March 25, 2024

Biloxi Marsh Lands Corporation Announces Date of 2024 Annual Meeting of Shareholders, Results for the Fourth Quarter of 2023 and 12 Months ending December 31, 2023

Metairie, La.—March 25, 2024 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation announces that the 2024 Annual Meeting of Shareholders will be held on Wednesday May 8, 2024 at 10:30 a.m. at our office in Metairie, Louisiana.

The Company has posted its results for the fourth quarter of 2023 and the 12 months ended December 31, 2023 on the Company’s website www.biloximarshlandscorp.com

The Company recommends that investors and all interested parties visit its website to view historical press releases, historical financial statements, and other relevant information.  All inquiries should be made through the Contact Mailbox on the Company’s website: http://www.biloximarshlandscorp.com/contact/.

Contact: 
Biloxi Marsh Lands Corporation
April Echevarria:  504-837-4337

December 29, 2023

Biloxi Marsh Lands Corporation declares cash dividend

Metairie, Louisiana – December 29, 2023 – The Board of Directors of Biloxi Marsh Lands Corporation has declared a dividend of $.125 per outstanding share of common stock payable on Friday, January 19, 2024 to shareholders of record as of the close of business on Friday, January 5, 2024.

Contact:
Biloxi Marsh Lands Corporation
April Echevarria: 504-837-4337

December 4, 2023

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Third Quarter and First Nine Months of 2023

Metairie, La.—December 4, 2023 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation has posted its unaudited results for the third quarter of 2023 and first nine months of 2023 on the Company’s website www.biloximarshlandscorp.com.

The Company recommends that investors and all interested parties visit its website www.biloximarshlandscorp.com to view historical press releases, historical financial statements, and other relevant information.  All inquiries should be made through the Contact Mailbox on the Company’s website: http://www.biloximarshlandscorp.com/contact/.

Contact: 
Biloxi Marsh Lands Corporation
April Echevarria:  504-837-4337

December 4, 2023

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Second Quarter and First Six Months of 2023

Metairie, La.—December 4, 2023 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation has posted its unaudited results for the second quarter of 2023 and first six months of 2023 on the Company’s website www.biloximarshlandscorp.com.

The Company recommends that investors and all interested parties visit its website www.biloximarshlandscorp.com to view historical press releases, historical financial statements, and other relevant information.  All inquiries should be made through the Contact Mailbox on the Company’s website: http://www.biloximarshlandscorp.com/contact/.

Contact: 
Biloxi Marsh Lands Corporation
April Echevarria:  504-837-4337

July 11, 2023

Biloxi Marsh Lands Corporation Announces Unaudited Results for the First Quarter of 2023

Metairie, La.—July 11, 2023 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation has posted its unaudited results for the first quarter of 2023 on the Company’s website www.biloximarshlandscorp.com.

The Company recommends that investors and all interested parties visit its website www.biloximarshlandscorp.com to view historical press releases, historical financial statements, and other relevant information.  All inquiries should be made through the Contact Mailbox on the Company’s website: http://www.biloximarshlandscorp.com/contact/.

Contact:
Biloxi Marsh Lands Corporation
April Echevarria:  504-837-4337

March 30, 2023

Private: Notice of Annual Meeting of Shareholders & Proxy – 2023

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

To the Shareholders:
The Annual Meeting of Shareholders of Biloxi Marsh Lands Corporation will be held at the Corporate Office, One Galleria Blvd., Ste 902, Metairie, Louisiana, 70001 on Wednesday, May 10, 2023 at 10:30 a.m. for the following purposes:

  1. To vote on the following three nominees to serve as Class II Directors for a term ending at the 2026 Annual Meeting of Shareholders: Louis E. Buatt, L. Andrew Fleck, and Charlton B. Ogden, III; and
  2. To transact such other business as may properly come before the meeting or any adjournments or postponements thereof.

The close of business on March 17, 2023, has been fixed as the record date for determining shareholders entitled to notice of and to vote at the meeting.

By order of the Board of Directors.
Charlton B. Ogden, III
Secretary
Metairie, Louisiana
March 30, 2023

YOUR VOTE IS IMPORTANT

PLEASE SIGN, DATE AND RETURN YOUR PROXY IN THE ENCLOSED ADDRESSED, STAMPED ENVELOPE. WE REQUEST THAT YOU RETURN IT NO LATER THAN FRIDAY, APRIL 28, 2023, BUT IT WILL BE VALID IF WE RECEIVE IT BY THE TIME OF THE ANNUAL MEETING. IF YOU WISH, YOU MAY REVOKE YOUR PROXY AND VOTE IN PERSON AT THE MEETING. YOU MAY ALSO REVOKE YOUR PROXY AT ANY TIME BEFORE IT IS VOTED BY GIVING US WRITTEN NOTICE OF REVOCATION OR BY DELIVERING A PROXY WITH A LATER DATE.

BLMC 2023 Annual Notice and Prox

March 20, 2023

Biloxi Marsh Lands Corporation Announces Date of 2023 Annual Meeting of Shareholders, Results for the Fourth Quarter of 2022 and 12 Months ending December 31, 2022

Metairie, La.—March 20, 2023 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation announces that the 2023 Annual Meeting of Shareholders will be held on Wednesday May 10, 2023 at 10:30 a.m. at our office in Metairie, Louisiana.

The Company has posted its results for the fourth quarter of 2022 and the 12 months ended December 31, 2022 on the Company’s website www.biloximarshlandscorp.com

The Company recommends that investors and all interested parties visit its website to view historical press releases, historical financial statements, and other relevant information.  All inquiries should be made through the Contact Mailbox on the Company’s website: http://www.biloximarshlandscorp.com/contact/.

Contact: 
Biloxi Marsh Lands Corporation
April Echevarria:  504-837-4337

December 21, 2022

Biloxi Marsh Lands Corporation declares cash dividend

Metairie, Louisiana – December 21, 2022 – The Board of Directors of Biloxi Marsh Lands Corporation has declared a dividend of $.10 per outstanding share of common stock payable on Thursday, January 12, 2023 to shareholders of record as of the close of business on Friday, December 30, 2022.

Contact:
Biloxi Marsh Lands Corporation
April Echevarria: 504-837-4337

December 21, 2022

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Third Quarter and First Nine Months of 2022

Metairie, La.—December 21, 2022 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation has posted its unaudited results for the third quarter of 2022 and first nine months of 2022 on the Company’s website. Unaudited quarterly financial results may be viewed by clicking on the Press Release tab.

The Company recommends that investors and all interested parties visit its website www.biloximarshlandscorp.com to view historical press releases, historical financial statements, and other relevant information. All inquiries should be made through the Contact Mailbox on the Company’s website: http://www.biloximarshlandscorp.com/contact/.

Contact:
Biloxi Marsh Lands Corporation April Echevarria: 504-837-4337

November 2, 2022

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Second Quarter and First Six Months of 2022

Metairie, La.—September 26, 2022 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation has posted its unaudited results for the second quarter of 2022 and first six months of 2022 on the Company’s website www.biloximarshlandscorp.com/quarterly-financials/.

The Company recommends that investors and all interested parties visit its website www.biloximarshlandscorp.com to view historical press releases, historical financial statements, and other relevant information. All inquiries should be made through the Contact Mailbox on the Company’s website: http://www.biloximarshlandscorp.com/contact/.

Contact:

Biloxi Marsh Lands Corporation

April Echevarria: 504-837-4337

June 10, 2022

Biloxi Marsh Lands Corporation Announces Unaudited Results for the First Quarter of 2022

Metairie, La.—June 10, 2022 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation has posted its unaudited results for the first quarter of 2022 on the Company’s website www.biloximarshlandscorp.com/quarterly-financials/ .

The Company recommends that investors and all interested parties visit its website www.biloximarshlandscorp.com to view historical press releases, historical financial statements, and other relevant information.  All inquiries should be made through the Contact Mailbox on the Company’s website: https://biloximarshlandscorp.com/contact/.

Contact:

Biloxi Marsh Lands Corporation

Eric Zollinger:    504-837-4337

April 4, 2022

Private: Notice of Annual Meeting of Shareholders & Proxy – 2022

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

To the Shareholders:

The Annual Meeting of Shareholders of Biloxi Marsh Lands Corporation will be held at the Corporate Office, One Galleria Blvd., Ste 902, Metairie, Louisiana, 70001 on Wednesday, May 11, 2022 at 10:30 a.m. for the following purposes:

1. To vote on the following three nominees to serve as Class I Directors for a term ending at the 2025 Annual Meeting of Shareholders: John F. Bernard, Jack V. Foster, Jr., and E. James Kock, III; and

2. To transact such other business as may properly come before the meeting or any adjournments or postponements thereof.

The close of business on March 14, 2022, has been fixed as the record date for determining shareholders entitled to notice of and to vote at the meeting.

By order of the Board of Directors.

Charlton B. Ogden, III Secretary

Metairie, Louisiana March 31, 2022

YOUR VOTE IS IMPORTANT

PLEASE SIGN, DATE AND RETURN YOUR PROXY IN THE ENCLOSED ADDRESSED, STAMPED ENVELOPE. WE REQUEST THAT YOU RETURN IT NO LATER THAN FRIDAY, APRIL 29, 2022, BUT IT WILL BE VALID IF WE RECEIVE IT BY THE TIME OF THE ANNUAL MEETING. IF YOU WISH, YOU MAY REVOKE YOUR PROXY AND VOTE IN PERSON AT THE MEETING. YOU MAY ALSO REVOKE YOUR PROXY AT ANY TIME BEFORE IT IS VOTED BY GIVING US WRITTEN NOTICE OF REVOCATION OR BY DELIVERING A PROXY WITH A LATER DATE.

BLMC 2022 Annual Notice and Proxy

March 22, 2022

Biloxi Marsh Lands Corporation declares cash dividend

Biloxi Marsh Lands Corporation
One Galleria Blvd., Ste. 902
Metairie, Louisiana 70001
Phone: (504) 837-4337
Fax: (504) 837-1889

FOR IMMEDIATE RELEASE

Biloxi Marsh Lands Corporation declares cash dividend

Metairie, Louisiana – March 22, 2022 – The Board of Directors of Biloxi Marsh Lands Corporation has declared a dividend of $.30 per outstanding share of common stock payable on Wednesday, April 6, 2022 to shareholders of record as of the close of business on Friday, April 1, 2022.

Contact:
Biloxi Marsh Lands Corporation
Eric Zollinger: 504-837-4337

March 17, 2022

Biloxi Marsh Lands Corporation Announces Date of 2022 Annual Meeting of Shareholders and Results for the Fourth Quarter of 2021 and 12 Months ending December 31, 2021

Metairie, La.—March 17, 2022 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation (BLMC) announces that the 2022 Annual Meeting of Shareholders will be held on Wednesday May 11, 2022 at 10:30 a.m. at our office in Metairie, Louisiana.

The Company has posted its results for the fourth quarter of 2021 and the 12 months ending December 31, 2021 on the Company’s website www.biloximarshlandscorp.com

Effective March 9, 2022 the Company entered into a long-term CO2 Injection Agreement with Denbury Carbon Solutions, LLC, the carbon capture, utilization, and storage (“CCUS”) business subsidiary of Denbury, Inc. (NYSE: DEN).  This agreement allows the injection and sequestration of CO2 beneath the Company’s property located in St. Bernard Parish, LA.

The Company recommends that investors and all interested parties visit its website to view historical press releases, historical financial statements, and other relevant information.  All inquiries should be made through the Contact Mailbox on the Company’s website: https://biloximarshlandscorp.com/contact/.

Contact:
Biloxi Marsh Lands Corporation
Eric Zollinger: 504-837-4337

February 22, 2022

Biloxi Marsh Lands Corporation Announces Creation of Electronic Bulletin Board for Trading of its Shares

Metairie, La.—February 22, 2022 (BUSINESS WIRE)—Effective immediately, the Biloxi Marsh Lands Corporation (BLMC) Bulletin Board is now active. A link on the Biloxi Marsh Lands Corporation Website can take someone directly to the Biloxi Marsh Lands Corporation home page on BancList.

