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Biloxi
Marsh Lands Corporation Press
Release Archive Complete List Biloxi Marsh Lands Corporation Biloxi Marsh Lands Corporation Declares Cash Dividend
During its meeting held today the Board of Directors of Biloxi Marsh Lands Corporation (Pink Sheets: BLMC - News) declared a dividend of $1.00 per outstanding share of common stock payable on Tuesday, November 25, 2008 to shareholders of record at the close of business on Friday, November 21, 2008. Biloxi Marsh Lands Corporation Announces Unaudited Results for the Third Quarter and First Nine Months of 2008 and provides update Biloxi Marsh Lands Corporation Announces Unaudited Results for the Third Quarter and First Nine Months of 2008 and provides update Metairie, LA., October 31, 2008 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the third quarter and first nine months of 2008 and provides update. Total revenue for the third quarter of 2008 was $249,062 compared to total revenue of $351,263 for the same period of 2007. For the first nine months of 2008 revenue was $3,312,461 compared to $3,021,156 for the same period of 2007. For the third quarter total revenue includes a loss of $594,213 emanating from partnership income/loss which represents the Company’s interest in B&L Exploration, LLC compared to a net loss of $629,522 in the same category for the third quarter of the prior year. The losses are attributable to costs associated with B&L Exploration’s participation in drilling programs during the third quarter of each year. During the third quarter of 2008, oil and gas revenues were $743,799 compared to $825,598 for the same period of 2007. It should be noted that BLMC did not receive any revenue from production of natural gas during May of 2008 due to the fact that the sales point, El Paso’s Tennessee Gas Pipeline, was shut-in during the month of May for repairs. Additionally, the majority of BLMC production was shut-in from August 31 until September 20, 2008 due to Hurricanes Gustav and Ike. For the third quarter of 2008, gains on the sale of investments were $7,374 compared to $10,190 during the third quarter of 2007. Meanwhile, operating expenses for the third quarter of 2008 were $266,386 compared to operating expenses of $287,446 for the same period of 2007. Net earnings were $39,532 or $.01 per share for the third quarter of 2008 compared to $103,525 or $.04 per share for the same period of 2007, and for the first nine months of 2008 net earnings were $1,714,582 or $.62 per share compared to $1,648,693 or $.60 per share for the same period of 2007. As of September 30, 2008 the combined gross daily production rate from 10 wells operated by the Company’s mineral Lessees was approximately 11.3 million cubic feet of gas (mmcfg) with net daily production accruing to the Company of approximately 1.2 mmcfg. The two producing wells in which B & L Exploration, LLC (B&L) has a working interest, SL 18955 #1 well and SL 18957 #1 well were shut-in for repairs to a compressor on the production facility as of September 30, 2008. While we anticipate that production will be reestablished, it should be noted that these wells are in the late stages of their productive lives. Meanwhile, on October 25, 2008 the SL 19064 #1 well was placed on production at a daily flow rate of approximately 1.6 mmcfg per day. One of B&L’s partners and the operator, Gulf Production Company, advises that they plan to produce this well in the 1.5 to 2.0 mmcfg per day range for the first 10 to 15 days then increase the flow rate to around 2.5 to 3.0 mmcfg per day. Construction crews are presently working on construction of the flowline to produce the Lake Eugenie Land & Development #1 well. Gulf Production advises that this well is scheduled to be producing natural gas prior to the end of November 2008. Construction of the flowlines to produce SL 19064 #1 and the Lake Eugenie Land & Development #1 wells was delayed due to Hurricanes Gustav and Ike. Initial proved reserve reports completed by an independent reservoir engineer estimate that the combined proved reserves assigned to the SL 19064 Well and the Lake Eugenie Land & Development #1 well are significantly more than the initial estimated combined proved reserves that were assigned to the SL 18955 #1 and the SL 18957 wells referenced in the foregoing paragraph. B &L has a 32.813% working interest in the SL 19064 #1 well and the Lake Eugenie Land & Development #1 well. On January 31, 2008 we announced our participation in the NAPE Expo in Houston, Texas (please see www.napeonline.com ). With the assistance of BLX’s technical consultants we presented acreage under the control of BLX showing two Tuscaloosa prospects (Alpha and Beta) developed over the past 12 to 18 months using existing geological well control and 3D seismic data (see the Company’s website www.biloximarshlandscorp.com for additional information). While we continue to develop a strategy to test the Tuscaloosa sand interval, these deeper Tuscaloosa prospects are much more difficult to place than the shallower drilling packages previously placed by BLX. Though our job has become more challenging in recent weeks due to worldwide economic conditions, we are continuing our efforts to place Alpha and Beta prospects as well as additional shallower prospects, while we are working on new strategies for marketing our property. William B. Rudolf, President and CEO, commented: “With delays and production interruptions attributable to the passage of Hurricanes Gustav and Ike combined with the advent of the worldwide financial crisis the third quarter was challenging. Now that we have these delays and interruptions behind us, we are hopeful that the next few months will yield increased revenues from B&L Exploration, LLC. With newly discovered reserves, a strong balance sheet and a partial shift away from investment in equities during June of 2008, we continue to position the Company for the future.” 