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, 2000 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 May 31, 2000, there were 546,500 shares of $0.01 par value common
stock issued and outstanding.
WYOMING OIL AND MINERALS, INC.
TABLE OF CONTENTS
MAY 31, 2000
PART I - FINANCIAL STATEMENTS
Unaudited Balance Sheets
May 31, 2000 and February 29, 2000 1
Unaudited Condensed Statements of Operations
Three Months Ended May 31, 2000 and 1999 2
Unaudited Condensed Statements of Changes
in Financial Position
Three Months Ended May 31, 2000 and 1999 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 29,
2000 2000
Current assets:
Cash $16,730 $59,000
Accounts receivable 43,979 81,046
Marketable equity securities,
at market value (Note 4) 15,926 14,536
Inventory 74,495 91,100
Note receivable 13,333
Interest Receivable 216
Total current assets: 151,130 259,231
Property and equipment, at cost less
accumulated depreciation and depletion:
204,495 =February 29, 2000
210,455 =May 31, 2000 700,994 619,175
Accounts receivable - non current 26,352 26,352
Financing fees, net of accumulated amortization 17,383 19133
Other assets 61 61
43,796 45,546
$895,920 $923,952
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable, current portion (Note 3) $41,894 $61,120
Accounts payable and accrued expenses 129,132 101,214
Income taxes payable 6,636 6,636
Total current liabilities: 177,662 168,970
Long term debt (Note 3) 642,630 642,630
Stockholders' equity:
Capital stock, common, $.01 par-value
Authorized: 25,000,000 shares
Issued: 546,500 shares as of February 29, 2000
and May 31, 2000 5,465 5,465
Additional paid-in capital 1,553,521 1,553,521
Accumulated deficit (1,493,434)(1,455,320)
Unrealized gains on securities available for sale
net of applicable deferred income taxes 10,076 8,686
75,628 112,352
$895,920 $923,952
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,
2000 1999
Operating revenues:
Oil and gas sales $118,027 $52,640
Other operating income 1,800 1,824
Gain (loss) on sale of assets (Note 2)
Total operating revenues 119,827 54,464
Operating expenses:
Gerneral and administrative 36,548 13,159
Production expenses 104,698 22,679
Lease rentals
Total operating expenses 141,246 35,838
Operating income (loss) (21,419) 18,626
Other income (expense):
Realized gain (loss) sale of marketable securities
Unrealized gain (loss) on valuation of marketable
equity securities (Note 4)
Interest income 277
Interest (expense) (16,971) (6,135)
Other income (expense) net (16,694) (6,135)
Earnings (loss) before income taxes: (38,113) 12,491
Income tax expense
Net earnings (loss) (38,113) 12,491
Other comprehensive income, net of tax:
Unrealized gains on available for sale securit 1,390
Comprehensive income ($36,723) $12,491
Net earnings (loss) per common share:
Basic ($0.07) $0.07
Diluted ($0.04) $0.07
Average shares outstanding - Basic 546,500 172,500
Average shares outstanding - Diluted 846,500 172,500
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,
2000 1999
Sources of working capital:
Net earnings from operations (adjusted by
items not using working capital) ($30,763) $13,267
Amortization of financing fees 1,750
(29,013) 13,267
Uses of working capital:
Increase in properties (Note 2) 87,779
87,779
Increase (decrease) in working capital (116,792) 13,267
Working capital (deficit), beginning of period 90,261 (140,886)
Working capital (deficit), end of period ($26,531) ($127,619)
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, 2000 and 1999, and the results of operations for
the three month periods then ended. The results of operations for
the three month periods ended May 31, 2000 and 1999 are not
necessarily indicative of the results to be expected for the full year.
2. Oil and gas properties
During the quarter ended May 31, 2000, the Company expended $78,915 for
major betterment workovers on various wells. Also, leases were purchased in
the amount of $8,864.
3. Notes payable
As of May 31, 2000, the Company had outstanding notes payable of $684,524.
The interest rates on these loans is 3/4% to 1% over the prime rate.
A loan having a balance of $3,750 is secured by a producing oil well. A note
payable to a bank in the amount of $680,774 is secured by preferred stock of a
third party.
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 basis at May 31, 2000 of $41,077 less $35,227 permanent impairments
plus unrealized gains of $10,076 pertaining 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, 2000, the Company's net working
capital decreased by $116,792, the result of capital used by operations of
$30,763, an increase in properties of $87,779(Note 2),and amortization of
financing fees in the amount of $1,750.
Crude oil and natural gas sales for the three months ended May 31,
2000 were $65,387 higher than for the corresponding period of the prior year.
This increase is the result of the increase in oil prices and volume of
production.
General and administrative expenses were $23,389 higher during the current
three month period as compared to the corresponding 1999 period. This increase
is mainly the result of approximately $8,000 of legal fees regarding filing of
Form 10K and an increase in officer's salary of $11,000.
Production expenses were $82,019 higher during the 2000 period as com-
pared to the 1999 period. This increase is the result of additional producing
wells purchased and some significant workover costs on the new wells as well as
certain wells owned during both quarters.
5
WYOMING OIL AND MINERALS, INC.
PART II - OTHER INFORMATION
Item 9 - Exhibits and Reports on Form 8-K
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 AND MINERALS, INC.
(Registrant)
Dated: July 14, 2000
-------------------------------- /s/ Jack C. Bradley, Jr.
-------------------------
Jack C. Bradley, Jr.
President
