Replies to post #35 on Bayou City Exploration, Inc. (fka BYCX)

[AliAngel]

Yes but the spread is too large here. .045 and the .19. wowsers. this is a great 10q watch addon. i was very impressed but I am not going to pay .19. lol take a look at this q. I am watching till below the .07 now.
oops AVMD is also way ondervalued. lol
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BAYOU CITY EXPLORATION, INC.
BALANCE SHEETS

September 30, December 31,
2009 2008
(Unaudited)
ASSETS

CURRENT ASSETS:
Cash $ 25,411 $ 18,042
Accounts receivable:
Trade and other (net of reserves — $37,468 as of September 30, 2009 and $222,011 as of December 31, 2008). 133,480 210,674

TOTAL CURRENT ASSETS 158,891 228,716

PROPERTY, PLANT, AND EQUIPMENT, NET 242,554 5,834


TOTAL ASSETS $ 401,445 $ 234,550


LIABILITIES AND STOCKHOLDERS’ DEFICIT:

CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 92,601 $ 354,789
Accounts payable — related party 134,906 246,298
AFE advances from JIB owners — 51,186
Notes payable — related parties 425,000 616,569


TOTAL CURRENT LIABILITIES 652,507 1,268,842

LONG TERM LIABILITY — P&A COSTS — 43,806


TOTAL LIABILITIES 652,507 1,312,648


STOCKHOLDERS’ DEFICIT:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2009 and December 31, 2008 — —
Common stock, $0.005 par value; 150,000,000 shares authorized; 26,653,633 shares issued and outstanding at September 30, 2009 and December 31, 2008 133,268 133,268
Additional paid in capital 13,284,765 13,284,765
Accumulated deficit (13,669,095 ) (14,496,131 )


TOTAL STOCKHOLDERS’ DEFICIT (251,062 ) (1,078,098 )


TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT $ 401,445 $ 234,550


The accompanying notes are an integral part
of these financial statements
3



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Table of Contents

BAYOU CITY EXPLORATION, INC.
STATEMENT OF OPERATIONS
(UNAUDITED)

Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
OPERATING REVENUES:
Oil and gas sales $ 226,457 $ 19,054 $ 756,075 $ 53,214

TOTAL OPERATING REVENUES 226,457 19,054 756,075 53,214


OPERATING COSTS AND EXPENSES:
Lease operating expenses and production taxes 15,029 (5,396 ) 46,732 (3,541 )
Impairment, abandonment and dry hole costs — 3,750 — 3,750
Exploration costs — — — 14,899
Depreciation, depletion and amortization — — 5,834 31,147
General and administrative costs 56,859 37,931 62,707 225,970


TOTAL OPERATING COSTS 71,888 36,285 115,273 272,225


OPERATING INCOME (LOSS) 154,569 (17,231 ) 640,802 (219,011 )


OTHER INCOME (EXPENSE):
Interest expense (7,336 ) (9,352 ) (25,409 ) (28,208 )
Gain (loss) on sale of assets — — — (22,129 )
Forgiveness of debt — 10,880 167,344 24,898
Miscellaneous income 2,095 563 44,299 563


NET INCOME (LOSS) BEFORE INCOME TAX 149,328 (15,140 ) 827,036 (243,887 )


Income Tax Provision — — — —


NET INCOME (LOSS) $ 149,328 $ (15,140 ) $ 827,036 $ (243,887 )



NET LOSS PER COMMON SHARE $ 0.01 $ (0.00 ) $ 0.03 $ (0.01 )

[AliAngel]

that is the 10q for on the bayou. lol

[Bobwins]

I have bought a few at .06. Underwater at last price but obviously undervalued here and huge spread.

The company doesn't produce any PR's and website is out of date, showing Houston office and wrong officers.

They are now just buying into small working interest positions as non operating JV partners. The good results are from one well that has outperformed. They only have one well so there is risk of declining production that will impact their positive financials.

However, they report investing in three other drill packages that appear positive. The problem is that very few wells will measure up to their lone producing well. As this section of the 10Q shows, Sien#1 is producing 6200mcfpd and 70bpd oil. That is the equivalent of 1100boepd at 6:1 gas/oil ratio. We all know that the real world ratio is closer to 15:1 but that's still 483boepd. They have 10% WI or 48boepd net to Bayou. That's a great well for a small investment.

Rooke#1 sounds like a good well, testing at 450mcfpd and 40bpd but let's assume that it produces at 1/2 the testing level and at 15:1 gas to oil. 35boepd total and 3.5boepd to Bayou. So this well will add only about 7.5% to total revs. Shows how good Sien is and how difficult it will be to duplicate their good fortune on that well. Still Rooke#1 should replace depletion on Sien and keep results positive going forward.

Will try to contact the CEO and report. Bobwins

Key Developed Properties:
Sien #1: The Company owns an 8.1% royalty interest in 1 well located in Arkansas County, Texas which began producing in the fourth quarter of 2008. The well produces approximately 6200 Mcf per day and 70 Bbls of oil per day.
Rooke #1: The Company owns a 10% working interest in 1 well located in Refugio County, Texas which was drilled during the second and third quarters of 2009. The well went through completion and as of September 28, 2009 started producing about 450 Mcf per day and 40 Bbls of oil per day. It’s too early to know how this production will level out but the initial signs are promising.
Chapman No. 75-1: The Company owns a 10% working interest in 1 well located in Nueces County, Texas which was drilled during the third quarter of 2009 and has gone to completion. As of the filing date of this report it is believed that the well will be a producing well, but the level of the net revenues that the Company will receive is unknown. This should be known by the end of the year.
Powers #1: The Company owns a 2.5% working interest in 1 well located in Colorado County, Texas which was drilled during the third quarter of 2009 and has also gone to completion. As of the filing date of this report it is believed that the well will be a producing well, but the level of the net revenues that the Company will receive is unknown. This should be known by the end of the year.
Garcitas #1: The Company has committed to purchase a 10% working interest in 1 well located in Jackson & Victoria Counties, Texas. The well is scheduled to be drilled in the fourth quarter of 2009.
King Prospect: The Company has committed to purchase a 10% working interest in one well located in Refugio County, Texas. The well is scheduled to be drilled in the fourth quarter of 2009.