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 including President’s Report to Shareholders, and general information about the company. During January 2008 we moved our office to One Galleria Blvd., Suite #902. Complete and updated contact information is available on the Company’s website: www.biloximarshlandscorp.com . 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 75% 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. Contact: Biloxi Marsh Lands Corporation
Biloxi Marsh Lands Corporation announces Plans to Repurchase Common Stock Metairie, LA – October 1, 2008 – During its meeting held on Friday, September 26, 2008 the Board of Directors of Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) authorized the purchase of up to 27,500 shares of its outstanding common stock. The purchases will be made from time to time on the open market at the sole discretion of the Company. All shares purchased will be held as Treasury stock. 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 75% ownership interest in B&L Exploration, LLC and minimal revenues from surface rentals. 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 general information. 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”, “hopeful”, “outlook”, and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Biloxi Marsh Lands Corporation provides Post Hurricane Gustav and Hurricane Ike Production Update Metairie, LA – September 17, 2008 - Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) provides the following update of its production: BLMC’s Lessee Wells B&L Exploration, LLC Wells 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 75% ownership interest in B&L Exploration, LLC and minimal revenues from surface rentals. 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 general information. Contact:
Biloxi Marsh Lands Corporation Announces Unaudited Results for the Second Quarter and First Six Months of 2008 and provides update Metairie, LA., July 25, 2008 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the second quarter and first six months of 2008 and provides update. Total revenue for the second quarter of 2008 was $1,261,005 compared to total revenue of $1,233,908 for the same period of 2007. For the first six months of 2008 revenue was $3,063,399 compared to $2,669,893 for the same period of 2007. For the second quarter total revenue includes $85,522 of revenue emanating from partnership income which represents the Company’s interest in B&L Exploration, LLC compared to a net loss of $182,500 in the same category for the second quarter of the prior year. Meanwhile, for the first six months of 2008 partnership income was $756,214 compared to a net loss of $429,831 in the same category for the first six months of 2007. During the second quarter of 2008, oil and gas revenues were $734,458 compared to $1,241,499 for the same period of 2007. It should be noted that BLMC did not received any revenue from production of natural gas during May of 2008 due to the fact that the sales point, El Paso’s Tennessee Gas Pipeline, was shut in during the month of May for repairs. For the second quarter of 2008, gains on the sale of investments were $373,168 compared to $29,855 during the second quarter of 2007. Meanwhile, operating expenses for the second quarter of 2008 were $342,050 compared to operating expenses of $232,247 for the same period of 2007. The increase in expenses year over year was mainly due to increase in legal fees and expenses related to increased activity in the title dispute litigation. Net earnings were $643,548 or $.23 per share for the second quarter of 2008 compared to $720,880 or $.26 per share for the same period of 2007, and for the first half of 2008 net earnings were $1,675,050 or $.61 per share compared to $1,545,168 or $.56 per share for the same period of 2007. Management has taken steps to jump start drilling activity through the formation of B & L Exploration, LLC (BLX) of which the Company owns 75%. As previously announced BLX placed two new wells on production during the fourth quarter of 2007. During the first six months of 2008 revenues from the production emanating from these two wells net of ongoing expenses attributed directly to the $756,214 in partnership income cited in the foregoing paragraph. While these two wells, SL 18955 #1 and 18957 #1, represent relative small reservoirs, due to the excellent sand quality these two wells continued to produce at a combined daily rate of approximately 2.0 mmcf as of June 30, 2008. Also, as of June 30, 2008 the combined gross daily production rate from 11 wells operated by the Company’s mineral Lessees was approximately 11.5 million cubic feet (mmcf) with net daily