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 May 31, 1998 Commission File #0-7919
Wyoming Oil and Minerals, Inc.
(Exact name as specified in its Charter)
Wyoming 83-0217330
(State or other jurisdiction o (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 May 31, 1998, there were 16,750,000 shares of $0.01 par value
common stock issued and outstanding.
WYOMING OIL AND MINERALS, INC.
TABLE OF CONTENTS
MAY 31, 1998
PART I - FINANCIAL STATEMENTS
Unaudited Balance Sheets
May 31, 1998 and February 28, 1998 1
Unaudited Condensed Statements of Operations
Three Months Ended May 31, 1998 2
Unaudited Condensed Statements of Changes
in Financial Position
Three Months Ended May 31, 1998 and 1997 3
Unaudited Notes to Financial Statements 4
Management's Discussion and Analysis of
the Unaudited Condensed Statements of
Operations 5
PART II - OTHER INFORMATION 6
:
WYOMING OIL AND MINERALS, INC.
UNAUDITED BALANCE SHEETS
ASSETS May 31, Feb 28,
1998 1998
Current assets:
Cash $4,838 $3,454
Accounts receivable 23,057 23,391
Marketable equity securities,
at market value (Note 4) 5,850 5,850
Inventory 37,485 37,485
Total current assets: 71,230 70,180
Property and equipment, at cost less
accumulated depreciation and depletion:
190,324 =February 28, 1998
192,652 =May 31, 1998 246,769 249,097
Accounts receivable - non current 22,802 22,802
Other assets 61 61
22,863 22,863
$340,862 $342,140
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable, current portion (Note 3) $7,278 $7,278
Accounts payable and accrued expenses 132,457 111,292
Total current liabilities: 139,735 118,570
Long term debt (Note 3) 114,556 86,693
Stockholders' equity:
Capital stock, common, $.01 par-value
Authorized: 25,000,000 shares
Issued: 16,750,000 shares as of
February 28, 1998 and May 31, 1998 172,500 172,500
Additional paid-in capital 1,023,525 1,023,525
Accumulated deficit (1,109,454)(1,059,148)
86,571 136,877
$340,862 $342,140
The notes to financial statements are an integral part of these statements.
1
WYOMING OIL AND MINERALS, INC.
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended
May 31, May 31,
1998 1997
Operating revenues:
Oil and gas sales $33,913 $96,147
Other operating income 4,785 5,190
Gain (loss) on sale of assets (Note 2)
Total operating revenues 38,698 101,337
Operating expenses:
Gerneral and administrative 12,457 12,958
Production expenses 74,436 83,923
Lease rentals
Total operating expenses 86,893 96,881
Operating income (loss) (48,195) 4,456
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 4 11
Interest (expense) (2,114) (1,486)
Other income (expense) net (2,110) (1,475)
Earnings (loss) from operations before taxes on earnings (50,305) 2,981
Taxes on earnings 447
Earnings (loss) before extraordinary items (50,305) 2,534
Extraordinary items:
Effects of utilization of loss carry-forward benefits 447
Net earnings (loss) ($50,305) $2,981
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 CHANGES
IN FINANCIAL POSITION
Three Months Ended
May 31, May 31,
1998 1997
Sources of working capital:
Net earnings from operations (adjusted by
items not using working capital) ($47,978) $5,309
(47,978) 5,309
Uses of working capital:
Purchase of depreciable property (Note 2) 5,333
Payment of long term debt (Note 3) 2,137
2,137 5,333
Increase (decrease) in working capital (50,115) (24)
Working capital (deficit), beginning of period (48,390) 58,565
Working capital (deficit), end of period ($98,505) $58,541
The notes to financial statements are an integral part of these statements.
3
:
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 May 31, 1998 and 1997, and the results of operations for
the three month periods then ended. The results of operations for
the three month periods ended May 31, 1998 and 1997 are not
necessarily indicative of the results to be expected for the full year.
2. Oil and gas properties
During the period ended May 31, 1997, the Company purchased interests
in wells located in Hot Springs County, Wyoming at a cost of $5,333.
3. Notes payable
As of May 31, 1998, the Company had outstanding notes payable of $121,834.
The interest rates on $84,500 of these loans is 1% over the prime rate. A loan
having a balance of $4,500 is secured by a producing well. Notes payable to a
partnership in the amount of $37,334 has imputed interest at 9%.
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 May 31, 1998 of $48,702.
At May 31, 1998, there were gross unrealized losses of $42,852 per-
taining to the current portfolio.
4
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 three months ended May 31, 1998, the Company's net working
capital decreased by $50,115, the result of capital used by operations of
$47,978 and the payment of long term debt of $2,137 (Note 3).
Crude oil and natural gas sales for the nine months ended May 31,
1998 were $62,234 lower than for the corresponding period of the prior year.
This decrease is mostly the result of the decrease in oil prices.
General and administrative expenses were $501 lower during the current
three month period as compared to the corresponding 1997 period. This decrease
is mainly the result of timing differences of various administrative costs.
Production expenses were $9,487 lower during the 1998 period as com-
pared to the 1997 period. This decrease is the result of fluctuations in the
timing of various well repair costs and workover costs.
5
WYOMING OIL AND MINERALS, INC.
PART II - OTHER INFORMATION
Item 9 - Exhibits and Reports on Form 8-K
(a) Exhibit 27
(b) None
6
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: July 15, 1998
/s/ Jack C. Bradley, Jr.
President and Chief
Financial Officer
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