Glen Rose Petroleum Corp. (GLRP, Financial) filed Amended Annual Report for the period ended 2009-03-31.
Glen Rose Petroleum Corp. has a market cap of $2.56 million; its shares were traded at around $0.23 with and P/S ratio of 20.99.
Total operating expenses of $2,303,828 reflects a decrease of $1,254,916, or approximately 35%, for the 2009 fiscal year as compared to operating expenses of $3,558,744 for the 2008 fiscal year. The significant operating expenses reported for the 2009 fiscal year resulted from the recognition the expense portion of warrants and stock options. General and administrative expenses decreased by $326,116, or approximately 24%, from $1,334,095 in the 2008 fiscal year to $1,007,979 in the 2009 fiscal year. We also incurred a warrants and stock options expense of $1,017,489 during the fiscal year ended March 31, 2009. Interest expense was $3,201 in the 2009 fiscal year, as compared to $70,117 in the 2008 fiscal year.
Oil and gas sales during the 2009 fiscal year were $122,279, an increase of $60,254 or approximately 97%, as compared to sales of $62,025 during the 2008 fiscal year. Recent volatility in crude oil prices has caused substantial variations in unit prices and our revenues may vary considerably base on crude oil unit prices.
Production and operating expenses were $94,541 during the 2009 fiscal year as compared to $72,166 in production and operating expenses during the 2008 fiscal year, an increase of $22,375 or approximately 31%. Depreciation and depletion expense for the 2009 fiscal year was $58,466 as compared to depreciation and depletion expense of $1,868 for the 2008 fiscal year, an increase of $56,598. Demand for oil field service providers may vary substantially with the unit price of gas and crude oil which would have a corresponding effect on the price of oil field goods and services.
Our current assets increased by $89,659 or approximately 58%, from $155,666 at March 31, 2008 to $245,325 at March 31, 2009. Current liabilities increased from $2,870,071 at March 31, 2008, to $2,948,077 at March 31, 2009, an increase of $78,006 or approximately 3%. The increase in current liabilities was due to increases in accounts payable balances. Working capital was a deficit of $2,702,752 at March 31, 2009 as compared to the March 31, 2008 deficit of $2,714,405, a decrease of $11,654 or less than 1%. The decrease deficit was due primarily to the addition of property, plant and equipment.
Cash of $525,981 was used in investing activities during the 2009 fiscal year and cash of $59,348 was used in investing activities for the 2008 fiscal year. Cash of $1,876,191 was used for capital expenditures for our oil and gas properties and for the purchase of equipment. During the 2008 fiscal year, cash flows used in investing activities related primarily to capital expenditures for our oil and gas properties.
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Glen Rose Petroleum Corp. has a market cap of $2.56 million; its shares were traded at around $0.23 with and P/S ratio of 20.99.
Highlight of Business Operations:
During the 2009 fiscal year, the sale price of oil produced by our properties in Texas fell from $89.36 a barrel, to $33.15 a barrel. The closing price was $79.09 a barrel as of March 31, 2008, versus $35.96, as of March 31, 2009. Production costs during the 2009 fiscal year decreased from $135.87 a barrel during the 2008 fiscal year to $41.29 a barrel, because we were able to increase average daily production, while keeping our field expenses constant.Total operating expenses of $2,303,828 reflects a decrease of $1,254,916, or approximately 35%, for the 2009 fiscal year as compared to operating expenses of $3,558,744 for the 2008 fiscal year. The significant operating expenses reported for the 2009 fiscal year resulted from the recognition the expense portion of warrants and stock options. General and administrative expenses decreased by $326,116, or approximately 24%, from $1,334,095 in the 2008 fiscal year to $1,007,979 in the 2009 fiscal year. We also incurred a warrants and stock options expense of $1,017,489 during the fiscal year ended March 31, 2009. Interest expense was $3,201 in the 2009 fiscal year, as compared to $70,117 in the 2008 fiscal year.
Oil and gas sales during the 2009 fiscal year were $122,279, an increase of $60,254 or approximately 97%, as compared to sales of $62,025 during the 2008 fiscal year. Recent volatility in crude oil prices has caused substantial variations in unit prices and our revenues may vary considerably base on crude oil unit prices.
Production and operating expenses were $94,541 during the 2009 fiscal year as compared to $72,166 in production and operating expenses during the 2008 fiscal year, an increase of $22,375 or approximately 31%. Depreciation and depletion expense for the 2009 fiscal year was $58,466 as compared to depreciation and depletion expense of $1,868 for the 2008 fiscal year, an increase of $56,598. Demand for oil field service providers may vary substantially with the unit price of gas and crude oil which would have a corresponding effect on the price of oil field goods and services.
Our current assets increased by $89,659 or approximately 58%, from $155,666 at March 31, 2008 to $245,325 at March 31, 2009. Current liabilities increased from $2,870,071 at March 31, 2008, to $2,948,077 at March 31, 2009, an increase of $78,006 or approximately 3%. The increase in current liabilities was due to increases in accounts payable balances. Working capital was a deficit of $2,702,752 at March 31, 2009 as compared to the March 31, 2008 deficit of $2,714,405, a decrease of $11,654 or less than 1%. The decrease deficit was due primarily to the addition of property, plant and equipment.
Cash of $525,981 was used in investing activities during the 2009 fiscal year and cash of $59,348 was used in investing activities for the 2008 fiscal year. Cash of $1,876,191 was used for capital expenditures for our oil and gas properties and for the purchase of equipment. During the 2008 fiscal year, cash flows used in investing activities related primarily to capital expenditures for our oil and gas properties.
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