production accruing to the Company of approximately 1.2 mmcf. We are pleased to announce that on July 15, 2008 BLX and its partners successfully logged the Lake Eugenie Land & Development #1 Well or our South Boudreau Bay Prospect. Electric logs indicated approximately 72 gross feet or 60 net feet of natural gas pay sands. Due to excellent sand quality, indicated by electric logs and sidewall core analysis, we do not plan to flow test this well. We prefer to flow it straight to production after its completion and the completion of the flowlines needed to produce this well. We reported on April 30th that after the completion of a six mile long plus flowline we anticipated placing the SL 19064 #1 well on production in June of 2008. Unfortunately, our operating partner, Gulf Production Company is experiencing delays in completing this flowline. This same flowline will be used to produce the Lake Eugenie Land & Development #1 Well and we are advised by Gulf Production that it will take an additional 6 to 8 weeks from the date of this release to complete the flowline. Meanwhile, due to delays in obtaining a Coastal Use Permit from the State of Louisiana for drilling our East Three Mile Bay Prospect and the fact that we are approaching the heart of hurricane season, we are not going to move the rig that is presently completing the Lake Eugenie Land & Development #1 Well to drill the East Three Mile Bay Prospect. Depending on permitting and rig availability, our current plan is to drill this prospect in the late fall of 2008 after the heart of hurricane season or in the late spring of 2009 before the start of hurricane season. It should be noted that since its inception BLX has participated in the drilling of six prospects that it generated completing four as successful commercial natural gas wells. On January 31, 2008 we announced our participation in the NAPE Expo in Houston, Texas (please see www.napeonline.com ). With the assistance of BLX’s technical consultants we presented acreage under the control of BLX showing two Tuscaloosa prospects (Alpha and Beta) developed over the past 12 to 18 months using existing geological well control and 3D seismic data (see the Company’s website www.biloximarshlandscorp.com for additional information). While we continue to develop a strategy to test the Tuscaloosa sand interval, these deeper Tuscaloosa prospects are much more difficult to place than the shallower drilling packages previously placed by BLX. We are continuing our efforts to place Alpha and Beta prospects as well as additional shallower prospects, while we are working on new strategies for marketing our property. William B. Rudolf, President and CEO, commented: “We are pleased with the fact that since the inception of BLX we have participated in drilling six prospects that we have generated while completing four as successful natural gas wells and we look forward to getting SL 19064 #1 well and the Lake Eugenie Land & Development Well on production as soon as possible.” 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 including President’s Report to Shareholders, and general information about the company. During January 2008 we moved our office to One Galleria Blvd., Suite #902. Complete and updated contact information is available on the Company’s website: www.biloximarshlandscorp.com . 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. Contact: Biloxi Marsh Lands Corporation Announces Unaudited Results Metairie, LA., April 30, 2008 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) today announces its unaudited results for the first quarter of 2008 and provides update. Total revenue for the three months ending March 31, 2008 was $1,802,394 compared to $1,435,985 for the first quarter of 2007. For the first quarter total revenue includes $670,692 in revenue emanating from partnership income which represents the Company’s interest in B&L Exploration, LLC compared to a net loss of $247,331 in the same category for the first quarter of the prior year. During the first quarter of 2008 we incurred a cumulative gain from the sale of investment securities in the amount of $140,573 as compared to a cumulative gain from the sale of investment securities of $282,457 for the same period in 2007. Meanwhile for the quarter, total expenses were $323,407 compared to $248,832 for the prior year. The increase in expenses is mainly due to increases in legal fees related to more activity in our concursus proceedings and nonrecurring expenses related to moving our office. For the first quarter of 2008 net earnings increased to $1,031,502 or $.37 per share from $824,288 or $.30 per share for the same period of 2007. Management has taken steps to jump start drilling activity through the formation of B & L Exploration, LLC (BLX) of which the Company owns 75%. As previously announced BLX placed two new wells on production during the fourth quarter of 2007. Revenues from the production emanating from these two wells net of ongoing expenses is directly attributable to $670,692 in partnership income cited in the foregoing paragraph. While the two wells SL 18955 #1 and 18957 #1 represent relative small reservoirs, due to the excellent sand quality these two wells continued to produce at a combined daily rate of 7.6 mmcf as of March 31, 2008. Also, as of March 31, 2008 the combined