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, 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 November 30, 2000, there were 713,500 shares of $0.01 par value common
stock issued and outstanding.
WYOMING OIL AND MINERALS, INC.
TABLE OF CONTENTS
NOVEMBER 30, 2000
PART I - FINANCIAL STATEMENTS
Unaudited Balance Sheets
November 30, 2000 and February 29, 2000 1
Unaudited Condensed Statements of Operations
Three and Nine Months Ended November 30, 2000 a 2,3
Unaudited Condensed Statements of Changes
in Financial Position
Nine Months Ended November 30, 2000 and 1999 4
Unaudited Notes to Financial Statements 5
Management's Discussion and Analysis of
the Unaudited Condensed Statements of
Operations 6
PART II - OTHER INFORMATION
Exhibits and Reports on Form 8-K 7
WYOMING OIL AND MINERALS, INC.
UNAUDITED BALANCE SHEETS
ASSETS Nov 30, Feb 29,
2000 2000
Current assets:
Cash ($365) $59,000
Accounts receivable 43,868 81,046
Marketable equity securities,
at market value (Note 4) 24,825 14,536
Inventory 86,587 91,100
Note receivable 13,333
Interest Receivable 216
Total current assets: 154,915 259,231
Property and equipment, at cost less
accumulated depreciation and depletion:
204,495 =February 29, 2000
232,588 =Nov 30, 2000 880,846 619,175
Accounts receivable - non current 26,352 26,352
Financing fees, net of accumulated amortization 13,883 19133
Other assets 61 61
40,296 45,546
$1,076,057 $923,952
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable, current portion (Note 3) $93,284 $61,120
Accounts payable and accrued expenses 362,634 101,214
Income taxes payable 6,636
Total current liabilities: 455,918 168,970
Long term debt (Note 3) 552,754 642,630
Stockholders' equity:
Capital stock, common, $.01 par-value
Authorized: 25,000,000 shares
Issued: 546,500 shares as of February 29, 2000
and 713,500 shares as of November 30, 2000 7,135 5,465
Additional paid-in capital 1,718,851 1,553,521
Accumulated deficit (1,677,576)(1,455,320)
Unrealized gains on securities available for sale
net of applicable deferred income taxes 18,975 8,686
67,385 112,352
$1,076,057 $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
Nine Months Ended
Nov 30, Nov 30,
2000 1999
Operating revenues:
Oil and gas sales $318,020 $173,577
Other operating income 5,400 5,475
Total operating revenues 323,420 179,052
Operating expenses:
Gerneral and administrative 118,470 36,690
Production expenses 373,863 117,463
Lease rentals
Total operating expenses 492,333 154,153
Operating income (loss) (168,913) 24,899
Other income (expense):
Realized gain (loss) sale of marketable securities 1,000
Interest income 277
Interest (expense) (58,260) (12,748)
Other income (expense) net (57,983) (11,748)
Earnings (loss) before income taxes: (226,896) 13,151
Income tax expense (4,640)
Net earnings (loss) (222,256) 13,151
Other comprehensive income, net of tax:
Unrealized gains on available for sale securit 10,289
Comprehensive income ($211,967) $13,151
Net earnings (loss) per common share:
Basic ($0.36) $0.08
Diluted ($0.31) $0.08
Average shares outstanding - Basic 584,005 172,500
Average shares outstanding - Diluted 685,150 172,500
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,
2000 1999
Operating revenues:
Oil and gas sales $68,368 $56,646
Other operating income 1,800 1,824
Total operating revenues 70,168 58,470
Operating expenses:
Gerneral and administrative 46,331 12,294
Production expenses 127,286 44,050
Lease rentals
Total operating expenses 173,617 56,344
Operating income (loss) (103,449) 2,126
Other income (expense):
Realized gain (loss) sale of marketable securities
Interest income 0
Interest (expense) (23,273) (3,723)
Other income (expense) net (23,273) (3,723)
Earnings (loss) before income taxes: (126,722) (1,597)
Income tax expense
Net earnings (loss) (126,722) (1,597)
Other comprehensive income, net of tax:
Unrealized gains on available for sale securit 5,575
Comprehensive income ($121,147) ($1,597)
Net earnings (loss) per common share:
Basic ($0.19) ($0.01)
Diluted ($0.18) ($0.01)
Average shares outstanding - Basic 644,049 172,500
Average shares outstanding - Diluted 784,003 172,500
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,
2000 1999
Sources of working capital:
Net earnings from operations (adjusted by
items not using working capital) ($183,874) $16,317
Amortization of financing fees 5,250
Increase in long term debt (Note 3) 50,000
Sale of Common Stock (Note 5) 167,000 74,000
(11,624) 140,317
Uses of working capital:
Increase in properties (Note 2) 289,764
Decrease in long term debt (Note 3) 89,876
379,640
Increase (decrease) in working capital (391,264) 140,317
Working capital (deficit), beginning of period 90,261 (140,886)
Working capital (deficit), end of period ($301,003) ($569)
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 statements 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, 2000 and 1999, 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, 2000 and 1999 are not
necessarily indicative of the results to be expected for the full year.
2. Oil and gas properties
During the nine months ended November 30, 2000, the Company expended $155,342
for major betterment workovers on various wells. Leases were purchased in
the amount of $8,864. Also drilling costs in the amount of $125,557 were
incurred in a drilling program described in Note 6.
3. Notes payable
As of November 30, 2000, the Company had outstanding notes payable of $646,038.
The interest rate 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 $642,288 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 November 30, 2000 of $41,077 less $35,227 permanent impairments
plus unrealized gains of $18,975 pertaining to the current portfolio.
5. Stock Options
During the three months ended August 31, 2000, 400,000 shares of $1 stock
options were granted to the chief executive officer of the Company as per
the Stock Purchase and Restructuring Agreement dated October 29, 1999. Of
these options, 21,000 shares were exercised at the end of July, 66,000
shares were exercised at the end of August, and 80,000 shares were exercised
during November.
6. Commitments..
In accordance with an operating agreement dated September 1, 1998 the
Company has the option to participate in an eight well pilot program in which
the Company holds a 16.67% interest. Phillips Petroleum, a 50% interest
owner, has proposed the program for approximately $2,900,000 of which the
Company's portion would be approximately $483,000. The Company will
participatein the program and intends to finance their share of the costs
through a private placement or additional borrowings.
5
WYOMING OIL AND MINERALS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION 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, 2000, the Company's net working
capital decreased by $391,264, the result of capital used by operations of
$183,874, an increase in properties of $289,764(Note 2), amortization of
financing fees in the amount of $5,250, the sale of common stock of
$167,000(Note 5), and a decrease in long term debt of $89,876(Note 3).
Crude oil and natural gas sales for the nine months ended November 30,
2000 were $144,443 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 due to additional ownership interest in wells.
General and administrative expenses were $81,780 higher during the current
nine month period as compared to the corresponding 1999 period. This increase
is partly the result of approximately $13,500 of legal fees regarding filing
of Form 10K and an increase in officer's salary of $18,000 and various other
costs mostly relating to shareholder expense. Also, approximately $20,000
of consulting and related costs were incurred in an effort to market some of
the Company's properties.
Production expenses were $256,400 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 the period.
For Proposed capital expenditures, see Note 6 to the Financial Statements.
6
WYOMING OIL AND MINERALS, INC.
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K
None
All other items of this report are inapplicable.
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: 01/12/01 /s/ Jack C. Bradley, Jr.
Jack C. Bradley Jr.
President
