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 November 30, 1995 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
-----------------------------------------------
(Address of Principal Executive Offices)
Registrant's Telephone Number, Including Area Code: (307 234-9638)
--------------
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
---------- ----------
As of November 30, 1995, there were 16,750,000 shares of $0.01 par value
common stock issued and outstanding.
WYOMING OIL AND MINERALS, INC.
TABLE OF CONTENTS
November 30, 1995
PART I - FINANCIAL STATEMENTS
Unaudited Balance Sheets
November 30, 1995 and February 28, 1995 1
Unaudited Condensed Statements of Operations
Three and Nine Months Ended November 30, 1995
and 1994 2,3
Unaudited Condensed Statements of Changes
in Financial Position
Nine Months Ended November 30, 1995 and 1994 4
Unaudited Notes to Financial Statements 5
Management's Discussion and Analysis of
the Unaudited Condensed Statements of
Operations 6
PART II - OTHER INFORMATION 7
WYOMING OIL AND MINERALS, INC.
UNAUDITED BALANCE SHEETS
ASSETS Nov 30, Feb 28,
1995 1995
Current assets: ---------- ----------
Cash $11,168 $60,987
Accounts receivable 35,963 46,194
Marketable equity securities,
at market value (Note 4) 5,850 5,850
Inventory 17,662 17,662
---------- ----------
Total current assets: 70,643 130,693
---------- ----------
Property and equipment, at cost less
accumulated depreciation and depletion:
138,705 =February 28, 1995
147,625 =Nov 30, 1995
159,438 153,258
---------- ----------
Other assets 61 61
---------- ----------
$230,142 $284,012
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable, current portion (Note 3) $12,000 $17,000
Accounts payable and accrued expenses 42,917 44,499
---------- ----------
Total current liabilities: 54,917 61,499
---------- ----------
Long term debt (Note 3) 50,000 50,000
---------- ----------
Stockholders' equity:
Capital stock, common, $.01 par-value
Authorized: 25,000,000 shares
Issued: 16,750,000 shares as of
February 28, 1995 and Nov 30, 1995 167,500 167,500
Additional paid-in capital 1,021,025 1,021,025
Accumulated deficit (1,063,300)(1,016,012)
---------- ----------
125,225 172,513
---------- ----------
$230,142 $284,012
========== ==========
The notes to financial statements are an integral part of these statements.
WYOMING OIL AND MINERALS, INC.
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended
Nov 30, Nov 30,
1995 1994
Operating revenues: ---------- ----------
Oil and gas sales $181,741 $216,296
Other operating income 19,032 25,590
Gain (loss) on sale of assets (Note 2) (16,519)
---------- ----------
Total operating revenues 200,773 225,367
---------- ----------
Operating expenses:
Gerneral and administrative 43,132 39,183
Production expenses 199,725 190,791
Lease rentals 497 16
---------- ----------
Total operating expenses 243,354 229,990
---------- ----------
Operating income (loss) (42,581) (4,623)
---------- ----------
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 457 179
Interest (expense) (5,163) (5,547)
---------- ----------
Other income (expense) net (4,706) (5,368)
---------- ----------
Earnings (loss) from operations before taxes on earnings (47,287) (9,991)
Taxes on earnings
---------- ----------
Earnings (loss) before extraordinary items (47,287) (9,991)
Extraordinary items:
Effects of utilization of loss carry-forward benefits
---------- ----------
Net earnings (loss) ($47,287) ($9,991)
========== ==========
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 OPERATIONS
Three Months Ended
Nov 30, Nov 30,
1995 1994
Operating revenues: ---------- ----------
Oil and gas sales $47,494 $67,012
Other operating income 6,180 6,570
Gain (loss) on sale of assets (Note 2)
---------- ----------
Total operating revenues 53,674 73,582
---------- ----------
Operating expenses:
Gerneral and administrative 13,388 10,135
Production expenses 65,897 48,625
Lease rentals 40
---------- ----------
Total operating expenses 79,325 58,760
---------- ----------
Operating income (loss) (25,651) 14,822
---------- ----------
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 124 69
Interest expense (1,832) (1,790)
---------- ----------
Other income (expense) net (1,708) (1,721)
---------- ----------
Earnings (loss) from operations before taxes on earnings (27,359) 13,101
Taxes on earnings 1,965
---------- ----------
Earnings (loss) before extraordinary items (27,359) 11,136
Extraordinary items:
Effects of utilization of loss carry-forward benefits 1,965
---------- ----------
Net earnings (loss) ($27,359) $13,101
========== ==========
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.