gross daily production rate from 9 wells operated by the Company’s mineral Lessees was approximately 11.9 million cubic feet (mmcf) with net daily production accruing to the Company of approximately 1.25 mmcf. Combining this daily natural gas production with the Company’s proportional share of the daily production from the two BLX wells makes the total net daily production accruing to the Company as of March 31, 2008 approximately 3.2 mmcf of natural gas. On April 22, 2008 BLX and its partners successfully flow tested SL 19064 #1 with commencement of construction of the approximately six mile long pipeline to produce this well scheduled to start on or about May 1, 2008. It is anticipated that construction will take approximately 4 to 5 weeks. If the construction is completed as scheduled this well should be on production during June of 2008. Meanwhile, we have been delayed in commencing drilling operations of SL 19061 #1 and Lake Eugenie Land & Development 33-1 #1 due to permitting delays caused by the State of Louisiana. We anticipate receiving final drilling permits shortly with these two wells scheduled to be drilled sequentially starting in June 2008. On January 31, 2008 we announced our participation in the NAPE Expo in Houston, Texas (please see www.napeonline.com ). With the assistance of BLX’s technical consultants we presented acreage under the control of BLX showing two Tuscaloosa prospects (Alpha and Beta) developed over the past 12 to 18 months using existing geological well control and 3D seismic data (see the Company’s website www.biloximarshlandscorp.com for additional information). While we are encouraged by the interest expressed in these prospects during the NAPE Expo and subsequent follow up, these deeper Tuscaloosa prospects are much more difficult to place than the shallower drilling packages previously placed by BLX. We are continuing our efforts to place Alpha and Beta prospects as well as additional shallower prospects. William B. Rudolf, President and CEO, commented: “We are pleased with the commencement of the positive revenue stream emanating from our investment in BLX and with the additional well scheduled to come on line during the second quarter. We believe we have created a positive base investment which will enable the company to move forward. We remind our shareholders and interested parties that St. Bernard Parish, Louisiana, the Parish where our property is located, was indescribably devastated by Hurricane Katrina. To assist in the Parish’s rebuilding the Company has established and funded the Biloxi Marsh Disaster Relief Fund Corporation. Detailed information about the fund is available on its website www.selarelief.com. During 2006 the fund applied for and received IRS 501 (c) (3) tax exempt status making all contributions to the fund tax deductible. Those living outside the hurricane affected zone and all interested parties are asked to remember the people of St. Bernard Parish, Louisiana by donating to the Biloxi Marsh Disaster Relief Fund Corporation. You may send a check to the fund at the company’s address or contribute using a credit card on the Fund’s website: www.selarelief.com . 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 including President’s Report to Shareholders and general information about the company. During January 2008 we moved our office to One Galleria Blvd., Suite #902. Complete and updated contact information is available on the Company’s website: www.biloximarshlandscorp.com . Biloxi Marsh Lands Corporation owns approximately 90,000 acres of marsh lands located in St. Bernard Parish, Louisiana. As the landowner, it derives the vast majority of its revenue from oil and gas exploration and production activities that take place on or near the company’s land as well as its proportional share of revenue generated by BLX. The company also derives 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.
Biloxi Marsh Lands Corporation Announces Results for the Fourth Quarter of 2007, 12 Months Ending December 31, 2007 METAIRIE, La.--(BUSINESS WIRE)--Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC - News) announces audited results for the fourth quarter of 2007, year ending December 31, 2007 and provides update. Total revenue for the three months ending December 31, 2007 was $1,618,161 compared to $1,582,417 for the fourth quarter of 2006. Meanwhile for the year, total revenue was $4,639,317 compared to total revenue of $9,578,519 in 2006. For 2007 total revenue includes a $974,359 loss emanating from partnership income which represents the Company’s interest in B&L Exploration, LLC compared to income of $169,659 in the same category for the prior year. The annual revenue breakdown is as follows: 2007 revenue from oil and gas activity was $4,861,263 compared to revenue of $8,662,416 in 2006. Dividend and interest income for 2007 was $521,942 compared to $790,481 for 2006. In 2007 we incurred a cumulative gain from the sale of investment securities in the amount of $208,600 as compared to a cumulative loss from the sale of investment securities of $59,088 in 2006. Meanwhile for the year, total expenses were $1,432,138 compared to $1,640,095 for the prior year. For the fourth quarter of 2007 net earnings were $691,915 or $.25 per share compared to $720,542 or $.26 per share for the same period