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 August 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
---------- ----------
As of August 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
August 31, 1996
PART I - FINANCIAL STATEMENTS
Unaudited Balance Sheets
August 31, 1996 and February 28, 1996 1
Unaudited Condensed Statements of Operations
Three and Six Months Ended August 31, 1996
and 1995 2,3
Unaudited Condensed Statements of Changes
in Financial Position
Six Months Ended August 31, 1996 and 1995 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 Aug 31, Feb 29,
1996 1996
Current assets: ---------- ----------
Cash $6,018 $7,717
Accounts receivable 73,017 43,316
Marketable equity securities,
at market value (Note 4) 5,850 5,850
Inventory 50,005 50,005
---------- ----------
Total current assets: 134,890 106,888
---------- ----------
Property and equipment, at cost less
accumulated depreciation and depletion:
157,206 =February 29, 1996
166,175 =August 31, 1996
139,388 149,857
---------- ----------
Other assets 61 61
---------- ----------
$274,339 $256,806
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable, current portion (Note 3) $11,500 $12,000
Accounts payable and accrued expenses 105,347 73,928
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Total current liabilities: 116,847 85,928
---------- ----------
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 August 31, 1996 167,500 167,500
Additional paid-in capital 1,021,025 1,021,025
Accumulated deficit (1,081,033)(1,067,647)
---------- ----------
107,492 120,878
---------- ----------
$274,339 $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
Six Months Ended
Aug 31, Aug 31,
1996 1995
Operating revenues: ---------- ----------
Oil and gas sales $148,306 $134,247
Other operating income 11,013 12,852
Gain (loss) on sale of assets (Note 2) (700)
---------- ----------
Total operating revenues 158,619 147,099
---------- ----------
Operating expenses:
Gerneral and administrative 34,955 29,744
Production expenses 135,615 133,828
Lease rentals 457
---------- ----------
Total operating expenses 170,570 164,029
---------- ----------
Operating income (loss) (11,951) (16,930)
---------- ----------
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 31 334
Interest (expense) (1,466) (3,331)
---------- ----------
Other income (expense) net (1,435) (2,997)
---------- ----------
Earnings (loss) from operations before taxes on earnings (13,386) (19,927)
Taxes on earnings
---------- ----------
Earnings (loss) before extraordinary items (13,386) (19,927)
Extraordinary items:
Effects of utilization of loss carry-forward benefits
---------- ----------
Net earnings (loss) ($13,386) ($19,927)
========== ==========
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
Aug 31, Aug 31,
1996 1995
Operating revenues: ---------- ----------
Oil and gas sales $72,906 $77,477
Other operating income 5,646 6,582
Gain (loss) on sale of assets (Note 2) (700)
---------- ----------
Total operating revenues 77,852 84,059
---------- ----------
Operating expenses:
Gerneral and administrative 20,490 17,386
Production expenses 65,619 74,837
Lease rentals 445
---------- ----------
Total operating expenses 86,109 92,668
---------- ----------
Operating income (loss) (8,257) (8,609)
---------- ----------
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 27 166
Interest expense (1,491)
---------- ----------
Other income (expense) net 27 (1,325)
---------- ----------
Earnings (loss) from operations before taxes on earnings (8,230) (9,934)
Taxes on earnings
---------- ----------
Earnings (loss) before extraordinary items (8,230) (9,934)
Extraordinary items:
Effects of utilization of loss carry-forward benefits
---------- ----------
Net earnings (loss) ($8,230) ($9,934)
========== ==========
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
Six Months Ended
Aug 31, Aug 31,
1996 1995
---------- ----------
Sources of working capital:
Net earnings from operations (adjusted by
items not using working capital) ($4,417) ($13,071)
Sale of depreciable property (Note 2) 1,500
---------- ----------
(2,917) (13,071)
---------- ----------
Uses of working capital:
Purchase of depreciable property (Note 2) 15,100
---------- ----------
15,100
---------- ----------
Increase (decrease) in working capital (2,917) (28,171)
Working capital (deficit), beginning of period 20,960 69,194
---------- ----------
Working capital (deficit), end of period $18,043 $41,023
========== ==========
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 August 31, 1996 and 1995, and the results of operations for
the three and six month periods then ended. The results of operations for
the three and six month periods ended August 31, 1996 and 1995 are not
necessarily indicative of the results to be expected for the full year.
2. Oil and gas properties
----------------------
During the period ended August 31, 1996, the Company sold its interest
in a well located in Campbell County, Wyoming for $800, having a cost basis
of $1,500.
During the period ended August 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 August 31, 1996, the Company had outstanding notes payable of
$61,500. 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 August 31, 1996 of $73,411.
At August 31, 1996, 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 six months ended August 31, 1996, the Company's net working
capital decreased by $2,917, the result of capital used by operations of
$4,417 and the sale of properties of $1,500 (Note 2).
Crude oil and natural gas sales for the six months ended August 31,
1996 were $14,059 higher than for the corresponding period of the prior year.
This increase is mainly due to the timing of oil sales.
General and administrative expenses were $5,211 higher during the
current six month period as compared to the corresponding 1995 period. This
increase is mainly the result of timing differences of various
administrative costs.
Production expenses were $1,787 higher during the 1996 period as com-
pared to the 1995 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
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