3
WYOMING OIL AND MINERALS, INC.
UNAUDITED CONDENSED STATEMENTS OF CHANGES
IN FINANCIAL POSITION
Nine Months Ended
Nov 30, Nov 30,
1995 1994
---------- ----------
Sources of working capital:
Net earnings from operations (adjusted by
items not using working capital) ($38,367) ($1,665)
Sale of depreciable property (Note 2) 20,700
---------- ----------
(38,367) 19,035
---------- ----------
Uses of working capital:
Purchase of depreciable property (Note 2) 15,100 2,436
Payment of long term debt (Note 3) 58,703
---------- ----------
15,100 61,139
---------- ----------
Increase (decrease) in working capital (53,467) (42,104)
Working capital (deficit), beginning of period 69,194 (10,128)
---------- ----------
Working capital (deficit), end of period $15,727 ($52,232)
========== ==========
The notes to financial statements are an integral part of these statements.
4
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 November 30, 1995 and 1994, and the results of operations for
the three and nine month periods then ended. The results of operations for
the three and nine month periods ended November 30, 1995 and 1994 are not
necessarily indicative of the results to be expected for the full year.
2. Oil and gas properties
----------------------
During the period ended November 30, 1995, the Company purchased interests
in seven wells located in Converse County, Wyoming at a cost of $15,100.
During the period ended November 30, 1994, the Company purchased addi-
tional interests in a well located in Campbell County, Wyoming at a cost of
$2,436. Also during this period, the Company sold its interest in a well in
Campbell County for $4,181, having a cost basis of $20,700.
3. Notes payable
-------------
As of November 30, 1995, the Company had outstanding notes payable of.
$62,000. The interest rates 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 November 30, 1995 of $73,411.
At November 30, 1995, there were gross unrealized losses of $67,561 per-
taining to the current portfolio.
5
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 nine months ended November 30, 1995, the Company's net working
capital decreased by $53,467, the result of capital used by operations of
$38,367 and the purchase of properties of $15,100 (Note 2).
Crude oil and natural gas sales for the nine months ended November 30,
1995 were $34,555 lower than for the corresponding period of the prior year.
This decrease is mainly due to the timing of oil sales.
General and administrative expenses were $3,949 higher during the cur-
rent nine month period as compared to the corresponding 1994 period. This
increase is mainly the result of timing differences of various
administrative costs.
Production expenses were $8,934 higher during the 1995 period as com-
pared to the 1994 period. This increase is the result of fluctuations in the
timing of various well repair costs.
6
WYOMING OIL AND MINERALS, INC.
PART II - OTHER INFORMATION
Item 9 - Exhibits and Reports on Form 8-K
Exhibit 27
(b) None
7
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
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> FEB-29-1996
<PERIOD-END> NOV-30-1995
<CASH> 11,168
<SECURITIES> 5,850
<RECEIVABLES> 35,963
<ALLOWANCES> 0
<INVENTORY> 17,662
<CURRENT-ASSETS> 70,643
<PP&E> 307,063
<DEPRECIATION> (147,625)
<TOTAL-ASSETS> 230,142
<CURRENT-LIABILITIES> 54,917
<BONDS> 0
<COMMON> 167,500
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 230,142
<SALES> 181,741
<TOTAL-REVENUES> 200,773
<CGS> 199,725
<TOTAL-COSTS> 243,354
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,163
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (47,287)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