As previously announced, in order to give its shareholders more liquidity, Biloxi Marsh Lands Corporation has created a passive electronic stock-trading bulletin board which doesn’t charge the user any fees. Using the bulletin board, shareholders and investors will be able to post notices of intent to buy or sell the Company’s common stock and to browse those posts for possible purchases or sales. Shareholders and investors can then directly communicate with each other to arrange the purchase or sale of the shares. Biloxi Marsh Lands Corporation will not act as a broker and participants will have to arrange for the delivery of payment and of shares themselves. The Company’s goal is to set up a 24/7 internet platform that will give our shareholders a forum to buy and sell the Company’s shares of common stock.

Previously, shares of Biloxi Marsh Lands Corporation had traded on the over-the-counter market under the symbol, “BLMC” and the shares were quoted on the Pink Sheets©. After September 28, 2021 and the implementation of amended Rule 15c2-11, the SEC prohibited broker-dealers from quoting companies like Biloxi Marsh Lands Corporation, who do not provide financial statements that are prepared according to Generally Accepted Accounting Principles (“GAAP”).

Biloxi Marsh Lands Corporation is excited about providing this electronic bulletin board for existing shareholders and those interested in purchasing stock of the Company. We encourage all interested parties to visit the company’s website: www.biloximarshlandscorp.com. Biloxi Marsh Lands Corporation is not a registered national securities exchange, information processor, broker, dealer, or investment adviser.

Contacts
Biloxi Marsh Lands Corporation
Eric Zollinger: 504-837-4337

January 28, 2022

Biloxi Marsh Lands Corporation Announces Creation of Electronic Bulletin Board for Trading of its Shares

Metairie, La.—January 28, 2022 (BUSINESS WIRE)—To give its shareholders more liquidity, Biloxi Marsh Lands Corporation today announced that it is creating a passive electronic stock-trading bulletin board.  Using the bulletin board, shareholders and investors will be able to post notices of intent to buy or sell the Company’s common stock and to browse those posts for possible purchases or sales. Shareholders and investors can then directly communicate with each other to arrange the purchase or sale of the shares.  Biloxi Marsh Lands Corporation will not act as a broker and participants will have to arrange for the delivery of payment and of shares themselves. The Company’s goal is to set up a 24/7 internet platform that will give our shareholders a forum to buy and sell the Company’s shares of common stock.

Previously, shares of Biloxi Marsh Lands Corporation had traded on the over-the-counter market under the symbol, “BLMC” and the shares were quoted on the Pink Sheets©.  After September 28, 2021 and the implementation of amended Rule 15c2-11, the SEC prohibited broker-dealers from quoting companies like Biloxi Marsh Lands Corporation, who do not provide financial statements that are prepared according to Generally Accepted Accounting Principles (“GAAP”). 

Meeting the requirements of the amended SEC rule, which includes the conversion and maintenance of GAAP financial statements, will significantly increase costs to the Company, both in financial consideration paid to third parties and increased internal administrative expenses.  The Company will continue its long-time practice of issuing current annual audited financial statements on the income tax basis of reporting and annual President’s Letter along with quarterly and special press releases.  All this information has been and will be available on the Company’s website: www.biloximarshlandscorp.com.

Biloxi Marsh Lands Corporation hopes to have its electronic bulletin board up and running by the end of the first quarter of this year.  Biloxi Marsh Lands Corporation is not a registered national securities exchange, information processor, broker, dealer, or investment adviser.

Contacts

Biloxi Marsh Lands Corporation

Eric Zollinger: 504-837-4337

October 22, 2021

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Second and Third Quarters of 2021

Metairie, La.—October 22, 2021 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation has posted its unaudited results for the second and third quarters of 2021 on the Company’s website www.biloximarshlandscorp.com. Hurricane Ida delayed the posting of the results for the second quarter.

The Company recommends that investors and all interested parties visit its website www.biloximarshlandscorp.com to view historical press releases, historical financial statements, and other relevant information. All inquiries should be made through the Contact Mailbox on the Company’s website: https://biloximarshlandscorp.com/contact/.

Contact:
Biloxi Marsh Lands Corporation
Eric Zollinger: 504-837-4337

June 29, 2021

Biloxi Marsh Lands Corporation Announces Unaudited Results for the First Quarter of 2021

Metairie, La.– June 29, 2021 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) has posted its unaudited results for the first quarter of 2021 on the Company’s website, www.biloximarshlandscorp.com.

In our March 29, 2021 annual letter to shareholders, we reported that due to staffing and other issues related to COVID 19, B&L Exploration, LLC  (“BLX”), in which the Company has a 75% membership interest, and B&L Resources, LLC (“BLR”), in which the Company has a 50% membership interest, delayed the completion of proved reserves studies until mid-year of 2021.  Tables reflecting the volumes of reserves, are now available on our website, www.biloximarshlandscorp.com.

The Company recommends that investors and all interested parties visit its website, www.biloximarshlandscorp.com, to view historical press releases, historical financial statements, and other relevant information.  All inquiries should be made through the Contact Mailbox on the Company’s website, https://biloximarshlandscorp.com/contact/.

Contact:

                        Biloxi Marsh Lands Corporation

                        Eric Zollinger:    504-837-4337

March 8, 2021

Biloxi Marsh Lands Corporation Announces Date of 2021 Annual Meeting of Shareholders and Results for the Fourth Quarter of 2020 and 12 Months ending December 31, 2020

Metairie, LA, March 08, 2021 – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces the 2021 Annual Meeting of Shareholders and results for the year ending December 31, 2020. 

The 2021 Annual Meeting of Shareholders of Biloxi Marsh Lands Corporation will be held on Wednesday May 5, 2021 at 10:30 a.m.

The Company’s annual revenue breakdown is as follows: 2020 revenue from oil and gas production for its fee lands was $11,736 compared to revenue of $18,982 in 2019. The flow-through losses from the Company’s membership interests in limited liability companies was $2,174,183 in 2020 compared to $2,290,999 in 2019.  Dividend and interest income for 2020 was $53,330, compared to $101,240 for 2019. In 2020, the Company realized a cumulative loss from the sale of investment securities of $124,341 compared to a cumulative loss in the amount of $191,428 in 2019.  Fee land income, unrelated to oil and gas activities, was $75,527 for 2020 compared to $143,322 for 2019.  Expenses for the year totaled $591,768 compared to prior year expenses of $812,005. For the year, the Company had a net loss of $988,189 or $.39 per share compared to a net loss of $3,030,888 or $1.21 per share in 2019. 

On January 14, 2021, the Company paid a dividend to its shareholders of record at the close of business on December 30, 2020.  This represents a total cash dividend payment of $250,503 or $.10 per share.  Since 2002, the Company has paid approximately $56,481,500 in total dividends.

Biloxi Marsh Lands Corporation is a Delaware corporation whose principal assets are surface and mineral rights to approximately 90,000 acres of marsh land in St. Bernard Parish, Louisiana, which from time to time generates revenues from mineral activities including lease bonuses, delay rentals, royalties on oil and natural gas production, and fee land income unrelated to oil and gas activities. Through investment in limited liability companies the Company also has separate interests in various oil and gas properties in Louisiana and Texas outside of its fee lands.

This news release contains forward-looking statements regarding all of the Company’s business activities including without limitation oil and gas discoveries, oil and gas exploration, and 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—Income Tax Basis and Statements of Revenues and Expenses—Income Tax Basis have been derived from the Company’s end of the year financial statements, but do not include the information and footnotes that are an integral part of a complete financial statement. 

The Company recommends that investors and all interested parties visit its website www.biloximarshlandscorp.com to view historical press releases, historical financial statements, and other relevant information.  All inquiries should be made through the Contact Mailbox on the Company’s website: https://biloximarshlandscorp.com/contact/.

Contact:

Biloxi Marsh Lands Corporation

Eric Zollinger:    504-837-4337

 

BLMC Statement of Assets, Liabilities and Stockholders’ Equity – Income Tax Basis, December 31, 2020 and 2019

Edit
Assets20202019
Current assets:  
Cash and cash equivalents1,977,605815,877
Accounts and interest receivable4,3687,085
Income tax receivable16,00011,723
Prepaid expenses37,40344,987
Marketable debt securities – at cost293,265
Other assets3,8303,830
Total Current assets2,039,2061,176,767
   
Membership interest in limited liability companies34,355231,000
Marketable debt and equity securities – at cost3,039,9834,531,816
Deferred tax asset10,579
Land – at cost234,939234,939
Total assets5,348,4836,185,101
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses and other current liabilities37,05462,517
Membership interest in limited liability companies820,882393,345
Total current liabilities857,936455,862
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,505,028 shares47,52047,520
Retained earnings7,520,0528,758,744
Treasury stock – 346,168 shares, at cost(3,077,025)(3,077,025)
Total stockholders’ equity4,490,5475,729,239
Total liabilities and stockholders’ equity5,348,4836,185,101

 

 

BLMC Statements of Revenues and Expenses – Income Tax Basis, December 31, 2020 and 2019

Edit
     
 3 Months Ended December 31 12 Months Ended December 31 
 2020201920202019
Revenues:    
Oil and gas5,2247,36311,73618,982
Total oil and gas revenues5,2247,36311,73618,982
Other income (loss):    
Dividends and interest income10,28919,78953,330101,240
Gain on settlement1,761,510
Loss on sale of securities(43,145)(18,662)(124,341)(191,428)
Fee Land Income5,13590075,527143,322
Loss from membership interest in LLC’s(1,289,474)(954,306)(2,174,183)(2,290,999)
Total other income (loss)(1,317,195)(952,279)(408,157)(2,237,865)
Total revenues and other income (loss)(1,311,971)(944,916)(396,421)(2,218,883)
Expenses:    
Total expenses197,352249,274591,768812,005
Net loss before income taxes(1,509,323)(1,194,190)(988,189)(3,030,888)
Income tax benefit
Net loss – income tax basis(1,509,323)(1,194,190)(988,189)(3,030,888)
Net loss per share – income tax basis(0.60)(0.48)(0.39)(1.21)
December 17, 2020

Biloxi Marsh Lands Corporation declares cash dividend

Biloxi Marsh Lands Corporation
One Galleria Blvd., Ste. 902
Metairie, Louisiana 70001
Phone: (504) 837-4337
Fax: (504) 837-1889

FOR IMMEDIATE RELEASE

Biloxi Marsh Lands Corporation declares cash dividend

Metairie, Louisiana – December 17, 2020 – During its meeting held on Thursday, December 17, 2020, the Board of Directors of Biloxi Marsh Lands Corporation (Pink Sheets: BLMC) declared a dividend of $.10 per outstanding share of common stock payable on Thursday, January 14, 2021 to shareholders of record as of the close of business on Wednesday, December 30, 2020.

Contact:
Biloxi Marsh Lands Corporation
Belle Bellard: 504-837-4337

December 16, 2020

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Third Quarter and First Nine Months of 2020

Metairie, LA., December 15, 2020 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the third quarter of 2020 and first nine months of 2020.  The Company’s revenue for the three months ended September 30, 2020 from oil and gas production for its fee lands was $1,557 compared to revenue of $7,165 for the third quarter of 2019.  Dividend and interest income for the third quarter of 2020 was $11,233 compared to $22,596 for 2019.  The Company realized a cumulative gain from the sale of investment securities of $31,519 compared to a cumulative gain of $64,736 for the same period of 2019.  The flow-through losses from the Company’s membership interests in limited liability companies was $73,188 for the third quarter of 2020 compared to $488,652 for 2019.  During the third quarter of 2020, the Company recognized a settlement gain in the amount of $1,607,716.  Expenses for the third quarter were $102,321 compared to $178,577 for the same period of 2019.  The Company had net income of $1,546,908 or $0.62 per share for the third quarter of 2020 compared to a net loss of $483,946 or $0.19 per share in 2019.  For the first nine months of 2020, there was net income of $521,134 or $0.21 per share compared to a net loss of $1,836,698 or $0.73 per share for the same period of 2019.

Due to office closures caused by COVID-19 and various tropical weather events, the timeliness of the Company’s office administration has been hindered slightly, but its field operations continue with impact only from the tropical weather events.

