Looking good. Gap was filled a few weeks ago; now only upside from here. Looks like some nice accumulatin going on right now before earnings come out. As we await Q2 financials, here's a brief look back at Q1 and growth they've shown year over year.
* $0.05 eps and .12 cashflow (stock currently in mid 70s making it incredibly cheap on projected earnings and cash flow); currently trading under 2X projected annual cash flow
* current 1300boepd production; guiding for 3000 boepd exit rate 12/08
Pyramid Petroleum's 1st Quarter 2008 Operational Cash Flow is $0.12 Per Share
CALGARY, May 30, 2008 (Canada NewsWire via COMTEX News Network) --
Pyramid Petroleum, Inc. (TSXV: PYR) announced today the results of the 1st quarter of 2008. The Company's 2008 1st quarter interim financial statements and associated management's discussion and analysis can be found online at www.sedar.com.
<< 1st QUARTER 2008 HIGHLIGHTS - Revenues, net of royalties, for Q1 2008 were $7,562,892 compared to $718,444 for Q1 2007. The increase is primarily due to additional assets acquired in the Gulf of Mexico during the 2nd quarter of 2007. - Cash flow from operations for Q1 2008 was $4,310,406 (12 cents per share) compared to $333,279 (1 cent per share) for Q1 2007. - Net income for Q1 2008 was $1,873,809 (5 cents per share) compared to $115,377 (nil) for Q1 2007. The following is the summary of financial results for the Company for thethree month periods ended March 31, 2008 and 2007. Three months ended March 31 2008 2007 --------------------------- ---- ---- Total sales volumes (boe 6:1) - net of royalties 125,724 17,108 Daily sales volumes (boe 6:1) - net of royalties 1,382 190 Statements of Net Income and Retained Earnings US dollars Oil and gas sales ($), net of royalties 7,562,892 718,444 Oil and gas sales per boe ($) 60.15 41.99 Net oil and gas revenue ($) 5,655,553 525,190 Net oil and gas revenue per boe ($) 44.98 30.70 Net income for the period ($) 1,873,809 115,377 Net income per share - basic and diluted ($) 0.05 - Statements of Cash Flows Cash flow from operations ($) 4,310,406 333,279 Cash flow from operations per share ($) 0.12 0.01 Weighted average number of shares - basic 37,317,595 36,605,095
