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, 1997 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 August 31, 1997, 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, 1997
PART I - FINANCIAL STATEMENTS
Unaudited Balance Sheets
August 31, 1997 and February 28, 1997 1
Unaudited Condensed Statements of Operations
Three and Six Months Ended August 31, 1997
and 1996 2,3
Unaudited Condensed Statements of Changes
in Financial Position
Six Months Ended August 31, 1997 and 1996 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 28,
1997 1997
Current assets:
Cash $22,429 $7,430
Accounts receivable 57,209 83,110
Marketable equity securities,
at market value (Note 4) 5,850 5,850
Inventory 46,485 43,325
Total current assets: 131,973 139,715
Property and equipment, at cost less
accumulated depreciation and depletion:
174,390 =February 28, 1997
179,206 =August 31, 1997
118,822 102,554
Other assets 61 61
$250,856 $242,330
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable, current portion (Note 3) $6,000 $8,000
Accounts payable and accrued expenses 109,369 73,150
Total current liabilities: 115,369 81,150
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, 1997 and August 31, 1997 167,500 167,500
Additional paid-in capital 1,021,025 1,021,025
Accumulated deficit (1,103,038)(1,077,345)
85,487 111,180
$250,856 $242,330
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,
1997 1996
Operating revenues:
Oil and gas sales $182,181 $148,306
Other operating income 9,921 11,013
Gain (loss) on sale of assets (Note 2) (700)
Total operating revenues 192,102 158,619
Operating expenses:
Gerneral and administrative 31,478 34,955
Production expenses 183,217 135,615
Lease rentals
Total operating expenses 214,695 170,570
Operating income (loss) (22,593) (11,951)
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 22 31
Interest (expense) (3,121) (1,466)
Other income (expense) net (3,099) (1,435)
Earnings (loss) from operations before taxes on earnings (25,692) (13,386)
Taxes on earnings
Earnings (loss) before extraordinary items (25,692) (13,386)
Extraordinary items:
Effects of utilization of loss carry-forward benefits
Net earnings (loss) ($25,692) ($13,386)
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,
1997 1996
Operating revenues:
Oil and gas sales $106,781 $72,906
Other operating income 4,554 5,646
Gain (loss) on sale of assets (Note 2) (700)
Total operating revenues 111,335 77,852
Operating expenses:
Gerneral and administrative 17,013 20,490
Production expenses 113,221 65,619
Lease rentals
Total operating expenses 130,234 86,109
Operating income (loss) (18,899) (8,257)
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 18 27
Interest expense (1,655)
Other income (expense) net (1,637) 27
Earnings (loss) from operations before taxes on earnings (20,536) (8,230)
Taxes on earnings
Earnings (loss) before extraordinary items (20,536) (8,230)
Extraordinary items:
Effects of utilization of loss carry-forward benefits
Net earnings (loss) ($20,536) ($8,230)
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
Aug 31, Aug 31,
1997 1996
Sources of working capital:
Net earnings from operations (adjusted by
items not using working capital) ($20,878) ($4,417)
Sale of depreciable property (Note 2) 1,500
(20,878) (2,917)
Uses of working capital:
Purchase of depreciable property (Note 2) 21,083
21,083
Increase (decrease) in working capital (41,961) (2,917)
Working capital (deficit), beginning of period 58,565 20,960
Working capital (deficit), end of period $16,604 $18,043
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, 1997 and 1996, 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, 1997 and 1996 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, 1997, the Company purchased interests
in 7 wells located in Hot Springs County, Wyoming at a cost of $21,083.
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.
3. Notes payable
As of August 31, 1997, the Company had outstanding notes payable of
$56,000. The interest rates on these loans is 1% over the prime rate. A loan
having a balance of $6,000 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, 1997 of $73,411.
At August 31, 1997, 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, 1997, the Company's net working
capital decreased by $41,961, the result of capital used by operations of
$20,878 and the purchase of properties of $21,083 (Note 2).
Crude oil and natural gas sales for the six months ended August 31,
1997 were $33,875 higher than for the corresponding period of the prior year.
This increase is mostly the result of the purchase of producing properties.
General and administrative expenses were $3,477 lower during the
current six month period as compared to the corresponding 1996 period. This
decrease is mainly the result of timing differences of various administrative
costs.
Production expenses were $47,602 higher during the 1997 period as com-
pared to the 1996 period. This increase is the result of fluctuations in the
timing of various well repair costs and workover costs.
6
WYOMING OIL AND MINERALS, INC.
PART II - OTHER INFORMATION
Item 9 - Exhibits and Reports on Form 8-K
(a) 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: October 16, 1997
---------------------- /s/ Jack C. Bradley, Jr.
--------------------------
Jack C. Bradley, Jr.
President and Chief
Finanacial Officer
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