The Company’s claim (Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in the U.S. Court of Federal Claims against the U.S. Army Corps of Engineers seeking monetary damages for property damage and losses caused by the Mississippi River Gulf Outlet is in the process of moving forward. The U.S. Department of Justice filed a motion for summary judgment on the issue of statute of limitations concerning the portion for the Company’s claim related to a taking of real property. The parties continue to await the Court’s decision.  The Company cannot predict the timing of resolution or the outcome of this litigation process, but it is anticipated that this litigation process will take time.

During the third quarter, the Company received a settlement payment for its wetlands real property claim under the Halliburton Energy Service, Inc. / Transocean Settlements arising out of the Deepwater Horizon incident in the Gulf of Mexico beginning on April 20, 2010.  These settlements are separate from the BP Deepwater Horizon Economic and Property Damages Settlement Program.  The Company has been advised by our legal counsel that no additional recovery under the settlements is expected related to the BP Deepwater Horizon oil spill.

B&L Exploration, LLC (“BLX”), of which the Company owns a 75% membership interest, is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the mineral leases comprising the 9,000 acre – EOC-TUSC BL UDS SUA production unit from which the Highlander well is producing. This production unit is located in St. Martin Parish, Louisiana.  A series of public hearings have taken place with respect to the production unit.  The public meeting to consider the application by one of mineral owners requesting that the size of the unit be reduced was held and an order by the Louisiana’s Department of Natural Resources (“LDNR”), Office of Conservation has yet to be posted on LDNR’s website.  Information reported by the Highlander well’s operator to LDNR is available on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com).

BLX continues its operations in South Texas.  As previously reported, B&L Resources, LLC (“BLR”), of which the Company owns a 50% membership interest, continues its development efforts in South Texas and is focused on its recent acquisition of Heyser Field from Frostwood Energy, LLC.

Biloxi Marsh Lands Corporation is a Delaware corporation whose principal assets are surface and mineral rights to approximately 90,000 acres of marsh land in St. Bernard Parish, Louisiana, which from time to time generates revenues from mineral activities including lease bonuses, delay rentals, royalties on oil and natural gas production, and fee land income unrelated to oil and gas activities. Through investment in limited liability companies the Company also has separate interests in various oil and gas properties in Louisiana and Texas outside of its fee lands.

We encourage you to visit our website to obtain general information about the Company, its efforts in the coastal restoration arena, as well as historical annual reports and press releases. We strongly recommend that all interested parties become familiar with the information available on the Company’s website: www.biloximarshlandscorp.com.

This news release contains forward-looking statements regarding all of the Company’s business activities including without limitation oil and gas discoveries, oil and gas exploration, and 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 unaudited financial statements which do not include the information and footnotes that are an integral part of a complete financial statement.

Inquiries should be made through the Contact Mailbox on the Company’s website: https://biloximarshlandscorp.com/contact/.

Contact:

Biloxi Marsh Lands Corporation

Belle Bellard: 504-837-4337

BLMC Statement of Assets, Liabilities and Stockholders’ Equity – September 30, 2020 and 2019

 
Assets20202019
Current assets:  
Cash and cash equivalents2,280,913916,830
Accounts receivable33,0717,501
Prepaid expenses49,40268,840
Deferred tax asset21,159
Income taxes receivable4,88228,817
Other assets3,8303,830
Total Current assets2,372,0981,046,977
Other Assets:  
Membership interest in limited liability companies312,241311,962
Marketable debt and equity securities – at cost3,799,0015,386,720
Land234,939234,939
Total other assets4,346,1815,933,621
Total assets6,718,2796,980,598
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses34,11557,169
Membership interest in limited liability companies684,294
Total current liabilities718,40957,169
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,505,028 shares47,52047,520
Retained earnings9,029,3759,952,934
Treasury stock – 346,168 shares, at cost(3,077,025)(3,077,025)
Total liabilities and stockholders’ equity6,718,2796,980,598

BLMC Statements of Revenues and Expenses, September 30, 2020 and 2019

 
     
 3 Months Ended September 30 9 Months Ended September 30 
 2020201920202019
Revenues:    
Oil and gas royalties1,5577,1656,51211,619
Total oil and gas revenues1,5577,1656,51211,619
Other income (loss):    
Dividends and interest income11,23322,59643,04181,451
Gain on sale of securities31,51964,736(81,196)(172,766)
Gain on Settlement1,607,7161,761,510
Fee Land Income70,39288,78670,392142,422
Loss from membership interest in LLC’s(73,188)(488,652)

(884,709)

(1,336,693)

Total other income (loss)1,647,672(312,534)909,038(1,285,586)
Total revenues and other income (loss)1,649,229(305,369)915,550(1,273,967)
Expenses:    
Total expenses102,321178,577394,416562,731
Net income before income taxes1,546,908(483,946)521,134(1,836,698)
Income tax benefit
Net income1,546,908(483,946)521,134(1,836,698)
Net income per share0.62(0.19)0.21(0.73)
September 25, 2020

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Second Quarter and First Six Months of 2020

Metairie, LA., September 25, 2020 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the second quarter of 2020 and first six months of 2020. The Company’s revenue for the three months ended June 30, 2020 from oil and gas production for its fee lands was $2,728 compared to revenue of $1,715 for the second quarter of 2019. Dividend and interest income for the second quarter of 2020 was $11,174 compared to $26,314 for 2019. The Company realized a cumulative loss from the sale of investment securities of $124,199 compared to a cumulative gain of $120,761 for the same period of 2019. The flow-through losses from the Company’s membership interests in limited liability companies was $357,524 for the second quarter of 2020 compared to $378,753 for 2019. Expenses for the second quarter were $132,228 compared to $201,422 for the same period of 2019. The Company had a net loss of $600,049 or $0.24 per share for the second quarter of 2020 compared to a net loss of $380,249 or $0.15 per share in 2019. For the first half of 2020, there was a net loss of $1,025,774 or $0.41 per share compared to a net loss of $1,352,752 or $0.54 per share for the same period of 2019.

The Company’s claim (Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in the U.S. Court of Federal Claims against the U.S. Army Corps of Engineers seeking monetary damages for property damage and losses caused by the Mississippi River Gulf Outlet is in the process of moving forward. The U.S. Department of Justice filed a motion for summary judgment on the issue of statute of limitations concerning the portion for the Company’s claim related to a taking of real property. Oral arguments in front of Judge Ryan T. Holte were held on June 29, 2020. Post-hearing briefs and responses have been filed, and the parties are awaiting the Court’s decision. At this time, the Company cannot predict the timing of resolution or the outcome of this litigation process, but it is anticipated that this litigation process will take time.

B&L Exploration, LLC (“BLX”) is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the mineral leases comprising the 9,000 acre – EOC-TUSC BL UDS SUA production unit from which the Highlander well is producing. This production unit is located in St. Martin Parish, Louisiana. A series of public hearings have taken place with respect to the production unit. One of the interested mineral owners has made an application for public hearing concerning a request that the unit be modified and reduced in size. The operator has filed a counterplan to the application for reduction, and the next public hearing is scheduled for October 6, 2020. Information reported by the Highlander well’s operator to the Louisiana Department of Natural Resources (LDNR) is available on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com).

BLX continues its operations with producing wells in South Texas. As previously reported, B&L Resources, LLC (“BLR”) continues its efforts to assemble additional prospective acreage in South Texas.

Biloxi Marsh Lands Corporation is a Delaware corporation whose principal assets are surface and mineral rights to approximately 90,000 acres of marsh land in St. Bernard Parish, Louisiana, which from time to time generates revenues from mineral activities including lease bonuses, delay rentals, royalties on oil and natural gas production, and fee land income unrelated to oil and gas activities. Through investment in limited liability companies the Company also has separate interests in various oil and gas properties in Louisiana and Texas outside of its fee lands.

We encourage you to visit our website to obtain general information about the Company, its efforts in the coastal restoration arena, as well as historical annual reports and press releases. We strongly recommend that all interested parties become familiar with the information available on the Company’s website: www.biloximarshlandscorp.com.

This news release contains forward-looking statements regarding all of the Company’s business activities including without limitation oil and gas discoveries, oil and gas exploration, and 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 unaudited financial statements which do not include the information and footnotes that are an integral part of a complete financial statement.

Inquiries should be made through the Contact Mailbox on the Company’s website:
https://biloximarshlandscorp.com/contact/.

Contact:
Biloxi Marsh Lands Corporation
Belle Bellard: 504-837-4337

BLMC Statement of Assets, Liabilities and Stockholders’ Equity – June 30, 2020 and 2019

 
Assets20202019
Current assets:  
Cash and cash equivalents729,5371,465,993
Accounts receivable4,8282,832
Prepaid expenses49,30672,659
Deferred tax asset10,57921,159
Income taxes receivable11,65228,817
Other assets3,8303,830
Total Current assets809,7321,595,290
Membership interest in limited liability companies145,140205,615
Marketable debt and equity securities – at cost3,976,4555,384,551
Land234,939234,939
Total other assets4,356,5345,825,105
Total assets5,166,2667,420,395
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses44,29913,020
Membership interest in limited liability companies669,005
Total current liabilities713,30413,020
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,505,028 shares47,52047,520
Retained earnings7,482,46710,436,880
Treasury stock – 346,168 shares, at cost(3,077,025)(3,077,025)
Total liabilities and stockholders’ equity5,166,2667,420,395

BLMC Statements of Revenues and Expenses, June 30, 2020 and 2019

 
     
 3 Months Ended June 30 6 Months Ended June 30 
 2020201920202019
Revenues:    
Oil and gas royalties2,7251,7154,9554,454
Total oil and gas revenues2,7251,7154,9554,454
Other income (loss):    
Dividends and interest income11,17426,31431,80858,855
Gain on sale of securities(124,199)120,761(112,715)(237,502)
Gain on Settlement153,794
Fee Land Income51,13653,636
Loss from membership interest in LLC’s(357,524)(378,753)

(811,521)

(848,041)

Total other income (loss)(470,549)(180,542)(738,634)(973,052)
Total revenues and other income (loss)(467,821)(178,827)(733,679)(968,598)
Expenses:    
Total expenses132,228201,422292,095384,154
Net loss before income taxes(600,049)(380,249)(1,025,774)(1,352,752)
Income tax benefit
Net Loss – income tax basis(600,049)(380,249)(1,025,774)(1,352,752)
Net loss per share – income tax basis(0.24)(0.15)(0.41)(0.54)
June 2, 2020

Biloxi Marsh Lands Corporation Announces Unaudited Results for the First Quarter of 2020

