Biloxi Marsh Lands Corporation Announces Unaudited Results for the Third Quarter and First Nine Months of 2016 and Provides Update
Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its
unaudited results for the third quarter of 2016 and first nine months of
2016 and provides update. The Company’s revenue for the three months
ended September 30, 2016 from oil and gas production for its fee lands
was $27,518 compared to revenue of $49,597 for the third quarter of
2015. For the first nine months of 2016, revenue generated from the
Company’s fee lands decreased to $76,477 from $202,052 for the same
period in 2015.
Meanwhile, dividend and interest income for the first nine months of
2016 was $95,043, compared to $110,788 for the first nine months of
2015. During the third quarter of 2016, the Company realized a
cumulative gain from the sale of investment securities of $461,035
compared to a cumulative gain in the amount of $310,813 for the same
period in 2015. For the first nine months of 2016, the cumulative gain
from the sale of investment securities was $358,465 compared to a
cumulative gain of $1,044,385 for the first nine months of 2015. During
the current quarter, the Company realized a settlement gain in the
amount of $95,111. For the third quarter of 2016, total revenues
included a $464,317 loss from the Company’s investment in B&L
Exploration, LLC (B&L). This compares to a loss of $440,169 from B&L for
the third quarter of 2015. Correspondingly, total revenue for the nine
months ended September 30, 2016 includes a net loss of $1,312,506
generated by B&L compared to a net loss of $745,370 from B&L for the
first nine months of 2015.
Expenses for the third quarter were $140,400 compared to $193,827 for
the same period of 2015. Total expenses for the first nine months of
2016 and 2015 were $542,372 and $659,981, respectively. The Company had
net income of $57,714 or $.02 per share for the third quarter of 2016
compared to a net loss of $122,769 or $.05 per share in 2015. Meanwhile,
for the first nine months of 2016, there was a net loss of $1,020,804 or
$.40 per share compared to a net loss of $5,879 or $.00 per share for
the same period of 2015.
As of September 30, 2016, the combined gross daily production rate from
6 wells operated by the Company's mineral lessees was approximately
0.364 million cubic feet of natural gas (Mmcfg) and 122 barrels of oil
per day (BOPD) with net daily production accruing to the Company of
approximately .032 Mmcfg and 2 BOPD. Meanwhile, as of September 30,
2016, B&L’s gross daily production was approximately 50.85 Mmcfg and 248
barrels of oil from 7 wells with approximately 1.90 Mmcfg and 42 barrels
of oil per day accruing to B&L.
As previously reported, the Company received a settlement payment during
2013 for its wetlands real property claim under the BP Deepwater Horizon
Economic and Property Damages Settlement Program. During the third
quarter, the Company received an additional payment of $95,111 related
to its claim. In October 2016, the Company subsequently received
additional settlement payments totaling $140,552. In total, settlement
payments of $236,663 have been received during the current year. The
Company is working with its legal counsel to determine whether any
further additional limited recovery under the settlement may be
expected, but as of this time it is difficult to determine the timing
and amount of any additional settlement, if any.
B&L was organized as a limited liability Company (LLC) under the laws of
Louisiana in July of 2006. B&L’s members are BLMC and Lake Eugenie Land
& Development, Inc. (LKEU), which have membership percentages of 75% and
25%, respectively.
William B. Rudolf, President and CEO, commented: “Production from the
Company’s fee lands continue to decline and has not been helped by lower
commodity pricing. Management has taken steps to realize efficiencies in
a continued effort to identify and take advantage of opportunities that
may arise.”
The Company maintains a website, www.biloximarshlandscorp.com,
and strongly recommends that all investors and interested parties visit
the website to view historical press releases, historical financial
statements, and other relevant information.
Biloxi Marsh Lands Corporation owns approximately 90,000 acres of marsh
lands located in St. Bernard Parish, Louisiana. As the landowner, it
derives revenues from oil and gas exploration and production activities
that take place on or near the Company’s fee lands and revenues from
surface rentals. BLMC also owns a seventy-five percent interest in B&L
Exploration, LLC which explores for and develops oil and gas primarily
in Louisiana and Texas.
This news release contains forward-looking statements regarding oil and
gas discoveries, oil and gas exploration, development and production
activities and reserves. Accuracy of the forward-looking statements
depends on assumptions about events that change over time and is thus
susceptible to periodic change based on actual experience and new
developments. The Company cautions readers that it assumes no obligation
to update or publicly release any revisions to the forward-looking
statements in this report. Important factors that might cause future
results to differ from these forward-looking statements include:
variations in the market prices of oil and natural gas; drilling
results; unanticipated fluctuations in flow rates of producing wells;
oil and natural gas reserves expectations; the ability to satisfy future
cash obligations and environmental costs; and general exploration and
development risks and hazards. Readers are cautioned not to place undue
reliance on forward-looking statements made by or on behalf of the
Company. Each such statement speaks only as of the day it was made. The
factors described above cannot be controlled by the Company. When used
in this report, the words “believes”, “estimates”, “plans”, “expects”,
“could”, “should”, “outlook”, and “anticipates” and similar expressions
as they relate to the Company or its management are intended to identify
forward-looking statements.
