Pyramid Oil Company (PDO, Financial) filed Quarterly Report for the period ended 2009-09-30.
PYRAMID OIL CO. is engaged in the business of exploration, development and production of crude oil and natural gas. Pyramid Oil Company has a market cap of $22.7 million; its shares were traded at around $4.84 with and P/S ratio of 3.4.
third quarter of 2009 and lower crude oil production. Oil and gas revenues
decreased by 53% for the three months ended September 30, 2009 when compared
with the same period for 2008. Oil and gas revenues decreased by 34% due to
lower average crude oil prices for the third quarter of 2009. The average
price of the Company's oil and gas for the third quarter of 2009 decreased by
approximately $46.16 per equivalent barrel when compared to the same period
for 2008. Revenues decreased by 19% due to lower crude oil
production/shipments. The Company's net revenue share of crude oil
production/sales decreased by approximately 3,400 barrels for the third
quarter of 2009. The decrease in crude oil production is primarily the result
of the decline in production on the Company's Anderson and Santa Fe leases.
Operating expenses decreased by $202,191 for the third quarter of 2009.
Operating expenses decreased by 37% for the third quarter of 2009. The cost
to produce an equivalent barrel of crude oil during the third quarter of
2009 was approximately $23.46 per barrel, a decrease of approximately $6.78
per barrel when compared with production costs for the third quarter of 2008.
The decrease in lease operating expenses is caused by many factors. These
include lower costs for labor, parts and supplies, pump repairs and equipment
fuel. The Company has reduced its maintenance activities as a result of lower
crude oil sales prices.
General and administrative expenses decreased by $100,056 for the third
quarter of 2009 when compared with the same period for 2008. During the
third quarter of 2008, the Board of Directors approved the payment of a bonus
to Mr. Alexander of $50,000. No bonus was paid during the third quarter of
2009. Legal services also decreased by approximately $34,000. In the third
quarter of 2008, the Company incurred additional legal fees relating to the
stock split that was effective July 7, 2008.
Operating expenses decreased by $409,935 for the nine months ended September
30, 2009. Operating expenses decreased by 29% for the nine months ended
September 30, 2009. The cost to produce an equivalent barrel of crude oil
during the nine months ended September 30, 2009 was approximately $22.92 per
barrel, a decrease of approximately $3.83 per barrel when compared with
production costs for the same period for 2008. The decrease in lease
operating expenses is caused by many factors. These include lower costs for
labor, parts and supplies, equipment fuel and pump repairs.
General and administrative expenses decreased by $86,555 for the first nine
months of 2009 when compared with the same period of 2008. Officers salaries
decreased by approximately $21,000. This is due primarily to a decrease in
the bonus paid to the Chief Executive Officer in 2009. Legal services
decreased by approximately $28,000. During 2008, the Company incurred
additional legal fees relating to a stock split that was effective July 7,
2008. Accounting services decreased by approximately $19,000 due primarily to
lower costs incurred for SOX-404 internal control compliance and tax related
matters. Travel and entertainment expenses decreased by approximately $10,000
for the nine months ended September 30, 2009.
Cash decreased by $531,912 for the nine months ended September 30, 2009.
During the nine months ended September 30, 2009, operating activities provided
cash of $298,343. Cash was used for the purchase of short-term investments of
$500,000, capital spending of $261,974 and payments on long-term debt of
$17,837. See the Statements of Cash Flows for additional detailed
information. The Company had available a line of credit of $500,000 and
short-term investments of $3,340,743 that provided additional liquidity during
the first nine months of 2009.
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PYRAMID OIL CO. is engaged in the business of exploration, development and production of crude oil and natural gas. Pyramid Oil Company has a market cap of $22.7 million; its shares were traded at around $4.84 with and P/S ratio of 3.4.
Highlight of Business Operations:
The decrease in revenues of $1,053,706 is due to lower average prices for thethird quarter of 2009 and lower crude oil production. Oil and gas revenues
decreased by 53% for the three months ended September 30, 2009 when compared
with the same period for 2008. Oil and gas revenues decreased by 34% due to
lower average crude oil prices for the third quarter of 2009. The average
price of the Company's oil and gas for the third quarter of 2009 decreased by
approximately $46.16 per equivalent barrel when compared to the same period
for 2008. Revenues decreased by 19% due to lower crude oil
production/shipments. The Company's net revenue share of crude oil
production/sales decreased by approximately 3,400 barrels for the third
quarter of 2009. The decrease in crude oil production is primarily the result
of the decline in production on the Company's Anderson and Santa Fe leases.
Operating expenses decreased by $202,191 for the third quarter of 2009.
Operating expenses decreased by 37% for the third quarter of 2009. The cost
to produce an equivalent barrel of crude oil during the third quarter of
2009 was approximately $23.46 per barrel, a decrease of approximately $6.78
per barrel when compared with production costs for the third quarter of 2008.
The decrease in lease operating expenses is caused by many factors. These
include lower costs for labor, parts and supplies, pump repairs and equipment
fuel. The Company has reduced its maintenance activities as a result of lower
crude oil sales prices.
General and administrative expenses decreased by $100,056 for the third
quarter of 2009 when compared with the same period for 2008. During the
third quarter of 2008, the Board of Directors approved the payment of a bonus
to Mr. Alexander of $50,000. No bonus was paid during the third quarter of
2009. Legal services also decreased by approximately $34,000. In the third
quarter of 2008, the Company incurred additional legal fees relating to the
stock split that was effective July 7, 2008.
Operating expenses decreased by $409,935 for the nine months ended September
30, 2009. Operating expenses decreased by 29% for the nine months ended
September 30, 2009. The cost to produce an equivalent barrel of crude oil
during the nine months ended September 30, 2009 was approximately $22.92 per
barrel, a decrease of approximately $3.83 per barrel when compared with
production costs for the same period for 2008. The decrease in lease
operating expenses is caused by many factors. These include lower costs for
labor, parts and supplies, equipment fuel and pump repairs.
General and administrative expenses decreased by $86,555 for the first nine
months of 2009 when compared with the same period of 2008. Officers salaries
decreased by approximately $21,000. This is due primarily to a decrease in
the bonus paid to the Chief Executive Officer in 2009. Legal services
decreased by approximately $28,000. During 2008, the Company incurred
additional legal fees relating to a stock split that was effective July 7,
2008. Accounting services decreased by approximately $19,000 due primarily to
lower costs incurred for SOX-404 internal control compliance and tax related
matters. Travel and entertainment expenses decreased by approximately $10,000
for the nine months ended September 30, 2009.
Cash decreased by $531,912 for the nine months ended September 30, 2009.
During the nine months ended September 30, 2009, operating activities provided
cash of $298,343. Cash was used for the purchase of short-term investments of
$500,000, capital spending of $261,974 and payments on long-term debt of
$17,837. See the Statements of Cash Flows for additional detailed
information. The Company had available a line of credit of $500,000 and
short-term investments of $3,340,743 that provided additional liquidity during
the first nine months of 2009.
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