By Business Wirevia The Motley Fool
Filed under: Investing
Biloxi Marsh Lands Corporation Announces Results for the Fourth Quarter of 2012, 12 Months ending December 31, 2012
METAIRIE, La.–(BUSINESS WIRE)– Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces results for the year ending December 31, 2012 and provides update. The Company’s annual revenue breakdown is as follows: 2012 revenue from oil and gas production for its fee lands was $572,559 compared to revenue of $1,503,056 in 2011.
For the year 2012, total revenues included a $714,604 loss emanating from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $3,423,042 from B&L in the prior year. As an operating oil and gas entity, B&L’s results included deductions for depreciation, depletion and amortization (DD&A) costs relating to its ongoing drilling and production activities. BLMC‘s share of these DD&A expenses was $800,488 and $1,801,797 for 2012 and 2011, respectively.
Meanwhile, dividend and interest income for 2012 was $199,024, compared to $254,128 for 2011. In 2012 the Company realized a cumulative gain from the sale of investment securities of $23,630 compared to a cumulative gain in the amount of $1,600,569 in 2011. Meanwhile, expenses for the year totaled $983,083 compared to $1,439,114 for the prior year. For the year, the Company incurred a net loss of $460,635 or $.17 per share compared to a net loss of $695,955 or $.25 per share in 2011.
As of December 31, 2012 the combined gross daily production rate from 4 wells operated by the Company’s mineral lessees was approximately 3.8 million cubic feet (mmcf) of natural gas with net daily production accruing to the Company of approximately .492 mmcf. The Company has been advised by Alta Mesa, one of the Company’s mineral lessees, that the Ducros/SL 17958 well is going to be plugged and abandoned after several unsuccessful attempts to rework the well.
As of December 31, 2012, B&L’s net production breakdown was approximately 1.0 mmcfg and 40 barrels of oil per day from 5 wells. This compares to B&L’s net production of 2.4mmcfg and 100 barrels of oil per day as of December 31, 2011 from 6 wells. As previously reported, Hurricane Isaac impacted production when the storm came through the region in late August. All wells were shut-in prior to the storm. The Goodrich Land and Energy No. 1 well, CL&F No. 1 well, and Harry Bourg No.1 well were placed back on production shortly after the storm and sustained minimal damage, if any. The SL 19061 #1 well and Delacroix #41 ST well sustained damage during the storm, and after repairs, these wells were returned to …read more
Source: FULL ARTICLE at DailyFinance
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