Metairie, La.– June 2, 2020 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) today announces its unaudited results for the first quarter of 2020. The Company’s revenue for the three months ending March 31, 2020 from oil and gas production for its fee lands was $2,227 compared to revenue of $2,739 in 2019. Meanwhile, dividend and interest income for the first three months of 2020 was $20,634 compared to $32,541 for the first three months of 2019. For the quarter, the Company realized a gain from the sale of investment securities of $11,484 compared to a loss of $358,263 during 2019. During the first quarter of 2020, we realized a gain of $153,794 from a partial settlement of the case in Louisiana State District Court (34th Judicial District Court, Division D in St. Bernard Parish, LA; Case No. 17-1104) against Alta Mesa Holdings, LP, et al. (“Alta Mesa Holdings, et al. Litigation”). The flow-through loss from B&L Exploration, LLC (“BLX”) reduced the Company’s quarterly revenue by $453,997 in 2020 compared to $469,288 during 2019. The first quarter 2020 flow-through loss of $453,997 includes $282,701 in depreciation, depletion and amortization of intangible drilling costs and other tangible costs capitalized in prior years. Expenses for the quarter were $159,867 compared to $182,732 for the same period in 2019. The Company incurred a net loss of $425,725 or $.17 per share for the first quarter of 2020 compared to a net loss of $972,503 or $.39 per share per share in 2019.
On May 13, 2020 the Company and another defendant in the Alta Mesa Holdings, et al. Litigation entered into a Consent Judgment (“Judgment”) ordering that defendant to pay the Company the gross sum of $250,000 plus interest in two payments. The first payment is due six months after the date of the Judgment and the second payment is due 12 months after the date of the Judgment. Further information concerning this matter can by found on the Company’s website in the March 23, 2020 letter to shareholders https://biloximarshlandscorp.com/category/annual-reports/ .
The Company’s claim (Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in the U.S. Court of Federal Claims against the U.S. Army Corps of Engineers seeking monetary damages for property damage and losses caused by the Mississippi River Gulf Outlet is in the process of moving forward. The U.S. Department of Justice filed a motion for summary judgment on the issue of statute of limitations concerning the portion for the Company’s claim related to a taking of real property. Oral arguments in front of Judge Ryan T. Holte are scheduled on June 29, 2020. At this time, the Company cannot predict the timing of resolution or the outcome of this litigation process, but it is anticipated that this litigation process will take time.
COVID-19 update: We have been operating with very limited office staff due to the State of Louisiana’s stay at home order. Field operations by the LLCs in which the Company owns membership interests have seen very little impact from COVID-19.
As reported in the annual letter to shareholders dated March 23, 2020, during 2019 B&L Resources, LLC (“BLR”) was formed of which the Company owns a 50% membership interest. As previously reported, BLR acquired a 562.3 acre leasehold position in Heyser Field located in Calhoun County, Texas during 2019. BLR was in the process of acquiring additional acreage contiguous to this lease as of reported in the Company’s annual letter to shareholders. The closing of the acquisition by BLR of an additional 3,073.71 acres located in Heyser Field from Frostwood Energy, LLC has been completed. Due to the unexpected decline in oil prices, BLR was able to acquire this portion of Heyser field and associated equipment for significantly lower cash consideration than was originally contemplated. This acquisition included production facilities and a producing horizontal well and should be additive to BLR’s production volumes and proved reserves. This project’s goal is to use the same horizontal well technology implemented by Frostwood Energy, LLC to recover residual oil and natural gas in the historically prolific Heyser Field. While development economics are dependent on the price of oil, BLR’s management believes that there should be additional development locations on which to drill horizontal wells on BLR’s present 3,636.01 acre lease position in Heyser Field.
Information reported by the Highlander well’s operator to the Louisiana Department of Natural Resources (LDNR) is available on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com). B&L Exploration, LLC (“BLX”) of which the Company owns a 75% membership interest is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the mineral leases comprising the 9,000 acre – EOC-TUSC BL UDS SUA production unit from which the Highlander well is producing. This production unit is located in St. Martin Parish, Louisiana. Meanwhile, BLX continues its operations with producing wells in South Texas.
Biloxi Marsh Lands Corporation is a Delaware corporation whose principal assets are surface and mineral rights to approximately 90,000 acres of marsh land in St. Bernard Parish, Louisiana, which from time to time generates revenues from mineral activities including lease bonuses, delay rentals, royalties on oil and natural gas production, and fee land income unrelated to oil and gas activities. Through investment in limited liability companies the Company also has separate interests in various oil and gas properties in Louisiana and Texas outside of its fee lands.
We encourage you to visit our website to obtain general information about the Company, its efforts in the coastal restoration arena, as well as historical annual reports and press releases. We strongly recommend that all interested parties become familiar with the information available on the Company’s website: www.biloximarshlandscorp.com.
This news release contains forward-looking statements regarding all of the Company’s business activities including without limitation oil and gas discoveries, oil and gas exploration, and 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 unaudited financial statements which do not include the information and footnotes that are an integral part of a complete financial statement.
Inquiries should be made through the Contact Mailbox on the Company’s website: https://biloximarshlandscorp.com/contact/.
Contact:
Biloxi Marsh Lands Corporation
Belle Bellard: 504-837-4337

BLMC Statement of Assets, Liabilities and Stockholders’ Equity – March 31, 2020 and 2019

 
Assets20202019
Current assets:  
Cash and cash equivalents414,8101,755,868
Accounts receivable1,3812,084
Prepaid expenses25,21923,590
Accrued interest receivable3,9077,629
Deferred tax asset10,57921,159
Income taxes receivable11,65229,538
Other assets3,8303,830
Total Current assets471,3781,843,698
Membership interest in limited liability companies231,00048,367
Marketable debt and equity securities – at cost4,749,5625,689,714
Land234,939234,939
Total other assets5,215,5015,973,020
Total assets5,686,8797,816,718
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses11,52828,808
Membership interest in limited liability companies622,341
Total current liabilities633,86928,808
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,505,028 shares in 2020 and 2019, respectively47,52047,520
Retained earnings8,082,51510,817,415
Treasury stock – 346,168 shares in 2020 and 2019, respectively, at cost(3,077,025)(3,077,025)
Total liabilities and stockholders’ equity5,686,8797,816,718

BLMC Statements of Revenues and Expenses, March 31, 2020 and 2019

 
   
 March 31 
 20202019
Revenues:  
Oil and gas royalties2,2272,739
Total oil and gas revenues2,2272,739
Other income (loss):  
Dividends and interest income20,63432,541
Surface Rentals2,500
Gain on sale of securities11,484(358,263)
Gain on Settlement153,794
Loss from membership interest in LLC’s(453,997)

(469,288)

Total other income (loss)(268,085)(792,510)
Total revenues and other income (loss)(268,085)(789,771)
Expenses:  
Total expenses159,867182,732
Net loss before income taxes(425,725)(972,503)
Income tax benefit
Net Loss – income tax basis(425,725)(972,503)
Net loss per share – income tax basis(0.17)(0.39)
March 10, 2020

Biloxi Marsh Lands Corporation Announces Date of 2020 Annual Meeting of Shareholders and Results for the Fourth Quarter of 2019, 12 Months ending December 31, 2019

Metairie, La.–March 10, 2020 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces the 2020 Annual Meeting of Shareholders and results for the year ending December 31, 2019.

The 2020 Annual Meeting of Shareholders of Biloxi Marsh Lands Corporation will be held at the Corporate Office, One Galleria Blvd., Ste 902, Metairie, Louisiana on Tuesday May 5, 2020 at 10:30 a.m.

The Company’s annual revenue breakdown is as follows: 2019 revenue from oil and gas production for its fee lands was $18,982 compared to revenue of $21,398 in 2018. The flow-through loss from B&L Exploration, LLC (B&L) reduced the Company’s annual revenue by $2,290,999 in 2019 compared to $1,972,854 in 2018. The flow-through loss of $2,290,999 includes $849,431 of the amortization of intangible drilling costs capitalized in prior years. Dividend and interest income for 2019 was $101,240, compared to $115,035 for 2018. In 2019, the Company realized a cumulative loss from the sale of investment securities of $191,428 compared to a cumulative gain in the amount of $1,591,104 in 2018. Fee land income, unrelated to oil and gas activities, was $143,322 for 2019 compared to $67,605 for 2018. Expenses for the year totaled $812,005 compared to prior year expenses of $781,064. For the year, the Company had a net loss of $3,030,888 or $1.21 per share compared to a net loss of $850,545 or $.34 per share in 2018.

On January 15, 2020, the Company paid a dividend to its shareholders of record at the close of business on December 31, 2019. This represents a total cash dividend payment of $250,503 or $.10 per share. Since 2002, the Company has paid approximately $56,231,000 in total dividends.

Biloxi Marsh Lands Corporation is a Delaware corporation whose principal assets are surface and mineral rights to approximately 90,000 acres of marsh land in St. Bernard Parish, Louisiana, which from time to time generates revenues from mineral activities including lease bonuses, delay rentals, royalties on oil and natural gas production, and fee land income unrelated to oil and gas activities. Through investment in limited liability companies the Company also has separate interests in various oil and gas properties in Louisiana and Texas outside of its fee lands.

This news release contains forward-looking statements regarding all of the Company’s business activities including without limitation oil and gas discoveries, oil and gas exploration, and 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—Income Tax Basis and Statements of Revenues and Expenses—Income Tax Basis have been derived from the Company’s end of the year financial statements, but do not include the information and footnotes that are an integral part of a complete financial statement.

The Company recommends that investors and all interested parties visit its website www.biloximarshlandscorp.com to view historical press releases, historical financial statements, and other relevant information. All inquiries should be made through the Contact Mailbox on the Company’s website: https://biloximarshlandscorp.com/contact/.

Contact:
Biloxi Marsh Lands Corporation
Belle Bellard: 504-837-4337

 

BLMC Statement of Assets, Liabilities and Stockholders’ Equity – March 31, 2020 and 2019

Edit
Assets20202019
Current assets:  
Cash and cash equivalents414,8101,755,868
Accounts receivable1,3812,084
Prepaid expenses25,21923,590
Accrued interest receivable3,9077,629
Deferred tax asset10,57921,159
Income taxes receivable11,65229,538
Other assets3,8303,830
Total Current assets471,3781,843,698
Membership interest in limited liability companies231,00048,367
Marketable debt and equity securities – at cost4,749,5625,689,714
Land234,939234,939
Total other assets5,215,5015,973,020
Total assets5,686,8797,816,718
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses11,52828,808
Membership interest in limited liability companies622,341
Total current liabilities633,86928,808
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,505,028 shares in 2020 and 2019, respectively47,52047,520
Retained earnings8,082,51510,817,415
Treasury stock – 346,168 shares in 2020 and 2019, respectively, at cost(3,077,025)(3,077,025)
Total liabilities and stockholders’ equity5,686,8797,816,718

 

 

BLMC Statements of Revenues and Expenses, December 31, 2019 and 2018

Edit
 3 Months Ended 12 Months Ended 
 December 31 December 31 
 2019201820192018
Revenues:    
Oil and gas7,3631,78218,98221,398
Total oil and gas revenues7,3631,78218,98221,398
Other income (loss):    
Dividends and interest income19,78929,611101,240115,035
Gain on Settlement86,96786,967
Gain on sale of securities(18,662)479,447(191,428)1,591,104
Fee Land Income900143,32267,605
Loss from membership interest in LLC’s(954,306)(917,415)

(2,290,999)(1,972,854)
Total other income (loss)(952,279)(321,390)(2,237,865)(112,143)
Total revenues and other income (loss)(944,916)(319,608)(2,218,883)(90,745)
Expenses:    
Total expenses249,274224,217812,005781,064
Net loss before income taxes(1,194,190)(543,825)(3,030,888)(871,809)
Income tax benefit(21,264)(21,264)
Net Loss – income tax basis(1,194,190)(522,561)(3,030,888)(850,545)
Net loss per share – income tax basis(0.48)(0.21)(1.21)(0.34)
December 19, 2019

Biloxi Marsh Lands Corporation declares cash dividend

Biloxi Marsh Lands Corporation
One Galleria Blvd., Ste. 902
Metairie, Louisiana 70001
Phone: (504) 837-4337
Fax: (504) 837-1889

FOR IMMEDIATE RELEASE

Biloxi Marsh Lands Corporation declares cash dividend.

Metairie, Louisiana – December 19, 2019 – During its meeting held on Tuesday, December 17, 2019 the Board of Directors of Biloxi Marsh Lands Corporation (Pink Sheets: BLMC) declared a dividend of $.10 per outstanding share of common stock payable on Wednesday, January 15, 2020 to shareholders of record as of the close of business on Tuesday, December 31, 2019.

Contact:
Biloxi Marsh Lands Corporation
William Rudolf: 504-837-4337
[email protected]

October 30, 2019

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Third Quarter and first Nine Months of 2019

Metairie, LA., October 30, 2019 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the third quarter of 2019 and first nine months of 2019. The Company’s revenue for the three months ended September 30, 2019 from oil and gas production for its fee lands was $7,165 compared to revenue of $6,923 for the third quarter of 2018. Meanwhile, dividend and interest income for the third quarter of 2019 was $22,596, compared to $26,644 for the third quarter of 2018. The Company realized a cumulative gain from the sale of investment securities of $64,736 compared to a cumulative gain of $74,192 for the same period of 2018. Fee land income was $88,786 for the third quarter of 2019 compared to $61,955 for 2018. The flow-through loss from B&L Exploration, LLC (B&L) reduced the Company’s quarterly revenue by $488,652 compared to an increase of $129,198 during the third quarter of 2018. The flow-through loss of $488,652 includes $212,358 of the amortization of intangible drilling costs capitalized in prior years. Expenses for the third quarter were $178,577 compared to $183,966 for the same period of 2018. The Company had a net loss of $483,946 or $0.19 per share for the third quarter of 2019 compared to net income of $114,946 or $.05 per share in 2018. For the first nine months of 2019, there was a net loss of $1,836,698 or $0.73 per share compared to a net loss of $327,984 or $0.13 per share for the same period of 2018.