of 2006. Meanwhile, net earnings for the year were $2,340,175 or $.85 per share compared to $5,551,599 or $2.02 per share in 2006. Due to the Company’s earnings exceeding the revenue threshold tests under the income tax regulations, the Company was required to file its income tax returns using the accrual basis of tax accounting. Effective January 1, 2007, in order to achieve consistency in reporting the Company changed its method of financial reporting from the cash receipts and disbursements method of reporting to the accrual method of reporting. For comparative purposes we have adjusted our Statement of Revenues and Expenses and Retained Earnings for 2006 to reflect the accrual method of reporting. The change in our reporting method has no material effect on our cash flows. We reported at the end of 2005 that the Company had approximately 82,000 acres open and available for exploration and development. This clearly indicated the need for management to take steps to jumpstart drilling activity. In December of 2006 we announced the formation of B & L Exploration, LLC (BLX) of which the Company owns 75%. BLX subsequently placed drilling packages with the Manti Group and a group led by Kaiser-Francis Gulf Coast, Ltd and Gulf Production Company. As the result of the placement of these drilling packages BLX participated in the drilling of five wells during 2007 with three wells being successfully completed and two wells being abandoned as dry-holes. During the fourth quarter of 2007 two of these wells were placed on production and were producing natural gas at a combined daily rate of approximately 8.5 mmcf as of December 31, 2007 with net daily production accruing to BLX of approximately 1.6 mmcf. The third well is awaiting the construction of a pipeline. We anticipate that the pipeline should be completed and this well placed on production by the end of the second quarter of 2008. All three of these wells are located off of Company property in state waters and represents the first time that the Company has had royalty revenues from sources outside the boundaries of our property. BLX is scheduled to participate with the group led by Kaiser-Francis and Gulf Production in the drilling of two additional wells during the first half of 2008 and is working independently on the development and placement of additional shallow and deep prospects. On January 31, 2008 we announced our participation in the NAPE Expo in Houston, Texas (please see www.napeonline.com). With the assistance of BLX’s technical consultants we presented acreage under the control of BLX showing two Tuscaloosa prospects (Alpha and Beta) developed over the past 12 to 18 months using existing geological well control and 3D seismic data (see the Company s website www.biloximarshlandscorp.com for additional information). While we are encouraged by the interest expressed in these prospects during the NAPE Expo and subsequent follow up, these deeper Tuscaloosa prospects are much more difficult to place than the shallower drilling packages previously placed by BLX. As of December 31, 2007 the combined gross daily production rate from 9 wells operated by the Company’s mineral Lessees was approximately 14.6 million cubic feet (mmcf) with net daily production accruing to the Company of approximately 1.5 mmcf. Combining this daily natural gas production with the Company’s proportional share of the daily production from the two new BLX wells makes the total net daily production accruing to the Company as of December 31, 2007 approximately 3.1 mmcf, an increase over the 2.4 mmcf cumulative daily production accruing to the Company at the end of 2006. The year end reserve study commissioned by the Company and completed by an independent reservoir engineer estimates that as of December 31, 2007 the Company’s “Developed Producing” (PDP) reserves were .914 billion cubic feet (bcf) of natural gas and estimates that the “Developed Non-Producing” (PDNP) reserves were .622 bcf, with the “Proved Un-Developed” (PUD) reserves being 1.012 bcf, totaling 2.549 bcf of estimated proved natural gas reserves. While for the years ending 2006 and 2007 the total amount of proved reserves remained constant at approximately 2.5 bcf, the “Proved Developed Producing” (PDP) reserves decreased year over year from approximately 1.5 bcf to .91 bcf, a decrease of .59 bcf in PDP reserves. Additionally, this reserve study estimates that slightly more than 26% of the PDP and PDNP reserves will deplete by the end of 2008. In addition to the foregoing estimated proved reserves, another proved reserve study completed by the same independent reservoir engineer estimates that BLX’s proved reserves as of December 31, 2007 were 1.0263 billion cubic feet (bcf) of natural gas. Based upon the Company’s seventy-five percent ownership of BLX the portion of these estimated reserves allocated to the Company was .77 bcf of natural gas. Combining the Company’s portion of the proved reserves in both studies increases the estimated proved reserves accruing to the Company to 3.3 bcf of natural gas. The proved reserve studies referenced above include explanatory notes that are an integral part of each study. A copy of the 2008 President’s Report to Shareholders that includes these notes will be available on the Company’s website after March 17, 2008. We recommend