American Noble Gas, Inc. (ticker: AMNI) recently disclosed its financial statements, announcing an investment of over $1.2 million in oil and gas properties and equipment as of March 31, 2023. The company’s steady growth reflects its commitment to expanding its presence in the oil and natural gas market. This article analyzes the key highlights from the report, focusing on AMNI’s investments, liabilities, and revenue generation.
Table of Contents
Investments in Oil and Gas Properties and Equipment
According to the SEC filing, the company’s investments in oil and gas properties and equipment consist of the following:
- Central Kansas Uplift: Oil and gas production equipment worth $913,425
- Hugoton Gas Field: Oil and gas production equipment worth $96,831
- Central Kansas Uplift: Leasehold costs valued at $15,225
- Hugoton Gas Field: Leasehold costs valued at $191,535
The overall investment in oil and gas properties and equipment totals $1,217,016, excluding accumulated impairment and accumulated depreciation, depletion, and amortization.
Investment in Unconsolidated Subsidiary, GMDOC
In addition to its investments, American Noble Gas also disclosed its investment in an unconsolidated subsidiary, GMDOC. The company’s investment in GMDOC amounted to $1,141,274 as of March 31, 2023. This investment has generated equity earnings of $39,813 during the first quarter of 2023.
Balance Sheet of GMDOC
The financial report also presented the balance sheet of the unconsolidated subsidiary, GMDOC, as follows:
- Total Assets: $7,709,760
- Total Liabilities and Member’s Equity: $7,709,760
Summarized Income Statement for GMDOC
Furthermore, the financial statement presented the summarized income statement for GMDOC. Details are as follows:
- Oil and gas revenues: $630,215
- Lease operating expenses: $308,092
- Production-related taxes: $15,890
- Ad valorem taxes: $10,755
- Depreciation expense: $134,206
- Accretion of asset retirement obligation: $16,940
- General and administrative expenses: $6,682
- Interest expense: $72,075
- Net income: $65,575
Based on these statistics, AMNI’s unconsolidated subsidiary, GMDOC, generated sizable oil and gas revenues, with relatively controlled operating expenses and taxes. The net income indicates that the investment in GMDOC is generating positive cash flow for the company, contributing to its financial stability.
Debt Obligations of American Noble Gas
American Noble Gas has also revealed its debt obligations, showing that it has a total of $1,294,869 in notes payable. A majority of these debt obligations are due in 2023, totaling $1,266,204, with the remaining balance of $28,665 due in 2026.
Summary
In summary, American Noble Gas Inc. has displayed solid financial growth, with sizeable investments in oil and gas properties and equipment, as well as a profitable investment in its unconsolidated subsidiary, GMDOC. The company’s financial report reflects a healthy financial position and promising growth prospects in the oil and natural gas industry.
Note that we may hold securities mentioned in this article. All data is based on recent SEC filings. Even though we have implemented various manual and automatic fact-checking and data acquisition processes, some incorrect information may have slipped through (false positive). Let us know if you find any inconsistencies!