Please note that quarterly unaudited financial results are issued and posted to the Company’s website on the dates set forth on its website,www.biloximarshlandscorp.com. The Company strongly recommends that investors and all interested parties visit its website to view historical press releases, historical financial statements, and other relevant information.

On October 7, 2019, Biloxi Marsh Lands Corporation released its report, New Information Supporting the Stabilization and Restoration of the Biloxi Marsh Complex: A Unique and Distinct Ecosystem. The study verifies that the Biloxi Marsh Complex (BMC) mainly suffers from peripheral and internal erosion, not subsidence. Remarkably, the BMC is built upon a relatively stable geological platform, thus will be sustainable well beyond the timeline originally set forth by the state of Louisiana’s Coastal Protection and Restoration Authority (“CPRA”) in its draft Coastal Master Plan (“CMP”) 2017. Based upon observations, data, and analysis contained in the report, our team of scientists formulated an opinion that the BMC is a unique and distinct ecosystem which differs in many ways from other marshes of coastal Louisiana. The full report can be found on the Company’s website, www.biloximarshlandscorp.com. The purpose of this report is to present new localized scientific data to CPRA in an effort to have the BMC included in the CMP 2023, thus causing the Company’s property to be eligible for future restoration funding.

As of September 2019, the Highlander well continued to produce from mineral leases within the boundaries of the EOC-TUSC BL UDS SUA production unit. Information reported by the Highlander well’s operator to the Louisiana Department of Natural Resources (LDNR) is available on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com). B&L continues its operations with producing wells in South Texas.

As previously reported, on June 15, 2012, the Company filed a claim (Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in the U.S. Court of Federal Claims against the US Army Corps of Engineers (The Biloxi Case) seeking monetary damages for property damages and losses caused by the Mississippi River Gulf Outlet (MR-GO). On July 29, 2019, the case was transferred to Judge Ryan T. Holte. At this time, the Company cannot predict the timing of resolution or the outcome of this litigation process.

During 2017, the Company filed suit in Louisiana State District Court (34th Judicial District Court, Division D in St. Bernard Parish, LA) against Alta Mesa Holdings, LP, et al, (Case No. 17-1104). While we have three judgments against the defendants on liability, the trial on the costs associated with repairing the property damage caused by installation, maintenance and operation of a pipeline is now scheduled for January 27, 2020. On September 11, 2019, one of the parties, Alta Mesa Holdings, LP, filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. As of this time, the Company is unable to forecast the amount of monetary damages that will be awarded, if any, nor the collectability of any damages awarded.

Biloxi Marsh Lands Corporation is a Delaware corporation whose principal assets are surface and mineral rights to approximately 90,000 acres of marsh land in St. Bernard Parish, Louisiana, which from time to time generates revenues from mineral activities including lease bonuses, delay rentals, royalties on oil and natural gas production, and fee land income unrelated to oil and gas activities.

The Company owns a seventy-five percent interest in B&L Exploration L.L.C. which is engaged principally in the exploration for and development of oil and natural gas resources through various ownership interests in oil and natural gas properties located in Louisiana and Texas.

This news release contains forward-looking statements regarding all of the Company’s business activities including without limitation 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.

Contact:
Biloxi Marsh Lands Corporation
Colleen Starks: 504-837-4337

 

BLMC Statement of Assets, Liabilities and Stockholders’ Equity – September 30, 2019 and 2018

 
Assets20192018
Current assets:  
Cash and cash equivalents916,8302,007,702
Accounts receivable1,4115,400
Prepaid expenses68,84061,493
Accrued interest receivable6,0908,329
Deferred tax asset21,15921,055
Income taxes receivable28,8178,378
Other assets3,8303,830
Total current assets1,046,9772,116,187
Other assets:  
Investment in partnerships311,9621,135,070
Marketable debt and equity securities – at cost5,386,7206,146,615
Land234,939234,939
Levees and office furniture and equipment326,094326,094
Accumulated depreciation(326,094)(326,044)
Total other assets5,933,6217,516,674
Total assets6,980,5989,632,861
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses57,16935,074
Total current liabilities57,16935,074
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,505,028 and 2,515,448 shares in 2019 and 2018, respectively47,52047,520
Retained earnings9,952,93412,563,494
Treasury stock – 346,168 and 335,748 shares in 2019 and 2018, respectively, at cost(3,077,025)(3,013,227)
Total liabilities and stockholders’ equity6,980,5989,632,861

 

 

BLMC Statements of Revenues and Expenses, September 30, 2019 and 2018

 
 3 Months Ended 9 Months Ended 
 September 30 September 30 
 2019201820192018
Revenues:    
Oil and gas royalties7,1656,92311,61919,616
Total oil and gas revenues7.1656,92311,61919,616
Other income (loss):    
Dividends and interest income22,59626,64481,45185,424
Gain (loss) on sale of securities64,73674,192(172,766)1,111,657
Fee Land Income88,78661,955142,42267,605
Income (Loss) from investment in partnership(488,652)129,198

(1,336,693)(1,055,439)
Total other income(312,534)291,989(1,285,586)209,247
Total revenues and other income(305,369)298,912(1,273,967)228,863
Expenses:    
Total expenses178,577183,966562,731556,847
Net loss before income taxes(483,946)114,946(1,836,698)(327,984)
Income tax expense (benefit)
Net Loss(483,946)114,946(1,836,698)(327,984)
Net loss per share(0.19)0.05(0.73)(0.13)
October 7, 2019

Biloxi Marsh Lands Corporation Announces Release of Comprehensive and Innovative Report Covering the Biloxi Marsh Complex located in St. Bernard Parish, Louisiana

Metairie, LA., October 07, 2019 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC), in conjunction with Lake Eugenie Land & Development, Inc., has compiled and released its report; New Information Supporting the Stabilization and Restoration of the Biloxi Marsh Complex: A Unique and Distinct Ecosystem.

The study verifies that the Biloxi Marsh Complex (BMC) mainly suffers from peripheral and internal erosion, not subsidence.  Remarkably, the BMC is built upon a relatively stable geological platform, thus will be sustainable well beyond the timeline originally set forth by CPRA in its draft CMP 2017 (http://coastal.la.gov/wp-content/uploads/2017/01/DRAFT-2017-Coastal-Master-Plan.pdf).  Based upon the observations, data, and analysis contained in the report, our team of scientists (listed below) formulated an opinion that the BMC is a unique and distinct ecosystem which differs in many ways from other marshes of coastal Louisiana.  The following is a link to our entire report:

New Information Supporting the Stabilization Restoration of the Biloxi Marsh A Unique and Distinct Ecosystem

Team of scientists assembled:

    • Dr. John W. Day, Department of Oceanography & Coastal Sciences at Louisiana State University and Comite Resources;
    • Dr. G. Paul Kemp, Department of Oceanography & Coastal Sciences at Louisiana State University;
    • Dr. Robert R. Lane, Comite Resources;
    • Dr. Nancye H. Dawers, Department of Earth & Environmental Sciences at Tulane University; and
    • Dr. Elizabeth C. McDade, Chinn-McDade Associates LLC.

The BMC is a unique and distinct ecosystem located within the Pontchartrain Basin consisting of marshes, bayous, lagoons, lakes, and bays covering a vast area over 700 square miles (~450,000 acres) about 30 miles southeast and seaward of Greater New Orleans. The BMC’s geographic location makes it a critical natural storm surge buffer for Greater New Orleans (Resio and Westerink, 2008, CPRA 2013) and has enormous economic value as an estuary and fishery.  The report establishes that the BMC is geologically stable and warrants future investment in restoration projects.

Biloxi Marsh Lands Corporation

Colleen Starks:  504-837-4337

August 7, 2019

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Second Quarter and First Six Months of 2019

Metairie, LA., August 7, 2019 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the second quarter of 2019 and first six months of 2019.  The Company’s revenue for the three months ended June 30, 2019 from oil and gas production for its fee lands was $1,715 compared to revenue of $6,880 for the second quarter of 2018.  Dividend and interest income for the second quarter of 2019 was $26,314 compared to $30,647 for 2018.  The Company realized a cumulative gain from the sale of investment securities of $120,761 compared to a cumulative gain of $805,816 for the same period of 2018.  Fee land income was $51,136 for second quarter of 2019 compared to $5,650 for 2018.  The flow-through loss from B&L Exploration, LLC (B&L) reduced the Company’s quarterly revenue by $378,753 during the second quarter of 2019 compared to a $725,023 reduction during the second quarter of 2018.  Expenses for the second quarter were $201,422 compared to $199,304 for the same period of 2018.  The Company had a net loss of $380,249 or $0.15 per share for the second quarter of 2019 compared to a net loss of $75,334 or $0.03 per share in 2018.  For the first half of 2019, there was a net loss of $1,352,752 or $0.54 per share compared to a net loss of $442,930 or $0.18 per share for the same period of 2018.

Please note that quarterly unaudited financial results are issued and posted to the Company’s website on the dates set forth on its website, www.biloximarshlandscorp.com.  The Company strongly recommends that investors and all interested parties visit its website to view historical press releases, historical financial statements, and other relevant information.

As of May 2019, the Highlander well continued to produce from mineral leases within the boundaries of the EOC-TUSC BL UDS SUA production unit.  Information reported by the Highlander well’s operator to the Louisiana Department of Natural Resources (LDNR) is available on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com). B&L continues its operations with producing wells in South Texas.

As previously reported, on June 15, 2012, the Company filed a claim (Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in the U.S. Court of Federal Claims against the US Army Corps of Engineers (The Biloxi Case) seeking monetary damages for property damages and losses caused by the Mississippi River Gulf Outlet (MR-GO). At this time, the Company cannot predict the timing of resolution or the outcome of this litigation process.

During 2017, the Company filed suit in Louisiana State District Court (34th Judicial District Court, Division D in St. Bernard Parish, LA) against Alta Mesa Holdings, LP, et al, (Case No. 17-1104).  During the first quarter of this year we have joined High Mesa Holdings, LP as party defendant. Trial on the costs associated with repairing the property damage is scheduled for September 9, 2019.   As of this time, the Company is unable to forecast the amount of monetary damages that will be awarded, if any.

During March 2019, the Company completed its previously announced stock buyback program authorized on December 14, 2015.  On May 8, 2019, the board of directors authorized the additional purchase of up to 30,000 shares of the Company’s common stock.  Purchases of common stock will be made from time to time on the open market.  All shares purchased will be held as treasury stock.

Biloxi Marsh Lands Corporation is a Delaware corporation whose principal assets are surface and mineral rights to approximately 90,000 acres of marsh land in St. Bernard Parish, Louisiana, which from time to time generates revenues from mineral activities including lease bonuses, delay rentals, royalties on oil and natural gas production, and fee land income unrelated to oil and gas activities.

The Company owns a seventy-five percent interest in B&L Exploration L.L.C. which is engaged principally in the exploration for and development of oil and natural gas resources through various ownership interests in oil and natural gas properties located in Louisiana and Texas.

This news release contains forward-looking statements regarding all of the Company’s business activities including without limitation 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.