that all interested parties refer to our website to view these notes and other relevant information: www.biloximarshlandscorp.com. Prior to 2004 the Company paid one dividend each year. During 2007 the Company returned to this custom of paying one dividend per calendar year, paying $1.00 per share of outstanding common stock or $2,754,428 in December of 2007. It is anticipated that the custom of paying one dividend per calendar year will be followed in 2008. It should be noted that the Company paid a dividend equating to slightly more than its net earnings during 2007 and since 2002 the Company has paid close to $36,000,000 in total dividends. William B. Rudolf, President and CEO, commented: “We are pleased with the initial success of BLX, the corresponding increase in daily production rates and addition of proved reserves. We plan to continue to focus on our key asset which is Company’s property while using all the assets at our disposal to find opportunities that we believe will increase shareholder value.” We remind our shareholders and interested parties that St. Bernard Parish, Louisiana, the Parish where our property is located, was indescribably devastated by Hurricane Katrina. To assist in the Parish’s rebuilding the Company has established and funded the Biloxi Marsh Disaster Relief Fund Corporation. Detailed information about the fund is available on its website www.selarelief.com. During 2006 the fund applied for and received IRS 501 (c) (3) tax exempt status making all contributions to the fund tax deductible. Those living outside the hurricane affected zone and all interested parties are asked to remember the people of St. Bernard Parish, Louisiana by donating to the Biloxi Marsh Disaster Relief Fund Corporation. You may send a check to the fund at the company’s address or contribute using a credit card on the Fund’s website: www.selarelief.com. 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 including President’s Report to Shareholders and general information about the company. During January 2008 we moved our office to One Galleria Blvd., Suite #902. Complete and updated contact information is available on the Company’s website: www.biloximarshlandscorp.com. Biloxi Marsh Lands Corporation owns approximately 90,000 acres of marsh lands located in St. Bernard Parish, Louisiana. As the landowner, it derives the vast majority of its revenue from oil and gas exploration and production activities that take place on or near the company’s land. The company also derives 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. A complete copy of the Financial Statements and Schedule, Years Ended December 31, 2007 and 2006 along with the 2008 President’s Report to Shareholders and the Company’s Proxy Statement will be available after March 17, 2008 on our website www.biloximarshlandscorp.com or through requesting a copy in writing; from the Company - Attention: Investor Relations, Biloxi Marsh Lands Corporation, One Galleria Blvd., Suite #902, Metairie, LA 70001. Contact: Biloxi Marsh Lands Corporation Colleen Starks, 504-837-4337 We have moved our Metairie, Louisiana office to the following address: Please refer to our website www.biloximarshlandscorp.com for investor information, historical press releases and updated contact information. Biloxi Marsh Lands Corporation owns approximately 90,000 acres of marsh lands located in St. Bernard Parish, Louisiana. As the landowner, it derives revenue 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 percentage ownership of B & L Exploration, LLC and minimal revenues from surface rentals. Contact Info: Biloxi Marsh Lands Corporation
Biloxi Marsh Lands Corporation declares cash dividend. Metairie, Louisiana – November 14, 2007 - During its meeting held today the Board of Directors of Biloxi Marsh Lands Corporation (PinkSheets:BLMC) declared a dividend of $1.00 per outstanding share of common stock payable on Wednesday, December 19, 2007 to shareholders of record at the close of business on Friday, November 30, 2007. Biloxi
Marsh Lands Corporation Metairie, LA – October 26, 2007 - Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) today announced its un-audited results for the periods ending September 30, 2007. Total revenue for the third quarter of 2007 was $351,263 compared to total revenue of $2,268,481 for the same period of 2006. For the first nine months of 2007 revenue was $3,021,156 compared to $7,996,103 for the same period of 2006. During the third quarter of 2007 revenues from mineral royalties decreased to $825,598 from $2,104,770 for the same period of 2006. The decrease in total revenue can be attributed to two factors; 1) Costs related to the start up of B & L Exploration, LLC (BLX); 2) a reduction in volumes of natural gas produced and a reduction in the price obtained from the sale of that natural gas. A more detailed explanation of these attributes will be covered in the following paragraphs. During the third quarter of 2007 the company received no revenues from lease bonuses or delayed rentals. Meanwhile, operating expenses for the third quarter of 2007 were $292,946 compared to operating expenses of $290,872 for the same period of 2006. Net earnings were $98,025 or $0.04 per share for the third quarter of 2007 compared to $1,074,257 or $.39 per share for the same period of 2006, and