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, 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
(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
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
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, 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
November 30, 1996
PART I - FINANCIAL STATEMENTS
Unaudited Balance Sheets
November 30, 1996 and February 28, 1996 1
Unaudited Condensed Statements of Operations
Three and Nine Months Ended November 30, 1996
and 1995 2,3
Unaudited Condensed Statements of Changes
in Financial Position
Nine Months Ended November 30, 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 Nov 30, Feb 29,
1996 1996
Current assets:
Cash $20,966 $7,717
Accounts receivable 68,766 43,316
Marketable equity securities,
at market value (Note 4) 5,850 5,850
Inventory 50,005 50,005
Total current assets: 145,587 106,888
Property and equipment, at cost less
accumulated depreciation and depletion:
157,206 =February 29, 1996
169,890 =November 30, 1996
135,673 149,857
Other assets 61 61
$281,321 $256,806
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable, current portion (Note 3) $11,000 $12,000
Accounts payable and accrued expenses 98,337 73,928
Total current liabilities: 109,337 85,928
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 29, 1996 and November 30, 1996 167,500 167,500
Additional paid-in capital 1,021,025 1,021,025
Accumulated deficit (1,066,541)(1,067,647)
121,984 120,878
$281,321 $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
Nine Months Ended
Nov 30, Nov 30,
1996 1995
Operating revenues:
Oil and gas sales $254,112 $181,741
Other operating income 16,674 19,032
Gain (loss) on sale of assets (Note 2) (700)
Total operating revenues 270,086 200,773
Operating expenses:
Gerneral and administrative 49,802 43,132
Production expenses 216,099 199,725
Lease rentals 497
Total operating expenses 265,901 243,354
Operating income (loss) 4,185 (42,581)
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 33 457
Interest (expense) (3,110) (5,163)
Other income (expense) net (3,077) (4,706)
Earnings (loss) from operations before taxes on earnings 1,108 (47,287)
Taxes on earnings 166
Earnings (loss) before extraordinary items 942 (47,287)
Extraordinary items:
Effects of utilization of loss carry-forward benefits 166
Net earnings (loss) $1,108 ($47,287)
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,
1996 1995
Operating revenues:
Oil and gas sales $105,806 $47,494
Other operating income 5,661 6,180
Gain (loss) on sale of assets (Note 2)
Total operating revenues 111,467 53,674
Operating expenses:
Gerneral and administrative 14,847 13,388
Production expenses 80,484 65,897
Lease rentals 40
Total operating expenses 95,331 79,325
Operating income (loss) 16,136 (25,651)
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 2 124
Interest expense (1,644) (1,832)
Other income (expense) net (1,642) (1,708)
Earnings (loss) from operations before taxes on earnings 14,494 (27,359)
Taxes on earnings 2,174
Earnings (loss) before extraordinary items 12,320 (27,359)
Extraordinary items:
Effects of utilization of loss carry-forward benefits 2,174
Net earnings (loss) $14,494 ($27,359)
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,
1996 1995
Sources of working capital:
Net earnings from operations (adjusted by
items not using working capital) $13,790 ($38,367)
Sale of depreciable property (Note 2) 1,500
15,290 (38,367)
Uses of working capital:
Purchase of depreciable property (Note 2) 15,100
15,100
Increase (decrease) in working capital 15,290 (53,467)
Working capital (deficit), beginning of period 20,960 69,194
Working capital (deficit), end of period $36,250 $15,727
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, 1996 and 1995, 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, 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 November 30, 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 November 30, 1995, the Company purchased interests
in seven wells located in Converse County, Wyoming at a cost of $15,100.
3. Notes payable
As of November 30, 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 November 30, 1996 of $73,411.
At November 30, 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 nine months ended November 30, 1996, the Company's net working
capital increased by $15,290, the result of capital provided by operations of
$13,790 and the sale of properties of $1,500 (Note 2).
Crude oil and natural gas sales for the nine months ended November 30,
1996 were $72,371 higher than for the corresponding period of the prior year.
This increase is mainly due to the timing of oil sales, price increases, and
production increases resulting from workovers of wells.
General and administrative expenses were $6,670 higher during the
current nine 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 $16,374 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 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: January 21, 1997
/s/ Jack C. Bradley, Jr.
---------------------------
Jack C. Bradley, Jr.
President and Chief
Financial Officer
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