 

Contact:        Biloxi Marsh Lands Corporation

Colleen Starks:            504-837-4337

 

BLMC Statements of Assets, Liabilities, and Stockholders’ Equity – June 30, 2019 and 2018

 
Assets20192018
Current assets:  
Cash and cash equivalents$1,465,9931,830,569
Accounts and accrued interest receivable2,83212,416
Prepaid expenses72,65962,748
Deferred tax asset21,15921,055

Income taxes receivable28,8178,378
Other assets:3,830   3,830
Total current assets1,595,2901,938,996
Other assets:  
Investment in partnership205,6151,005,872
 
Marketable debt and equity securities – at cost5,384,5516,423,989
Land234,939   234,939
Levees and office furniture and equipment319,943   314,943
Accumulated depreciation(319,943)  (314,873)

Total other assets5,825,1057,669,870
 
Total assets$7,420,3959,608,866
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses$13,02045,479

Total current liabilities$13,02045,479
 
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,505,028 and 2,524,908 shares in 2019 and 2018, respectively47,520   47,520   
Retained earnings10,436,88012,448,548
Treasury stock – 346,168 and 326,288 shares in 2019 and 2018, respectively, at cost

(3,077,025)  (2,932,681)

Total liabilities and stockholders’ equity$7,420,3959,608,866

 

 

BLMC Statements of Revenues and Expenses, June 30, 2019 and 2018

 
 3 Months Ended 6 Months Ended 
 June 30 June 30 
 2019201820192018
Revenues:    
Oil and gas royalties$ 1,7156,880$ 4,45412,693
Total oil and gas revenues1,7156,880


4,454

12,693


Other income (loss):    
Loss from investment in partnership(378,753)(725,023)


(848,041)(1,184,637))
Dividends and interest income26,31430,647

58,85558,780

Gain (loss) on sale of securities120,761805,816(237,502)1,037,465

Surface Rentals51,1365,65053,6365,650
Total other income(180,542)117,090(973,052)(82,742)

Total revenues and other income(178,827)123,970(968,598)(70,049)


Expenses:    
Total expenses201,422199,304

384,154372,881

Net income before income taxes(380,249)(75,334)(1,352,752)(442,930)

Income tax expense (benefit)
Net income$(380,249)(75,334)$(1,352,752)(442,930)

Net income(loss) per share$ (0.15)$ (0.03)
May 24, 2019

Biloxi Marsh Lands Corporation Announces Unaudited Results for the First Quarter of 2019

Metairie, LA., May 24, 2019 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) today announces its unaudited results for the first quarter of 2019. The Company’s revenue for the three months ending March 31, 2019 from oil and gas production for its fee lands was $2,739 compared to revenue of $5,813 in 2018. Meanwhile, dividend and interest income for the first three months of 2019 was $32,541 compared to $28,133 for the first three months of 2018. For the quarter, the Company realized a cumulative loss from the sale of investment securities of $358,263 compared to a gain of $231,649 during 2018. The flow-through loss from B&L Exploration, LLC (B&L) reduced the Company’s quarterly revenue by $469,288 in 2019 compared to $459,614 during 2018. Expenses for the quarter were $182,732 compared to $173,577 for the same period in 2018. The Company incurred a net loss of $972,503 or $.39 per share for the first quarter of 2019 compared to a net loss of $367,596 or $.15 per share in 2018.

Please note that quarterly unaudited financial results are issued and posted to the Company’s website on the dates set forth on its website, www.biloximarshlandscorp.com. The Company strongly recommends that investors and all interested parties visit its website to view historical press releases, historical financial statements, and other relevant information.

The Company’s efforts to protect and sustain the Company’s fee lands in St. Bernard Parish, Louisiana and in response to the Louisiana Coastal Protection and Restoration Authority (CPRA) 2017 Coastal Master Plan (2017 CMP), led to the submission on February 28, 2019 of the project proposal: Leveraging Natural Resilience to Ensure the Long-Term Sustainability of the Biloxi Marsh Complex: An Integrated Project. The regional importance of the Biloxi Marsh Complex due to its geographic location, its unique geological stability and its unique nearshore topography, among other factors, were taken into consideration while conceptualizing our integrated project. The project submittal was in response to CPRA’s request for New Projects to be considered for inclusion in the 2023 CMP. Additionally, our scientific experts’ report, Day et al., 2019, in prep., will be available shortly and will substantiate in detail our team’s conclusions concerning the degradation of the Company’s marsh lands in St. Bernard Parish, Louisiana. To obtain more information concerning coastal restoration, please visit our website: https://biloximarshlandscorp.com/biloxi-marsh-coastal-restoration/.

As of February 2019, the Highlander well continued to produce from mineral leases within the boundaries of the EOC-TUSC BL UDS SUA production unit. Information reported by the Highlander well’s operator to the Louisiana Department of Natural Resources (LDNR) is available on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com). B&L continues its operations with producing wells in South Texas. Meanwhile, new projects have been evaluated that focus on oil production. As the result of this evaluation, we have obtained a ~562 acre lease position in Calhoun County, TX covering a portion of historically prolific Heyser Field. This project’s goal is the recovery of residual oil and natural gas by using horizontal well technology. The lease was acquired by a new entity, B&L Resources, LLC, of which the Company owns fifty percent.

On Wednesday, January 9, 2019, the Company paid a dividend to its shareholders of record at the close of business on Monday, December 31, 2018. This represents a total cash dividend payment of $251,301 or $.10 per share. Since 2002, the Company has paid approximately $55,980,000 in total dividends. With production emanating from the Company’s fee land depleting and no new wells being drilled on its marsh lands in St. Bernard Parish, Louisiana, it will be difficult to maintain the level of dividends paid since 2002.

As previously reported, on June 15, 2012, the Company filed a claim (Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in the U.S. Court of Federal Claims against the US Army Corps of Engineers (The Biloxi Case) seeking monetary damages for property damages and losses caused by the Mississippi River Gulf Outlet (MR-GO). At this time, the Company cannot predict the timing of resolution or the outcome of this litigation process.

During 2017, the Company filed suit in Louisiana State District Court (34th Judicial District Court, Division D in St. Bernard Parish, LA) against Alta Mesa Holdings, LP (Case No. 17-1104). We made claims under three separate causes of action: 1) Specific performance to remove the North Eros pipeline; 2) Property damages caused by installation, use and operations of the North Eros pipeline; and 3) Specific performance to plug and abandon all wells, remove all associated equipment, facilities and fixtures from our property. We filed Motions for Summary Judgments on all three claims which have been granted. Trial on the costs associated with repairing the property damages is scheduled for September 9, 2019. As of this time, the Company is unable to forecast the amount of monetary damages that will be awarded, if any.

During March 2019, the Company completed its previously announced stock buyback program authorized on December 14, 2015. On May 8, 2019, the board of directors authorized the additional purchase of up to 30,000 shares of the Company’s common stock. Purchases of common stock will be made from time to time on the open market. All shares purchased will be held as treasury stock.

Biloxi Marsh Lands Corporation is a Delaware corporation whose principal assets are surface and mineral rights to approximately 90,000 acres of marsh land in St. Bernard Parish, Louisiana, which from time to time generates revenues from mineral activities including lease bonuses, delay rentals, royalties on oil and natural gas production, and surface rentals unrelated to oil and gas activities.

The Company owns a seventy-five percent interest in B&L Exploration L.L.C. which is engaged principally in the exploration for and development of oil and natural gas resources through various ownership interests in oil and natural gas properties located in Louisiana and Texas.

This news release contains forward-looking statements regarding all of the Company’s business activities including without limitation 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.

Contact:
Biloxi Marsh Lands Corporation
Colleen Starks: 504-837-4337

BLMC – Statements of Revenues and Expenses, March 31, 2019 and 2018

 
 20192018
Revenues:  
Oil and gas royalties$2,739$5,813
Total oil and gas revenues2,7395,813
   
Other income (loss):  
Dividends and interest income32,54128,133
Surface Rentals2,500—-
Gain on sale of securities(358,263231,649
Loss from investment in partnership(469,288)(459,614)
Total other income(792,510)(199,832)
Total revenues and income(789,771)(194,019)
Expenses:  
Total expenses182,732173,577
Net loss before income taxes(972,503)(367,596)
Income tax benefit
Net loss

$(972,503)

$(367,596)

Net loss per share$ (0.39)$ (0.15)

BLMC Statements of Assets, Liabilities, and Stockholders’ Equity March 31, 2019 and 2018

 
Assets20192018
Current assets:  
Cash and cash equivalents$1,755,868$2,422,464
Accounts receivable2,0844,934
Prepaid expenses23,59023,748
Accrued interest receivable7,6298,329
Deferred tax asset21,15921,055
Income taxes receivable29,5388,786
Other assets3,8303,830
Total current assets1,843,6982,493,146
Other Assets:  
Investment in partnership48,367605,895
Marketable debt and equity securities – at cost5,689,7146,373,737
Land234,939234,939
Total other assets5,973,0207,214,660
Total assets$7,816,718$9,707,806
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses28,80841,852
Total current liabilities28,80841,852
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,505,028 and 2,528,008 shares in 2019 and 2018, respectively47,52047,520   
Retained earnings10,817,41512,523,882
Treasury stock – 346,168 and 323,188 shares in 2019 and 2018, respectively, at cost(3,077,025)(2,905,448)

Total liabilities and stockholders’ equity$7,816,718$9,707,806
March 19, 2019

Biloxi Marsh Lands Corporation Announces Date of 2019 Annual Meeting of Shareholders

Metairie, LA – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces the 2019 Annual Meeting of Shareholders of Biloxi Marsh Lands Corporation will be held at the Corporate Office, One Galleria Blvd., Ste 902, Metairie, Louisiana on Tuesday May 7, 2019 at 10:30 a.m.

All inquiries should be made through the Contact Mailbox on the Company’s website: https://biloximarshlandscorp.com/contact/

March 8, 2019

Biloxi Marsh Lands Corporation Announces Audited Results for the Fourth Quarter of 2018, 12 Months ending December 31, 2018

Metairie, LA., March 8, 2019 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces results for the year ending December 31, 2018. The Company’s annual revenue breakdown is as follows: 2018 revenue from oil and gas production for its fee lands was $21,398 compared to revenue of $103,032 in 2017. The flow-through loss from B&L Exploration, LLC (B&L) reduced the Company’s annual revenue by $1,972,854 in 2018 compared to $741,597 in 2017. Dividend and interest income for 2018 was $115,035, compared to $105,771 for 2017. In 2018, the Company realized a cumulative gain from the sale of investment securities of $1,591,104 compared to a cumulative gain in the amount of $548,455 in 2017. During the fourth quarter of 2018, the Company recognized a settlement gain in the amount of $86,967 with respect to its wetlands real property claim. Expenses for the year totaled $781,064 compared to prior year expenses of $743,914. For the year, the Company had a net loss of $850,545 or $.34 per share compared to a net loss of $666,368 or $.26 per share in 2017.

On Wednesday, January 9, 2019, the Company paid a dividend to its shareholders of record at the close of business on Monday, December 31, 2018. This represents a total cash dividend payment of $251,301 or $.10 per share. Since 2002, the Company has paid approximately $55,980,000 in total dividends. With the Company’s fee land based production depleting and no new wells being drilled on its fee lands, it will be difficult to maintain the level of dividends paid since 2002.

Proved reserve studies have been commissioned covering different properties in which B&L holds interests. A summary of the proved reserve studies will be included in the 2019 President’s Report to Shareholders and will be available on the Company’s website prior to the Annual Meeting of Shareholders. The Company recommends that all interested parties refer to its website to view the reserve summaries and other relevant information: www.biloximarshlandscorp.com.

Information reported by the Highlander well’s operator to the Louisiana Department of Natural Resources (LDNR) is available on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com). B&L is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the mineral leases comprising the EOC-TUSC BL UDS SUA production unit from which the Highlander well is producing. Meanwhile, B&L’s South Texas operations were adversely affected during the second half of 2018 due to abnormal amounts of rainfall limiting access to well locations, thus affecting operational effectiveness. B&L’s current net daily production is approximately 1,200 thousand cubic feet of natural gas (Mcfg) and 4 barrels of oil per day (BOPD).

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.

In an effort to protect and sustain the Company’s fee lands in St. Bernard Parish, Louisiana and in response to the Louisiana Coastal Protection and Restoration Authority (CPRA) 2017 Coastal Master Plan (2017 CMP), the Company’s expert team, comprised of various scientists from local universities, continues to collect and analyze critical data to determine the root causes of degradation of the Company’s marsh lands and determine scientific hypotheses that demonstrate that the Biloxi Marsh Complex is sustainable for a longer period of time than set forth in 2017 CMP.

