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, 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
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, 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
November 30, 1997
PART I - FINANCIAL STATEMENTS
Unaudited Balance Sheets
November 30, 1997 and February 28, 1997 1
Unaudited Condensed Statements of Operations
Three and Nine Months Ended November 30, 1997
and 1996 2,3
Unaudited Condensed Statements of Changes
in Financial Position
Nine Months Ended November 30, 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 Nov 30, Feb 28,
1997 1997
Current assets:
Cash $11,895 $7,430
Accounts receivable 55,719 83,110
Marketable equity securities,
at market value (Note 4) 5,850 5,850
Inventory 46,485 43,325
Total current assets: 119,949 139,715
Property and equipment, at cost less
accumulated depreciation and depletion:
174,390 =February 28, 1997
181,659 =November 30, 1997
206,159 102,554
Other assets 61 61
$326,169 $242,330
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable, current portion (Note 3) $5,500 $8,000
Accounts payable and accrued expenses 107,352 73,150
Total current liabilities: 112,852 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 November 30, 1997 167,500 167,500
Additional paid-in capital 1,021,025 1,021,025
Accumulated deficit (1,025,208)(1,077,345)
163,317 111,180
$326,169 $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
Nine Months Ended
Nov 30, Nov 30,
1997 1996
Operating revenues:
Oil and gas sales $265,270 $254,112
Other operating income 14,829 16,674
Gain (loss) on sale of assets (Note 2) (700)
Total operating revenues 280,099 270,086
Operating expenses:
Gerneral and administrative 44,119 49,802
Production expenses 178,994 216,099
Lease rentals 7
Total operating expenses 223,120 265,901
Operating income (loss) 56,979 4,185
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 34 33
Interest (expense) (4,875) (3,110)
Other income (expense) net (4,841) (3,077)
Earnings (loss) from operations before taxes on earnings 52,138 1,108
Taxes on earnings 7,821 166
Earnings (loss) before extraordinary items 44,317 942
Extraordinary items:
Effects of utilization of loss carry-forward benefits 7,821 166
Net earnings (loss) $52,138 $1,108
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,
1997 1996
Operating revenues:
Oil and gas sales $83,089 $105,806
Other operating income 4,908 5,661
Gain (loss) on sale of assets (Note 2)
Total operating revenues 87,997 111,467
Operating expenses:
Gerneral and administrative 12,641 14,847
Production expenses (4,223) 80,484
Lease rentals 7
Total operating expenses 8,425 95,331
Operating income (loss) 79,572 16,136
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 12 2
Interest expense (1,754) (1,644)
Other income (expense) net (1,742) (1,642)
Earnings (loss) from operations before taxes on earnings 77,830 14,494
Taxes on earnings 11,674 2,174
Earnings (loss) before extraordinary items 66,155 12,320
Extraordinary items:
Effects of utilization of loss carry-forward benefits 11,674 2,174
Net earnings (loss) $77,830 $14,494
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,
1997 1996
Sources of working capital:
Net earnings from operations (adjusted by
items not using working capital) $59,405 $13,790
Sale of depreciable property (Note 2) 1,500
59,405 15,290
Uses of working capital:
Purchase of depreciable property (Note 2) 110,873
110,873
Increase (decrease) in working capital (51,468) 15,290
Working capital (deficit), beginning of period 58,565 20,960
Working capital (deficit), end of period $7,097 $36,250
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, 1997 and 1996, 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, 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 November 30, 1997, the Company purchased interests
in 7 wells located in Hot Springs County, Wyoming at a cost of $21,083. Also
during this period, the Company capitalized costs of $89,790 relating to major
well enhancements located in Weston County, Wyoming.
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.
3. Notes payable
As of November 30, 1997, the Company had outstanding notes payable of
$55,500. The interest rates on these loans is 1% over the prime rate. A loan
having a balance of $5,500 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, 1997 of $73,411.
At November 30, 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 nine months ended November 30, 1997, the Company's net working
capital decreased by $51,468, the result of capital supplied by operations of
$59,405 and the purchase of properties of $110,873 (Note 2).
Crude oil and natural gas sales for the nine months ended November 30,
1997 were $11,158 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 $5,683 lower during the current
nine 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 $37,105 lower during the 1997 period as com-
pared to the 1996 period. This decrease is the result of fluctuations in the
timing of various well repair costs and workover costs. Also, during the
current period major enhancement well costs were capitalized (Note 2).
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 & MINERALS, INC.
(Registrant)
Dated: January 15, 1998
_______________________
/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-28-1998
<PERIOD-END> NOV-30-1997
<CASH> 11,895
<SECURITIES> 5,850
<RECEIVABLES> 55,719
<ALLOWANCES> 0
<INVENTORY> 46,485
<CURRENT-ASSETS> 119,949
<PP&E> 387,818
<DEPRECIATION> (181,659)
<TOTAL-ASSETS> 326,169
<CURRENT-LIABILITIES> 112,852
<BONDS> 0
<COMMON> 167,500
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 326,169
<SALES> 265,270
<TOTAL-REVENUES> 280,099
<CGS> 178,994
<TOTAL-COSTS> 223,120
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,841
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 52,138
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