The following “Statements of Assets, Liabilities and Stockholders’
Equity” and “Statements of Revenues and Expenses” have been derived from
interim un-audited financial statements which do not include the
information and footnotes that are an integral part of a complete
financial statement.
|
|
|
|
|
|
BILOXI MARSH LANDS CORPORATION
|
Statements of Assets, Liabilities, and Stockholders' Equity
|
September 30, 2016 and 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
3,234,045
|
|
|
2,826,249
|
|
|
Accounts receivable
|
|
|
65,163
|
|
|
20,683
|
|
|
Prepaid expenses
|
|
|
59,444
|
|
|
59,831
|
|
|
Accrued interest receivable
|
|
|
27,221
|
|
|
19,346
|
|
|
Deferred tax asset
|
|
|
205,916
|
|
|
39,173
|
|
|
Federal and state income taxes receivable
|
|
|
12,143
|
|
|
21,451
|
|
|
Other assets
|
|
|
|
3,830
|
|
|
3,830
|
|
|
|
|
Total current assets
|
|
|
3,607,762
|
|
|
2,990,563
|
|
Other assets:
|
|
|
|
|
|
|
|
Investment in partnership
|
|
|
1,639,523
|
|
|
2,014,506
|
|
|
Marketable debt and equity securities - at cost
|
|
|
5,815,219
|
|
|
7,288,762
|
|
|
Land
|
|
|
|
|
|
|
234,939
|
|
|
234,939
|
|
|
Geological and geophysical costs - fee lands, net of amortization
|
|
|
16,128
|
|
|
49,482
|
|
|
Levees and office furniture and equipment
|
|
|
315,943
|
|
|
314,943
|
|
|
Accumulated depreciation
|
|
|
(314,471
|
)
|
|
(313,867
|
)
|
|
|
|
Total other assets
|
|
|
7,707,281
|
|
|
9,588,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
11,315,043
|
|
|
12,579,328
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accrued expenses
|
|
$
|
23,477
|
|
|
22,377
|
|
|
|
|
|
Total current liabilities
|
|
|
23,477
|
|
|
22,377
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Common stock, $.001 par value. Authorized, 20,000,000 shares;
issued, 2,851,196 shares; outstanding, 2,535,028 shares in 2016
and 2015, respectively
|
|
|
47,520
|
|
|
47,520
|
|
|
Retained earnings
|
|
|
14,086,671
|
|
|
15,352,056
|
|
|
Treasury stock - 316,168 shares in 2016 and 2015, respectively, at
cost
|
|
|
(2,842,625
|
)
|
|
(2,842,625
|
)
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
11,315,043
|
|
|
12,579,328
|
|
|
|
|
|
|
|
|
|
|
|
|
BILOXI MARSH LANDS CORPORATION
|
Statements of Revenues and Expenses
|
September 30, 2016 and 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
|
|
9 Months Ended
|
|
|
|
|
|
|
September 30
|
|
September 30
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and gas royalties
|
|
$
|
27,518
|
|
|
49,597
|
|
|
76,477
|
|
|
202,052
|
|
Total oil and gas revenues
|
|
|
27,518
|
|
|
49,597
|
|
|
76,477
|
|
|
202,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (loss):
|
|
|
|
|
|
|
|
|
|
Dividends and interest income
|
|
|
29,667
|
|
|
42,218
|
|
|
95,043
|
|
|
110,788
|
|
Gain on sale of securities
|
|
|
461,035
|
|
|
310,813
|
|
|
358,465
|
|
|
1,044,385
|
|
Gain on settlement
|
|
|
95,111
|
|
|
-
|
|
|
95,111
|
|
|
-
|
|
Surface rentals
|
|
|
49,100
|
|
|
34,678
|
|
|
56,210
|
|
|
38,707
|
|
Gain (loss) from investment in partnership
|
|
|
(464,317
|
)
|
|
(440,169
|
)
|
|
(1,312,506
|
)
|
|
(745,370
|
)
|
Total other income (loss)
|
|
|
170,596
|
|
|
(52,460
|
)
|
|
(707,677
|
)
|
|
448,510
|
|
Total revenues and income
|
|
|
198,114
|
|
|
(2,863
|
)
|
|
(631,200
|
)
|
|
650,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
140,400
|
|
|
193,827
|
|
|
542,372
|
|
|
659,981
|
|
Net income (loss) before income taxes
|
|
|
57,714
|
|
|
(196,690
|
)
|
|
(1,173,572
|
)
|
|
(9,419
|
)
|
Income tax (benefit) expense
|
|
|
-
|
|
|
(73,921
|
)
|
|
(152,768
|
)
|
|
(3,540
|
)
|
Net income (loss)
|
|
$
|
57,714
|
|
|
(122,769
|
)
|
|
(1,020,804
|
)
|
|
(5,879
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share
|
|
$
|
0.02
|
|
|
(0.05
|
)
|
|
(0.40
|
)
|
|
(0.00
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161107006577/en/ Copyright Business Wire 2016
Source: Business Wire
(November 7, 2016 - 4:41 PM EST)
News by QuoteMedia
www.quotemedia.com
|