As previously reported, on June 15, 2012, the Company filed a claim (Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in the U.S. Court of Federal Claims against the US Army Corps of Engineers (The Biloxi Case) seeking monetary damages for property damage and losses caused by the Mississippi River Gulf Outlet (MR-GO). In January of 2018 The Biloxi Case was consolidated with other similar landowners’ cases against the US Army Corps of Engineers and will proceed as Biloxi Marsh Lands Corp., et al. v. United States, No. 12-382L. Due to the government shutdown, the court delayed the briefing schedule and plans to issue new scheduling orders in early 2019. At this time the Company cannot predict the timing of resolution or the outcome of this litigation process.

Reluctantly, during 2017 the Company was forced to file suit in Louisiana State District Court (34th Judicial District Court in St. Bernard Parish, LA) against Alta Mesa Holdings LP for specific performance demanding clean up and remediation of the Company’s property.

During 2018, the Company accrued a settlement payment for its wetlands real property claim under the Halliburton Energy Services, Inc. and Transocean Ltd. Settlement Agreements. The payment was received in January 2019. The Company has been advised by our legal counsel that an additional limited recovery under the settlement is expected, but as of this time it is difficult to determine the timing and amount of the additional settlement.

The Company maintains a stock buyback program. On December 14, 2015, the board of directors authorized the additional purchase of up to 30,000 shares of the Company’s 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. As of December 31, 2018, the Company has acquired 22,020 shares.

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—Income Tax Basis and Statements of Revenues and Expenses—Income Tax Basis have been derived from the Company’s end of the year financial statements, but do not include the information and footnotes that are an integral part of a complete financial statement. A complete copy of the audited Financial Statements—Income Tax Basis, Year Ended December 31, 2018 along with the 2019 President’s Report to Shareholders and the Company’s Proxy Statement will be available after April 5, 2019 on the Company’s 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

BLMC Statements of Assets, Liabilities, and Stockholders’ Equity – Income Tax Basis December 31, 2018 and 2017

 
Assets20182017
Current assets:  
Cash and cash equivalents$2,033.637$2,209,949
Accounts receivable91,11313,898
Accrued interest receivable6,6426,642
Income taxes receivable29,5388,786
Prepaid expenses40,22240,195
Marketable debt securities – at cost300,765
Other assets3,8303,830
Total current assets2,505,7472,283,300
   
Investment in partnership217,6541,065,508
Marketable debt and equity securities – at cost6,096,3396,714,675
Deferred tax asset21,15921,055
Land – at cost234,939234,939
Levees and office furniture and equipment308,607314,943
Accumulated depreciation(308,576)(314,835)

Total assets9,075,869$10,319,585
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses and other current liabilities$17,541$33,234
Total current liabilities17,54133,234
 
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,513,008 shares and 2,528,008 shares in 2018 and 2017, respectively47,52047,520   
Retained earnings12,040,93313,144,279

Treasury stock, 338,188 and 323,188 shares in 2018 and 2017, respectively, (3,030,125)(2,905,448)

Total stockholders’ equity9,058,32810,286,351
Total liabilities and stockholders’ equity$9,075,869$10,319,585

BLMC Statements of Revenues and Expenses – Income Tax Basis, Years ended December 31, 2018 and 2017

 
 3 Months Ended3 Months Ended12 Months Ended12 Months Ended
 December 31December 31December 31December 31
 2018201720182017
Revenues:    
Oil and gas$ 1,782$ 13,862$21,398$48,032
Surface Rentals10,00055,000
Total oil and gas revenues1,78223,86221,398103,032
Other income (loss):    
Dividends and interest income29,61130,467

115,035105,771
Gain on settlement86,96786,967

Gain on sale of securities479,447(91,370)

1,591,104548,455
Surface Rentals4,47567,60561,885
Loss from investment in partnership(917,415)(426,491)(1,972,854)(741,597)
Total other income (loss)(321,390)(482,919)(112,143)(25,486)
Total revenues and other income (loss)(319,608)(459,057)

(90,745)77,546

Expenses:    
Total expenses224,217207,102781,064743,914
Net loss before income taxes(543,825)(666,159)(871,809)(666,368)
Income tax benefit(21,264)

(21,264)

Net loss – income tax basis$(522,561)$(666,159)$(850,545)$(666,368)
Net ioss per share – income tax basis$(0.21)$(0.26)

$(0.34)$(0.26)
December 19, 2018

Biloxi Marsh Lands Corporation declares cash dividend

Biloxi Marsh Lands Corporation
One Galleria Blvd., Ste. 902
Metairie, Louisiana 70001
Phone: (504) 837-4337
Fax: (504) 837-1889

FOR IMMEDIATE RELEASE

Biloxi Marsh Lands Corporation declares cash dividend.

Metairie, Louisiana – December 19, 2018 – During its meeting held on Tuesday, December 18, 2018 the Board of Directors of Biloxi Marsh Lands Corporation (Pink Sheets: BLMC) declared a dividend of $.10 per outstanding share of common stock payable on Wednesday, January 9, 2019 to shareholders of record as of the close of business on Monday, December 31, 2018.

Contact:
Biloxi Marsh Lands Corporation
Colleen Starks: 504-837-4337
[email protected]

November 2, 2018

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Third Quarter and first Nine Months of 2018 and provides update

Metairie, LA., November 2, 2018 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the third quarter of 2018 and first nine months of 2018 and provides update. The Company’s revenue for the three months ended September 30, 2018 from oil and gas production for its fee lands was $6,923 compared to revenue of $8,708 for the third quarter of 2017. Meanwhile, dividend and interest income for the third quarter of 2018 was $26,644, compared to $27,169 for the third quarter of 2017. For the third quarter the Company realized a cumulative gain from the sale of investment securities of $74,192 compared to a cumulative loss of $2,917 for the same period of 2017. For the third quarter, total revenues included income of $129,198 from the Company’s investment in B&L Exploration, LLC (B&L) compared to a loss of $42,543 for the third quarter of 2017. Expenses for the third quarter were $183,966 compared to $170,433 for the same period of 2017. The Company had net income of $114,946 or $0.05 per share for the third quarter of 2018 compared to a net loss of $146,461 or $.06 per share in 2017. Meanwhile, for the first nine months of 2018, there was a net loss of $327,984 or $0.13 per share compared to a small net loss of $209 or $0.00 per share for the same period of 2017.

Based on information provided by the well’s operator to the Louisiana Department of Natural Resources (LDNR) and published on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com), during August 2018 the Highlander discovery well produced at a flow rate of approximately 53,720 Mcfg per day from the Tuscaloosa sand interval. B&L is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Highlander discovery well and in all mineral leases obtained and maintained by Freeport-McMoRan Oil & Gas in its Highlander Project Area located in Assumption, Iberia, Iberville, St. Martin and St. Mary Parishes, Louisiana.

B&L’s current net daily production is approximately 1,263 thousand cubic feet of natural gas (Mcfg) and 9 barrels of oil per day (BOPD). B&L’s operations in South Texas were adversely affected during the third quarter due to abnormal amounts of heavy rainfall limiting operational effectiveness. This heavy rainfall has continued into the fourth quarter of 2018. With four producing wells in South Texas, B&L has additional PUD development locations to drill in the fault block in which the Welder No. 3 well is located. During the third quarter of 2018, B&L drilled an exploratory well to test an adjacent fault block. The heavy rainfall has created access issues which have negatively affected B&L’s overall production from South Texas and has delayed evaluation of the new well. B&L’s current mineral position is approximately 2,500 gross acres in South Texas.

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.

As previously reported, on June 15, 2012, the Company filed a claim (Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in the U.S. Court of Federal Claims against the US Army Corps of Engineers (“The Biloxi Case”) seeking monetary damages for property damage and losses caused by the Mississippi River Gulf Outlet (MR-GO). In January of 2018 The Biloxi Case was consolidated with other similar landowners’ cases against the US Army Corps of Engineers and will proceed as Biloxi Marsh Lands Corp., et al. v. United States, No. 12-382L. A trial solely on the liability portion of the claims was continued, and a trial date was scheduled for October of 2018. During a status conference held in June of 2018, the presiding Judge determined that, prior to considering issues of liability, the legal issue of whether the takings portion of the plaintiffs’ claims are time-barred should be determined. Subsequently, the court issued an updated scheduling order holding in abeyance any possible trial on liability. At this time the Company cannot predict the timing of resolution or the outcome of this litigation process.

On December 14, 2015, the board of directors authorized the purchase of up to 30,000 shares of the Company’s 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. During the quarter ended September 30, 2018, the Company acquired an additional 9,460 shares. The Company has acquired 19,580 shares.

William B. Rudolf, President and CEO, commented: “Attracting third parties interested in exploring for and developing the minerals beneath our lands continues to prove difficult due to a combination of factors which include the depth of prospects beneath our property and the difficult regulatory and political environment for oil and gas operators in Louisiana’s coastal zone. With this said, we are continually looking for opportunities to increase shareholder value. Additionally, B&L’s management continues to focus on its Lago Verde Project in South Texas.”

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.

Contact:
Biloxi Marsh Lands Corporation
Colleen Starks: 504-837-4337

BLMC Statements of Revenues and Expenses, September 30, 2018 and 2017

 
 3 Months Ended 9 Months Ended 
 September 30 September 30 
 2018201720182017
Revenues:    
Oil and gas royalties6,9238,70819,61634,170
Surface rentals45,000
Total oil and gas revenues6,9238,70819,61679,170
Other income (loss):    
Dividends and interest income26,64427,16985,42475,304
Gain (loss) on sale of securities74,192(2,917)1,111,657639,825
Surface rentals61,95533,55567,60557,410
Income (Loss) from investment in partnership129,198(42,543)

(1,055,439)(315,106)
Total other income291,98915,264209,247457,433
Total revenues and other income298,91223,972228,863536,603
Expenses:    
Total expenses183,966170,433556,847536,812
Net income before income taxes114,946(146,461)(327,984)(209)
Income tax expense (benefit)(152,768)
Net income114,946(146,461)(327,984)(209)
Net income per share0.05(0.06)(0.13)(0.00)

BLMC Statement of Assets, Liabilities and Stockholders’ Equity – September 30, 2018 and 2017

 
Assets20182017
Current assets:  
Cash and cash equivalents2,007,7021,655,430
Accounts receivable5,40011,689
Prepaid expenses61,49361,548
Accrued interest receivable8,32916,204
Deferred tax asset21,05521,055
Income taxes receivable8,3788,786
Other assets3,8303,830
Total current assets2,116,1871,778,542
Other assets:  
Investment in partnership1,135,0701,492,001
Marketable debt and equity securities – at cost6,146,6157,465,578
Land234,939234,939
Geological and geophysical costs – fee lands, net of amortization2,056
Levees and office furniture and equipment326,094314,943
Accumulated depreciation(326,044)(314,747)
Total other assets7,516,6749,194,770
Total assets9,632,86110,973.312
Liabilities and Stockholders’ Equity  
Current liabilities:  
Income taxes payable—-—-
Accrued expenses35,07420,802
Total current liabilities35,07420,802
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,515,448 and 2,528,008 shares in 2018 and 2017, respectively47,52047,520
Retained earnings12,563,49413,810,438
Treasury stock – 335,748 and 323,188 shares in 2018 and 2017, respectively, at cost(3,013,227)(2,905,448)
Total liabilities and stockholders’ equity9,632,86110,973,312
August 10, 2018

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Second Quarter and first Six Months of 2018 and provides update

Metairie, LA., August 10, 2018 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the second quarter of 2018 and first six months of 2018 and provides update. The Company’s revenue for the three months ended June 30, 2018 from oil and gas production for its fee lands was $6,880 compared to revenue of $12,446 for the second quarter of 2017. For the first six months of 2018, revenue generated from the Company’s fee lands was $12,693 compared to $70,462 for the same period in 2017.

Meanwhile, dividend and interest income for the first six months of 2018 was $58,780, compared to $48,135 for the first six months of 2017. For the first six months of 2018, the Company realized a cumulative gain from the sale of investment securities of $1,037,465 compared to a cumulative gain of $642,742 for the first six months of 2017. For the second quarter of 2018, total revenues included a $725,023 loss from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $162,487 from B&L for the second quarter of 2017. Correspondingly, total revenue for the six months ended June 30, 2018 includes a net loss of $1,184,637 generated by B&L compared to a net loss of $272,563 from B&L for the first six months of 2017.

