Pyramid Oil Company (PDO, Financial) filed Quarterly Report for the period ended 2009-06-30.
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 $23.3 million; its shares were traded at around $4.9974 with a P/E ratio of 50 and P/S ratio of 3.5.
second quarter of 2009 and lower crude oil production. Oil and gas revenues
decreased by 62% for the three months ended June 30, 2009 when compared with
the same period for 2008. Oil and gas revenues decreased by 43% due to lower
average crude oil prices for the second quarter of 2009. The average price of
the Company\'s oil and gas for the second quarter of 2009 decreased by
approximately $62.53 per equivalent barrel when compared to the same period of
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 3,500 barrels for the second quarter of 2009. The decrease in
crude oil production is primarily the result of the decline in production on
the Company\'s Anderson lease.
Operating expenses decreased by $136,288 for the second quarter of 2009.
Operating expenses decreased by 30% for the second quarter of 2009. The cost
to produce an equivalent barrel of crude oil during the second quarter of
2009 was approximately $22.34 per barrel, a decrease of approximately $3.22
per barrel when compared with production costs for the second quarter of 2008.
The decrease in lease operating expenses is caused by many factors. These
include lower costs for labor, equipment fuel, parts and supplies, equipment
rental and pump repairs
General and administrative expenses increased by $20,709 for the second
quarter of 2009 when compared with the same period for 2008. During the
second quarter of 2009, the Board of Directors approved the payment of a bonus
to Mr. Alexander of $25,000. No bonus was paid during the second quarter of
2008.
Operating expenses decreased by $207,744 for the first six months of 2009.
Operating expenses decreased by 24% for the first six months of 2009. The
cost to produce an equivalent barrel of crude oil during the first half of
2009 was approximately $22.66 per barrel, a decrease of approximately $2.31
per barrel when compared with production costs for the same period of 2008.
The decrease in lease operating expenses is caused by many factors. These
include lower costs for parts and supplies, equipment fuel, labor, and pump
repairs.
General and administrative expenses increased by $13,502 for the first six
months of 2009 when compared with the same period for 2008. During June of
2009, the Board of Directors approved the payment of a bonus to Mr. Alexander
of $25,000. No bonus was paid during the first six months of 2008. Salaries
increased by approximately $17,000 due to salary increases that were effective
June 1, 2008. This was offset by lower costs for accounting services of
approximately $29,000 due primarily to lower costs incurred for SOX-404
Internal Control Compliance and tax related matters.
Cash decreased by $784,290 for the six months ended June 30, 2009. During the
first half of 2009, operating activities used cash of $68,768. Additional
cash was used for the purchase of short-term investments of $500,000, capital
spending of $167,498 and payments on long-term debt of $11,834. 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
$3,325,389 that provided additional liquidity during the first six 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 $23.3 million; its shares were traded at around $4.9974 with a P/E ratio of 50 and P/S ratio of 3.5.
Highlight of Business Operations:
The decrease in revenues of $1,321,285 is due to lower average prices for thesecond quarter of 2009 and lower crude oil production. Oil and gas revenues
decreased by 62% for the three months ended June 30, 2009 when compared with
the same period for 2008. Oil and gas revenues decreased by 43% due to lower
average crude oil prices for the second quarter of 2009. The average price of
the Company\'s oil and gas for the second quarter of 2009 decreased by
approximately $62.53 per equivalent barrel when compared to the same period of
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 3,500 barrels for the second quarter of 2009. The decrease in
crude oil production is primarily the result of the decline in production on
the Company\'s Anderson lease.
Operating expenses decreased by $136,288 for the second quarter of 2009.
Operating expenses decreased by 30% for the second quarter of 2009. The cost
to produce an equivalent barrel of crude oil during the second quarter of
2009 was approximately $22.34 per barrel, a decrease of approximately $3.22
per barrel when compared with production costs for the second quarter of 2008.
The decrease in lease operating expenses is caused by many factors. These
include lower costs for labor, equipment fuel, parts and supplies, equipment
rental and pump repairs
General and administrative expenses increased by $20,709 for the second
quarter of 2009 when compared with the same period for 2008. During the
second quarter of 2009, the Board of Directors approved the payment of a bonus
to Mr. Alexander of $25,000. No bonus was paid during the second quarter of
2008.
Operating expenses decreased by $207,744 for the first six months of 2009.
Operating expenses decreased by 24% for the first six months of 2009. The
cost to produce an equivalent barrel of crude oil during the first half of
2009 was approximately $22.66 per barrel, a decrease of approximately $2.31
per barrel when compared with production costs for the same period of 2008.
The decrease in lease operating expenses is caused by many factors. These
include lower costs for parts and supplies, equipment fuel, labor, and pump
repairs.
General and administrative expenses increased by $13,502 for the first six
months of 2009 when compared with the same period for 2008. During June of
2009, the Board of Directors approved the payment of a bonus to Mr. Alexander
of $25,000. No bonus was paid during the first six months of 2008. Salaries
increased by approximately $17,000 due to salary increases that were effective
June 1, 2008. This was offset by lower costs for accounting services of
approximately $29,000 due primarily to lower costs incurred for SOX-404
Internal Control Compliance and tax related matters.
Cash decreased by $784,290 for the six months ended June 30, 2009. During the
first half of 2009, operating activities used cash of $68,768. Additional
cash was used for the purchase of short-term investments of $500,000, capital
spending of $167,498 and payments on long-term debt of $11,834. 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
$3,325,389 that provided additional liquidity during the first six months of
2009.
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