 4,842 - -
$ 416,074 $ 2,436 $126,547
Year ended February 28, 1994:
Producing oil & gas leases $1,082,792 $102,911 $778,550
Oilfield equipment - - -
Drilling equipment 570 - -
Office furniture & fixtures 3,509 - -
Nonproducing mineral interests 11,676 - -
$1,098,547 $102,911 $785,384
Other changes Balance at
add (deduct) end of period
describe
Year ended February 29, 1996:
Producing oil & gas leases $ - $298,142
Oilfield equipment - -
Drilling equipment - 570
Office furniture & fixtures - 3,509
Nonproducing mineral interests - 4,842
$ - $307,063
Year ended February 28, 1995:
Producing oil & gas leases $ - $283,042
Oilfield equipment - -
Drilling equipment - 570
Office furniture & fixtures - 3,509
Nonproducing mineral interests - 4,842
$ - $291,963
Year ended February 28, 1994:
Producing oil & gas leases $ - $407,153
Oilfield equipment - -
Drilling equipment - 570
Office furniture & fixtures - 3,509
Nonproducing mineral interests - 4,842
$ - $416,074
F-22
WYOMING OIL AND MINERALS, INC.
Schedule VI - Accumulated Depreciation, Depletion and Amortization
of Property, Plant and Equipment
Balance at
beginning Additions
Classification period at cost Retirements
Year ended February 29, 1996:
Producing oil and gas leases $134,626 $18,501 $ -
Oilfield equipment - - -
Drilling equipment 570 - -
Office furniture and fixtures 3,509 - -
$138,705 $18,501 $ -
Year ended February 28, 1995:
Producing oil and gas leases $143,565 $10,467 $ 19,406
Oilfield equipment - - -
Drilling equipment 570 - -
Office furniture and fixtures 3,509 - -
$147,644 $10,467 $ 19,406
Year ended February 28, 1994:
Producing oil and gas leases $498,794 $39,286 $394,515
Oilfield equipment - - -
Drilling equipment 570 - -
Office furniture and fixtures 3,509 - -
$502,873 $39,286 $394,515
Other changes
add (deduct) Balance at
describe end of period
Year ended February 29, 1996:
Producing oil and gas leases $ - $153,127
Oilfield equipment - -
Drilling equipment - 570
Office furniture and fixtures - 3,509
$ - $157,206
Year ended February 28, 1995:
Producing oil and gas leases $ - $134,626
Oilfield equipment - -
Drilling equipment - 570
Office furniture and fixtures - 3,509
$ - $138,705
Year ended February 28, 1994:
Producing oil and gas leases $ - $143,565
Oilfield equipment - -
Drilling equipment - 570
Office furniture and fixtures - 3,509
$ - $147,644
DEPRECIATION:
Producing oil and gas leases-units of production method
Oilfield equipment-straight-line method
Drilling equipment-straight-line method
Office furniture and fixtures-straight-line-method
F-23
WYOMING OIL AND MINERALS, INC.
Schedule X - Supplementary Income Statement Information
Column A Column B
Charged to
Costs and
Item Expenses
Year ended February 29, 1996:
Production taxes $22,513
Year ended February 29, 1995:
Production taxes $28,224
Year ended February 28, 1994:
Production taxes $22,034
F-24
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-29-1996
<PERIOD-END> FEB-29-1996
<CASH> 7,717
<SECURITIES> 5,850
<RECEIVABLES> 43,316
<ALLOWANCES> 0
<INVENTORY> 50,005
<CURRENT-ASSETS> 106,888
<PP&E> 307,063
<DEPRECIATION> (157,206)
<TOTAL-ASSETS> 256,806
<CURRENT-LIABILITIES> 85,928
<BONDS> 0
<COMMON> 167,500
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 256,806
<SALES> 266,227
<TOTAL-REVENUES> 291,189
<CGS> 251,419
<TOTAL-COSTS> 336,379
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,968
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (51,635)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