for the first nine months of 2007 net earnings were $1,648,260 or $.60 per share compared to $4,831,056 or $1.75 per share for the same period of 2006. As of September 30, 2007 the combined gross daily production from 14 wells including those operated by The Meridian Resource & Exploration, LLC and Manti Jambi, Inc. was approximately 17 mmcf with net daily production accruing to the company of approximately 1.8 mmcf. This compares to the daily production as of September 30, 2006 from 14 wells of approximately 26 mmcf with net daily production accruing to the Company of approximately 2.8 mmcf. During the third quarter of 2007 the average price obtained from the sale of natural gas was approximately 11% lower than the price obtained during the second quarter of 2007. In our press release dated October 27, 2006 we reported that “as of the date of this release there are no wells being drilled in which the company has an interest”. Since the time of that release management has implemented a strategy designed to jump start drilling activity giving the company interest in newly drilled wells. The implementation of this strategy is illustrated by the formation of BLX, the identification and assembly of multi-prospects and the placement of two drilling packages with very reputable partners. We reported in our second quarter earnings release on July 27, 2007, that BLX and its partners, The Manti Group, drilled two out of three successful wells. The two successful wells, S/L 18957 #1 and S/L 18955 #1, tested at a combined daily flow rate of 10.7 mmcf. BLX has a 21.25% working interest in these two wells. The operator, The Manti Group, anticipated that these wells would be on production by the end of the third quarter. Unfortunately, construction of heater platforms and flowlines has been delayed due to bad weather. With construction underway, The Manti Group advises they anticipate these wells should be on production by the end of November. In our second quarter 2007 press release we reported that by September 15, 2007 BLX anticipated the commencement of drilling the first well in which BLX is participating with partners, Kaiser-Francis Gulf Coast, L.L.C, Gulf Explorer, L.L.C. and Ralaco Ventures, L.L.C.. BLX will have a 32.813% working interest after completion in the wells completed with this group. As of the date of this release, BLX has drilled two wells with this group. On September 9, 2007 the group logged approximately 32 net feet (TVD) of natural gas pay sands in S/L 19064 #1. Subsequently, the group logged its second well, S/L 19059 #1, which encountered gas sands at target depth, but it is believed that the pay sands are not sufficient to economically justify completion of this well. The group plans to construct a pipeline approximately six miles in length to produce the first well, S/L 19064 #1. Once permits are obtained, plans are to start construction of the pipeline in an effort to place this well on production during the late winter/ early spring, a period of historically higher natural gas prices. Due to permitting issues and historical low water depths during the winter months, the group plans to return to drill additional prospects in this area during the spring, a period of historical higher tides with deeper water depths. The fact that the two successful wells drilled and completed with The Manti Group were not hooked up to production during the third quarter adding to our revenues, combined with the declining production rates of our older wells are two factors that led directly to the decrease in total revenue for the third quarter. The costs associated with the company’s share of BLX participating in the drilling two wells and completing two additional wells during the third quarter also decreased our total revenue. “It has been a busy year, one of transition for our company, a year in which we have implemented a strategy to position the company for the future. Through our 75% ownership interest in BLX, we now have significant interest in 3 successful wells that are outside of the boundaries of our fee acreage. We are pleased with the results of BLX’s drilling program and look forward to this winter when BLX’s new discoveries should be generating revenue, as well as the spring of 2008 when BLX and its partners will recommence drilling. As we move forward we are hopeful that BLX’s new and future discoveries will more the offset the decline in production from our older wells” commented William B. Rudolf, President and Chief Executive Officer. While Hurricane Katrina hit our area over two years ago, the area still struggles to recover. We remind our shareholders and interested parties that St. Bernard Parish, Louisiana, the Parish where our property is located, was indescribably devastated by Hurricane Katrina. To assist in the Parish’s rebuilding the Company has established and funded the Biloxi Marsh Disaster Relief Fund Corporation. Detailed information about the fund is available on its website www.selarelief.com During the first nine months of 2006 the fund applied for and received IRS 501 (c) (3) tax exempt status making all contributions to the fund tax deductible. All interested parties are asked to remember the people of St. Bernard Parish, Louisiana by donating to the Biloxi Marsh Disaster Relief Fund Corporation. You may send a check to the