Pyramid Oil Company (PDO, Financial) filed Quarterly Report for the period ended 2010-09-30.
Pyramid Oil Company has a market cap of $22.69 million; its shares were traded at around $4.85 with and P/S ratio of 6.85. Pyramid Oil Company had an annual average earning growth of 39.1% over the past 5 years.
cost to produce an equivalent barrel of crude oil during the third quarter of
2010 was $25.78 per barrel, an increase of $2.32 per barrel when compared with
production costs for the third quarter of 2009. The increase in lease
operating expenses is caused by many factors. These include higher costs for
parts and supplies, labor and contract operations. This was offset by the
quarterly adjustment for inventory change. Inventory change decreased by
$23,696 when compared with the same period of 2009. Inventory volumes were
lower by 1,000 barrels at September 30, 2009 as compared with the inventory
volumes at June 30, 2009. The inventory volumes at September 30, 2010 were
lower by approximately 100 barrels when compared with the total volume at June
30, 2010.
General and administrative expenses decreased by $2,865 for the third quarter
of 2010 when compared with the same period for 2009. Accounting services
decreased by $27,525 due primarily to lower projected audit fees for the third
quarter of 2010 when compared with the same period of 2009. This was offset
by higher fees of $13,305 for consulting services. Consulting services
increased due primarily to fees paid to a third-party geologist who is
reviewing the Company's oil and gas properties for potential well drilling
locations. The remaining unfavorable variance of $11,355 is comprised of many
different items, none of which were significant individually.
Parts and supplies increased by $63,351 due to an increase in lease and well
maintenance activities during the first nine months of 2010. Waste water
disposal increased by $22,661 due to higher costs at the Company's Delaney
Tunnell lease. Production equipment repair and maintenance increased by
$17,891 due to an increase in maintenance activities. Equipment rental
increased by $16,471 due primarily to maintenance activities on the Company's
Mullaney lease and the rental of a crude oil storage tank in the second
quarter of 2010 for a new well that was drilled on the Anderson lease in the
first quarter of 2010. Insurance expense increased by $14,027 due to higher
costs for workers' compensation and employee health insurance premiums.
General and administrative expenses increased by a nominal amount for the
first nine months of 2010 when compared with the same period of 2009. There
were several offsetting changes during the nine months ended September 30,
2010. Major variances included the following. Accounting services decreased
by $52,263 due primarily to lower audit fees. Officers salaries decreased by
$25,000 for the nine months ended September 30, 2010. During June of 2009,
the Board of Directors approved the payment of a bonus of $25,000 to Mr.
Alexander, President. No bonuses were paid during the first nine months of
2010. These were offset by higher costs for consulting services, legal fees
and administrative salaries.
Consulting services increased by $28,071 due to fees paid to a third-party
geologist that is reviewing the Company's oil and gas properties for potential
well drilling locations. Legal services increased by $18,656 due primarily to
services related to the Company's filing of its proxy for the 2010 annual
meeting. Administrative salaries increased by $18,278 due to the hiring
of a part-time employee effective August 1, 2009.
Cash increased by $238,761 for the nine months ended September 30, 2010.
During the nine months ended September 30, 2010, operating activities provided
cash of $1,417,606. Cash was provided by the redemption of short-term
investments in the amount of $680,000 and proceeds from the sale of fixed
assets of $320,556. Cash was used for the purchase of short-term investments
of $550,000, capital spending of $1,714,181 and payments on long-term debt of
$19,735. 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 $3,110,446 that provided additional liquidity during
the first nine months of 2010.
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Pyramid Oil Company has a market cap of $22.69 million; its shares were traded at around $4.85 with and P/S ratio of 6.85. Pyramid Oil Company had an annual average earning growth of 39.1% over the past 5 years.
Highlight of Business Operations:
Operating expenses increased by $40,097 for the third quarter of 2010. Thecost to produce an equivalent barrel of crude oil during the third quarter of
2010 was $25.78 per barrel, an increase of $2.32 per barrel when compared with
production costs for the third quarter of 2009. The increase in lease
operating expenses is caused by many factors. These include higher costs for
parts and supplies, labor and contract operations. This was offset by the
quarterly adjustment for inventory change. Inventory change decreased by
$23,696 when compared with the same period of 2009. Inventory volumes were
lower by 1,000 barrels at September 30, 2009 as compared with the inventory
volumes at June 30, 2009. The inventory volumes at September 30, 2010 were
lower by approximately 100 barrels when compared with the total volume at June
30, 2010.
General and administrative expenses decreased by $2,865 for the third quarter
of 2010 when compared with the same period for 2009. Accounting services
decreased by $27,525 due primarily to lower projected audit fees for the third
quarter of 2010 when compared with the same period of 2009. This was offset
by higher fees of $13,305 for consulting services. Consulting services
increased due primarily to fees paid to a third-party geologist who is
reviewing the Company's oil and gas properties for potential well drilling
locations. The remaining unfavorable variance of $11,355 is comprised of many
different items, none of which were significant individually.
Parts and supplies increased by $63,351 due to an increase in lease and well
maintenance activities during the first nine months of 2010. Waste water
disposal increased by $22,661 due to higher costs at the Company's Delaney
Tunnell lease. Production equipment repair and maintenance increased by
$17,891 due to an increase in maintenance activities. Equipment rental
increased by $16,471 due primarily to maintenance activities on the Company's
Mullaney lease and the rental of a crude oil storage tank in the second
quarter of 2010 for a new well that was drilled on the Anderson lease in the
first quarter of 2010. Insurance expense increased by $14,027 due to higher
costs for workers' compensation and employee health insurance premiums.
General and administrative expenses increased by a nominal amount for the
first nine months of 2010 when compared with the same period of 2009. There
were several offsetting changes during the nine months ended September 30,
2010. Major variances included the following. Accounting services decreased
by $52,263 due primarily to lower audit fees. Officers salaries decreased by
$25,000 for the nine months ended September 30, 2010. During June of 2009,
the Board of Directors approved the payment of a bonus of $25,000 to Mr.
Alexander, President. No bonuses were paid during the first nine months of
2010. These were offset by higher costs for consulting services, legal fees
and administrative salaries.
Consulting services increased by $28,071 due to fees paid to a third-party
geologist that is reviewing the Company's oil and gas properties for potential
well drilling locations. Legal services increased by $18,656 due primarily to
services related to the Company's filing of its proxy for the 2010 annual
meeting. Administrative salaries increased by $18,278 due to the hiring
of a part-time employee effective August 1, 2009.
Cash increased by $238,761 for the nine months ended September 30, 2010.
During the nine months ended September 30, 2010, operating activities provided
cash of $1,417,606. Cash was provided by the redemption of short-term
investments in the amount of $680,000 and proceeds from the sale of fixed
assets of $320,556. Cash was used for the purchase of short-term investments
of $550,000, capital spending of $1,714,181 and payments on long-term debt of
$19,735. 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 $3,110,446 that provided additional liquidity during
the first nine months of 2010.
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