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, 1999 Commission File #0-79
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 report 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, 1999, there were 17,250,000 shares of $0.01 par value
common stock issued and outstanding.
WYOMING OIL AND MINERALS, INC.
TABLE OF CONTENTS
MAY 31, 1999
PART I - FINANCIAL STATEMENTS
Unaudited Balance Sheets
May 31, 1999 and February 28, 1999 1
Unaudited Condensed Statements of Operations
Three Months Ended May 31, 1999 2
Unaudited Condensed Statements of Changes
in Financial Position
Three Months Ended May 31, 1999 and 1998 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,
1999 1999
Current assets:
Cash $4,465 $7,972
Accounts receivable 27,508 12,858
Marketable equity securities,
at market value (Note 4) 5,850 5,850
Inventory 33,865 33,865
Total current assets: 71,688 60,545
Property and equipment, at cost less
accumulated depreciation and depletion:
201,929 =February 28, 1999
202,706 =May 31, 1999 236,715 237,492
Accounts receivable - non current 27,101 27,101
Other assets 61 61
27,162 27,162
$335,565 $325,199
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable, current portion (Note 3) $57,160 $57,160
Accounts payable and accrued expenses 142,147 144,271
Total current liabilities: 199,307 201,431
Long term debt (Note 3) 85,556 85,556
Stockholders' equity:
Capital stock, common, $.01 par-value
Authorized: 25,000,000 shares
Issued: 17,250,000 shares as of
February 28, 1999 and May 31, 1999 172,500 172,500
Additional paid-in capital 1,023,525 1,023,525
Accumulated deficit (1,145,323)(1,157,813)
50,702 38,212
$335,565 $325,199
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,
1999 1998
Operating revenues:
Oil and gas sales $52,640 $33,913
Other operating income 1,824 4,785
Gain (loss) on sale of assets (Note 2)
Total operating revenues 54,464 38,698
Operating expenses:
Gerneral and administrative 13,159 12,457
Production expenses 22,679 74,436
Lease rentals
Total operating expenses 35,838 86,893
Operating income (loss) 18,626 (48,195)
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 4
Interest (expense) (6,135) (2,114)
Other income (expense) net (6,135) (2,110)
Earnings (loss) from operations before taxes on earnings 12,491 (50,305)
Taxes on earnings 1,874
Earnings (loss) before extraordinary items 10,617 (50,305)
Extraordinary items:
Effects of utilization of loss carry-forward benefits 1,874
Net earnings (loss) $12,491 ($50,305)
Weighted average number of shares outstanding 17,250,000 17,250,000
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
May 31, May 31,
1999 1998
Operating revenues:
Oil and gas sales $52,640 $33,913
Other operating income 1,824 4,785
Gain (loss) on sale of assets (Note 2)
Total operating revenues 54,464 38,698
Operating expenses:
Gerneral and administrative 13,159 12,457
Production expenses 22,679 74,436
Lease rentals
Total operating expenses 35,838 86,893
Operating income (loss) 18,626 (48,195)
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 4
Interest expense (6,135) (2,114)
Other income (expense) net (6,135) (2,110)
Earnings (loss) from operations before taxes on earnings 12,491 (50,305)
Taxes on earnings 1,874
Earnings (loss) before extraordinary items 10,617 (50,305)
Extraordinary items:
Effects of utilization of loss carry-forward benefits 1,874
Net earnings (loss) 12,491 (50,305)
Weighted average number of shares outstanding 17,250,000 17,250,000
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
Three Months Ended
May 31, May 31,
1999 1998
Sources of working capital:
Net earnings from operations (adjusted by
items not using working capital) $13,267 ($47,978)
13,267 (47,978)
Uses of working capital:
Payment of long term debt (Note 3) 2,137
2,137
Increase (decrease) in working capital 13,267 (50,115)
Working capital (deficit), beginning of period (140,886) (48,390)
Working capital (deficit), end of period ($127,619) ($98,505)
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, 1999 and 1998, and the results of operations for
the three month periods then ended. The results of operations for
the three month periods ended May 31, 1999 and 1998 are not necessarily
indicative of the results to be expected for the full year.
2. Oil and gas properties
During the quarters ending May 31, 1998 and 1999, no properties were
purchased or sold.
3. Notes payable
As of May 31, 1999, the Company had outstanding notes payable of $142,716
The interest rates on $104,492 of these loans is 1% to 2% over the prime rate.
Loans having a total balance of $54,492 are secured by producing wells. A not
payable to a partnership in the amount of $38,224 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, 1999 of $48,702.
At May 31, 1999, 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, 1999, the Company's net working
capital increased by $13,267, the result of capital provided by operations.
Crude oil and natural gas sales for the three months ended May 31,
1999 were $18,727 higher than for the corresponding period of the prior year.
This increase is mostly the result of the increase in oil prices.
General and administrative expenses were $702 higher during the current
three month period as compared to the corresponding 1998 period. This increase
is mainly the result of timing differences of various administrative costs.
Production expenses were $51,757 lower during the 1999 period as com-
pared to the 1998 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
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: July 13, 1999 /s/ Jack C. Bradley, Jr.
--------------- ------------------------------
Jack C. Bradley, Jr.
President and Chief
Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> MAY-31-1999
<CASH> 4,465
<SECURITIES> 5,850
<RECEIVABLES> 27,508
<ALLOWANCES> 0
<INVENTORY> 33,865
<CURRENT-ASSETS> 71,688
<PP&E> 439,421
<DEPRECIATION> (202,706)
<TOTAL-ASSETS> 335,565
<CURRENT-LIABILITIES> 199,307
<BONDS> 0
<COMMON> 172,500
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 335,565
<SALES> 52,640
<TOTAL-REVENUES> 54,464
<CGS> 22,679
<TOTAL-COSTS> 35,838
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,135
<INCOME-PRETAX> 12,491
<INCOME-TAX> 1,874
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> (1,874)
<CHANGES> 0
<NET-INCOME> 12,491
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