fund at the company’s address or contribute using a credit card on the Fund’s website: www.selarelief.com The company continues to be involved with Coastal Restoration efforts and we are hopeful that significant dollars will be spent to help protect and restore the company’s property. Biloxi Marsh Lands Corporation owns approximately 90,000 acres of marsh lands located in St. Bernard Parish, Louisiana. As the landowner, it derives the vast majority of its revenue from oil and gas exploration and production activities that take place on or near the company’s land. The company also derives minimal revenues from surface rentals. The Company maintains a website; www.biloximarshlandscorp.com and strongly recommends that all investors and interested parties visit the website to view information relative to Hurricanes Katrina and Rita, historical press releases, historical financial statements and general information. 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. Contact: Biloxi
Marsh Lands Corporation Establishes Relief Fund BLMC Launches Fund with $150K Donation and Matching Challenge Fund Grants $25K to St. Bernard Parish Government St. Bernard Parish, LA – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) announced today the formation of the Biloxi Marsh Disaster Relief Fund Corporation, a 501(c)(3) non-profit organization whose mission is to provide financial assistance to residents, businesses, and government agencies of St. Bernard Parish who suffered extensive losses due to Hurricane Katrina. “Our immediate goal is to communicate to the region and the world that the citizens of St. Bernard Parish still need help to rebuild their community,” said William B. Rudolf, President of the Metairie, LA – based land company Biloxi Marsh Lands Corporation. “As we approach the one year anniversary of Katrina’s devastation, we need to ensure that the nation remains aware of the plight of St. Bernard Parish and the overwhelming obstacles still faced by residents,” he said. Biloxi Marsh Lands Corporation’s initial donation to the Biloxi Marsh Disaster Relief Fund is $150,000.00. Rudolf also announced that his company will match up to 50% on the dollar for the first $300,000.00 donated to the fund by other individuals or companies, bringing the total committed by Biloxi Marsh Lands Corporation to $300,000.00. “I anticipate that other businesses that operate in St. Bernard Parish will donate to the fund and support the recovery here,” said Rudolf. Biloxi Marsh Lands Corporation, founded in the 1930’s, is the largest landowner in St. Bernard Parish and currently partners with the State of Louisiana to provide the public with 40,000 acres in Upper St. Bernard Parish on which they can hunt and fish free of charge. This area, known as the Biloxi Wildlife Management Area, is utilized by sportsmen and commercial fishermen, as well as boaters and bird watchers. The leadership demonstrated
by Biloxi Marsh Lands Corporation is inspiring and shows the rest of
the country that we locals are stepping up the plate and leading our
own recovery,” said St. Bernard Parish President Junior Rodriguez.
“My hope is that the general public and other area businesses
follow suit and donate to the Biloxi Marsh Disaster Relief Fund Corporation,
allowing Biloxi Marsh Lands Corporation the chance to fulfill its matching
obligation,” he said. Recently announced members of the Board of Directors for the Biloxi Marsh Disaster Relief Fund Corporation include William B. Rudolf, President of Biloxi Marsh Lands Corporation; John F. Bernard, President of Lake Eugenie Land & Development, Inc; Matthew (“Matt”) J. Randazzo, III, a Partner with Gordon, Arata, McCollam, Duplantis & Eagan, L.L.P.; Daniel L. Dysart, a Partner with Dysart & Tabary LLP, Law Firm and a Member of St. Bernard Parish Citizens Recovery Committee and Charles H. Reppel, Sr., Special Assistant to the St. Bernard Parish President. To instill added credibility to the Biloxi Marsh Disaster Relief Fund Corporation, the fund has retained KPMG. KPMG is a global network of professional firms providing Audit, Tax and Advisory services. KPMG operates in 144 countries and has over 6,700 partners, 76,000 client service professionals, and 21,000 administration and support staff working in member firms around the world. To donate to The Biloxi Marsh Disaster Relief Fund Corporation, visit www.selarelief.com or contact Eric Zollinger at 504/837-4337. Contact Info: |
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The
Biloxi Marsh Disaster Relief Fund Corporation gave $25,000.00 to help
establish Camp Hope, an effort to house and feed volunteers who have
come to St. Bernard Parish to gut and clean homes in the wake of Hurricane
Katrina. Going forward, the Biloxi Marsh Disaster Relief Fund Corporation
will initially focus efforts on raising awareness and donations to the
fund. After adequate funds are raised which will allow the fund to provide
meaningful assistance to the community, the fund will commence dispersing
funds to needy recipients based upon a formal application process. Through
this process, the potential recipients must clearly demonstrate a need
based on hurricane-related losses. home contact us investor shareholder information mapimages pressrelease archivelist pressrelease
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