Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) today
announces its unaudited results for the first quarter of 2011 and
provides update. Total revenue for the three months ending March
31, 2011 was $671,366 compared to $445,686 for the first quarter of
2010. For the first quarter total revenue includes income of
$50,756 emanating from partnership income which represents the
Company’s interest in B&L Exploration, LLC (B&L) compared
to a loss of $2,617 in the same category for the first quarter of
2010. During the first quarter of 2011 we incurred a cumulative
gain from the sale of investment securities in the amount of
$55,415 as compared to a cumulative gain from the sale of
investment securities of $57,350 for the same period in 2010.
Meanwhile for the quarter, total expenses were $301,976 compared to
$253,549 for the prior year. For the first quarter of 2011, net
earnings increased to $269,655 or $0.10 per share from $134,496 or
$0.05 per share for the same period of 2010.
As of April 15, 2011 the combined gross daily production rate
from 6 wells operated by the Company's mineral lessees was
approximately 11.6 million cubic feet (mmcf) of natural gas with
net daily production accruing to the Company of approximately 1.6
mmcf. Combining the 6 wells operated by the Company's mineral
lessees with the BLMC’s interest in the B&L wells, the total
combined daily production accruing to BLMC (from B&L and Lessee
wells) as of April 15, 2011 was approximately 3.9 mmcfe (natural
gas equivalents 15:1 oil to gas ratio) per day.
B&L Exploration, LLC (B&L), a partially owned subsidiary
of the Company, placed its Gautreaux #1 well on production as of
April 1, 2011. Meanwhile, the operator of the LL&E #1 continues
to plan completion operations and hopes to have this well on
production during the first half of 2011. B&L is scheduled to
participate in drilling of additional wells during the second and
third quarter of 2011.
B&L was organized as a limited liability company (LLC) under
the laws of Louisiana in July of 2006. B&L’s Class A members
are BLMC and Lake Eugenie Land & Development, Inc. (LKEU),
which have membership percentages of 75% and 25% respectively. The
Operating Agreement was amended on November 16, 2009 to create a
Class B membership to allow for certain future projects at the
discretion of the board of managers to be participated by either
Class A or Class B members or a combination of the respective
Classes. B&L’s Class B members are BLMC and LKEU, which have
membership percentages of 90% and 10% respectfully.
William B. Rudolf, President and CEO, commented: “During 2011,
we intend to focus on the development of prospects on our property
as well as diligently prosecuting B&L’s drilling program. With
the current wells scheduled to be drilled, we are hopeful that the
drilling program will add to B&L reserves.”
The Company maintains a website; www.biloximarshlandscorp.com
and we strongly recommend 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
land. The company also derives revenues from its ownership interest
in B&L Exploration, LLC and minimal revenues from surface
rentals.
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”, “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 “Statement of Revenues and Expenses and
Retained Earnings” have been derived from an interim un-audited
financial statement which does 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 March 31, 2011 and 2010
Assets 2011
2010 Current assets: Cash and cash equivalents
$ 4,470,324 5,978,027 Accounts receivable 198,826 115,837 Prepaid
expenses 19,709 21,193 Accrued interest receivable 40,556 65,852
Federal income taxes receivable — 187,277 State income taxes
receivable — 67,483 Other assets 3,830 3,830 Total
current assets 4,733,245 6,439,499 Other assets:
Investment in partnership 4,809,657 2,820,301 Marketable debt and
equity securities - at cost 9,111,058 8,567,118 Land 234,939
234,939 Levees and office furniture and equipment 277,679 253,904
Accumulated depreciation (277,679 ) (253,904 ) Total other assets
14,155,654 11,622,358 Total assets $
18,888,899 18,061,857
Liabilities and
Stockholders' Equity Current liabilities: Income taxes payable
$ 112,854 — Accrued expenses 84,887 14,415 Other current
liabilities 3,960 2,880 Total current liabilities
201,701 17,295 Stockholders' equity: Common stock, $.001 par value.
Authorized 20,000,000 shares; issued 2,851,196 shares; outstanding
2,741,428 shares in 2011 and 2010 47,520 47,520 Retained
earnings 18,822,743 18,180,107 Treasury stock - 109,768 shares in
2011 and 2010 (183,065 ) (183,065 ) Total liabilities and
stockholders' equity $ 18,888,899 18,061,857
BILOXI MARSH LANDS CORPORATION
Statements of Revenues and Expenses March 31, 2011 and 2010
2011 2010 Revenues:
Oil and Gas Royalties $ 511,983 $ 333,329 Severance Taxes
(22,449 ) (20,429 ) Total oil and gas revenues
489,534 312,900
Other:
Income (loss) from investment in partnership 50,756 (2,617 )
Dividends and interest income 69,511 78,053 Gain on sale of
securities 55,415 57,350 Other Income 6,150 -
Total other income 181,832
132,786 Total revenues and income 671,366
445,686
Expenses Total
expenses 301,976 253,549 Net
income before provision for income taxes 369,390
192,137
Income taxes Provision for
income taxes 99,735 57,641 Net
income 269,655 134,496 Net income per share $
0.10 $ 0.05
Biloxi Marsh Lands (CE) (USOTC:BLMC)
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