Expenses for the second quarter were $199,304 compared to $208,014 for the same period of 2017. Total expenses for the first six months of 2018 and 2017 were $372,881 and $366,379, respectively. The Company had a net loss of $75,334 or $0.03 per share for the second quarter of 2018 compared to net income of $333,213 or $.13 per share in 2017. Meanwhile, for the first half of 2018, there was a net loss of $442,930 or $.18 per share compared to net income of $146,252 or $.06 per share for the same period of 2017.

In an effort to protect and sustain the Company’s fee lands in St. Bernard Parish, Louisiana and in response to the Louisiana Coastal Protection and Restoration Authority (CPRA) 2017 Coastal Master Plan (CMP 2017) the Company’s expert team, comprised of various scientists from local universities, continues to collect and assemble the critical data to revise and update The Biloxi Marsh Stabilization and Restoration Plan which was first published in 2006. The goal of this critical data collection is to determine the root causes of degradation of the Company’s marsh lands and determine scientific hypotheses that demonstrate that the Biloxi Marsh Complex is sustainable for a longer period of time than set forth in CMP 2017.

Based on information provided by the well’s operator to the Louisiana Department of Natural Resources (LDNR) and published on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com), during June 2018 the Highlander discovery well produced at a flow rate of approximately 55,273 Mcfg per day from the Tuscaloosa sand interval. The reported gross production for May and June of 2018 reflect an increase in volumes. B&L is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Highlander discovery well and in all mineral leases obtained and maintained by Freeport-McMoRan Oil & Gas in its Highlander Project Area located in Assumption, Iberia, Iberville, St. Martin and St. Mary Parishes, Louisiana.

As of June 30, 2018, B&L’s net daily production from five wells was approximately 1,420 thousand cubic feet of natural gas (Mcfg) and 7 barrels of oil per day (BOPD). B&L currently has four producing wells within its Lago Verde project area. B&L still has additional PUD locations to drill in the fault block discovered by the Welder No. 3 well. In the current pricing environment, B&L is executing its current plan to drill an exploratory well to test a neighboring fault block during 2018. B&L’s current mineral lease position is approximately 2,500 gross acres in South Texas.

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.

As previously reported, on June 15, 2012, the Company filed a claim (Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in the U.S. Court of Federal Claims against the US Army Corps of Engineers (“The Biloxi Case”) seeking monetary damages for property damage and losses caused by the Mississippi River Gulf Outlet (MR-GO). In January of 2018 The Biloxi Case was consolidated with other similar landowners’ cases against the US Army Corps of Engineers and will proceed as Biloxi Marsh Lands Corp., et al. v. United States, No. 12-382L. A trial solely on the liability portion of the claims was continued, and a trial date was scheduled for October of 2018. During a status conference held in June of 2018, the presiding Judge determined that, prior to considering issues of liability, the legal issue of whether the plaintiffs’ takings claims are time-barred should be addressed. Subsequently, the court issued an updated scheduling order holding in abeyance any possible trial on liability. At this time the Company cannot predict the timing of resolution or the outcome of this litigation process.

On December 14, 2015, the board of directors authorized the purchase of up to 30,000 shares of the Company’s 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. During the quarter ended June 30, 2018, the Company acquired an additional 3,100 shares. The Company has acquired 10,120 shares as of June 30, 2018.

William B. Rudolf, President and CEO, commented: “Management continues to proactively address apparent scientific flaws in the CPRA – 2017 Coastal Master Plan (CMP 2017). The main scientific flaw appears to be the prediction that most of St. Bernard Parish including the Biloxi Marsh Complex will be lost over the next 50 years.” The Company’s comments to CMP 2017 are available at https://biloximarshlandscorp.com/biloxi-marsh-coastal-restoration/.

“Meanwhile, attracting third parties interested in exploring for and developing the minerals beneath our lands continues to prove difficult due to a combination of factors which include the depth of prospects beneath our property, the current price of natural gas and the difficult environment for oil and gas operators in Louisiana’s coastal zone. With this said, we are continually looking for a catalyst that will create an opportunity to test one of the subsurface structures identified using 3D seismic data within the Tuscaloosa sand interval which are located beneath the Company’s fee lands in St. Bernard Parish, Louisiana. Additionally, B&L’s management continues to focus on its Lago Verde Project in South Texas and is cognizant that the Highlander discovery continues to produce at significant rates.”

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.

Contact:
Biloxi Marsh Lands Corporation
Colleen Starks: 504-837-4337

BLMC Statements of Assets, Liabilities, and Stockholders’ Equity – June 30, 2018 and 2017

 
Assets20182017
Current assets:  
Cash and cash equivalents$1,830,5692,003,241
Accounts receivable5,7747,000
Prepaid expenses62,74863,092
Accrued interest receivable6,6426,642

Deferred tax asset21,05521,055

Income taxes receivable8,3788,786
Other assets:3,830   3,830
Total current assets1,938,9962,113,646
Other assets:  
Investment in partnership1,005,8721,534,544
 
Marketable debt and equity securities – at cost6,423,9897,231,476
Land234,939   234,939
Geological and geophysical costs – fee lands, net of amortization4,112
Levees and office furniture and equipment319,943   314,943
Accumulated depreciation(314,873)  (314,659)

Total other assets7,669,8709,005,355
 
Total assets$9,608,86611,119,001
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses$45,47920,030

Total current liabilities45,47920,030
 
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,524,908 and 2,528,008 shares in 2018 and 2017, respectively47,520   47,520   
Retained earnings12,448,54813,956,899
Treasury stock – 326,288 and 323,188 shares in 2018 and 2017, respectively, at cost

(2,932,681)  (2,905,448)

Total liabilities and stockholders’ equity$9,608,86611,119,001

BLMC Statements of Revenues and Expenses, June 30, 2018 and 2017

 
 3 Months Ended 6 Months Ended 
 June 30 June 30 
 2018201720182017
Revenues:    
Oil and gas royalties$ 6,88012,446$12,69325,462
Surface Rentals45,000
Total oil and gas revenues6,88012,446


12,69370,462


Other income (loss):    
Loss from investment in partnership(725,023)(162,487)


(1,184,637)(272,563)
Dividends and interest income30,64724,671

58,78048,135

Gain (loss) on sale of securities805,816642,7421,037,465642,742

Surface Rentals5,65023,8555,65023,855
Total other income117,090528,781(82,742)442,169

Total revenues and other income123,970541,227(70,049)512,631


Expenses:    
Total expenses199,304208,014

372,881366,379

Net income before income taxes(75,334)333,213(442,930)146,252

Income tax expense (benefit)
Net income$(75,334)333,213$(442,930)146,252

Net income(loss) per share( $0.03)0.13

$(0.18)0.06

August 3, 2018

Biloxi Marsh Lands Corporation earnings release delayed

Metairie, LA – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) previously announced the earnings for 2nd Quarter 2018 would be released today, August 3, 2018. The earnings release date will be delayed until Friday, August 10, 2018.

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. For additional information, please see our website www.biloximarshlandscorp.com .

Contact Info: Biloxi Marsh Lands Corporation
Colleen Starks, 504.837.4337
www.biloximarshlandscorp.com

May 11, 2018

Biloxi Marsh Lands Corporation Announces Unaudited Results for the First Quarter of 2018 and provides update

Metairie, LA., May 11, 2018 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) today announces its unaudited results for the first quarter of 2018 and provides update. The Company’s revenue for the three months ending March 31, 2018 from oil and gas production for its fee lands was $5,813 compared to revenue of $58,016 in 2017.

Meanwhile, dividend and interest income for the first three months of 2018 was $28,133, compared to $23,464 for the first three months of 2017. For the quarter, the Company realized a cumulative gain from the sale of investment securities of $231,649. The flow-through loss from B&L Exploration, LLC (B&L) reduced the Company’s quarterly revenue by $459,614 in 2018 compared to $110,076 during 2017. Expenses for the quarter were $173,577 compared to $158,365 for the same period in 2017. The Company incurred a net loss of $367,596 or $.15 per share for the first quarter of 2018 compared to a net loss of $186,961 or $.07 per share in 2017.

In an effort to protect and sustain the Company’s fee lands in St. Bernard Parish, Louisiana and in response to the Louisiana Coastal Protection and Restoration Authority (CPRA) 2017 Coastal Master Plan (CMP 2017), the Company has commenced the collection of critical data and engaged CPRA in discussions to make certain that all parties involved in the coastal restoration process clearly understand the value of our property and that the Biloxi Marsh Complex is sustainable beyond the time frame which was originally set forth in CPRA’s CMP 2017. The Company’s expert team, comprised of various scientists from local universities, is in the processing of assembling the critical data to revise and update The Biloxi Marsh Stabilization and Restoration Plan which was first published in 2006.

Based on information provided by the well’s operator to the Louisiana Department of Natural Resources (LDNR) and published on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com), during February 2018 the Highlander discovery well produced at a flow rate of approximately 49,600 Mcfg per day from the Tuscaloosa sand interval. B&L is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Highlander discovery well and in all mineral leases obtained and maintained by Freeport-McMoRan Oil & Gas in its Highlander Project Area located in Assumption, Iberia, Iberville, St. Martin and St. Mary Parishes, Louisiana. During the public hearing held on March 20, 2018 by the State of Louisiana, Office of Conservation, McMoRan Oil & Gas, LLC (McMoRan), the Operator of the Highlander discovery well, presented updated data from the first unit well and the Operator’s progress on the development of its plan for drilling the second unit well within the 9,000 acre – EOC-TUSC BL UDS SUA located in St. Martin Parish, Louisiana. Among other information presented by the Operator, a second pipeline connection and meter station have recently been added and this additional capacity should allow the gross production from the Highlander discovery well to be increased to approximately 60,000 Mcfg per day. The unit order (262-T-3) as amended on January 31, 2017 extended the obligation to spud the second unit well to February 6, 2019. During the March 20, 2018 public hearing, McMoRan stated that it has entered into a Purchase and Sale Agreement with a third party for the sale of its interest in the EOC-TUSC BL UDS SUA. McMoRan stated that the closing of the Purchase and Sale Agreement is contingent upon a third party closing an unrelated transaction. McMoRan is not able to guarantee the closing will occur and did not disclose the identity of the third party. In the event the closing occurs, McMoRan stated that it believes that the third party intends to drill a second unit well after closing which is contingently scheduled to take place no later than early July 2018.

As of May 1, 2018, B&L’s net daily production from five wells was approximately 1,640 thousand cubic feet of natural gas (Mcfg) and 15 barrels of oil per day (BOPD). Meanwhile, B&L continues to develop its Lago Verde project in South Texas. B&L currently has four producing wells within its Lago Verde project area. While B&L still has additional PUD locations to drill in the fault block discovered by the Welder No. 3 well, B&L’s current plans are to drill an exploratory well to test a neighboring fault block during 2018. B&L’s current mineral lease position is approximately 2,500 gross acres in South Texas.

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.

During its meeting held on December 14, 2017, the board of directors declared a dividend of $.10 per outstanding share of common stock payable on Wednesday, January 3, 2018 to shareholders of record at the close of business on Friday, December 29, 2017. This represents a total cash dividend payment of $252,801 or $.10 per share. Since 2002, the Company has paid approximately $55,729,000 in total dividends. With the Company’s fee land based production depleting and no new wells being drilled on its fee lands, it will be difficult to maintain the level of dividends paid since 2002.

As previously reported, on June 15, 2012, the Company filed a claim (Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in the U.S. Court of Federal Claims against the US Army Corps of Engineers (“The Biloxi Case”) seeking monetary damages for property damage and losses caused by the Mississippi River Gulf Outlet (MR-GO). A trial solely on the liability portion of the claims was originally set for October of 2017, and was continued to March 19, 2018. In January of 2018 The Biloxi Case was consolidated with other similar landowners’ cases against the US Army Corps of Engineers and will proceed as Biloxi Marsh Lands Corp., et al. v. United States, No. 12-382L. Liability is the first phase of the litigation process with the trial currently scheduled for October of 2018. It should be noted that this is the third continuance of the initial trial on the liability portion of this matter. If the liability portion of this matter is resolved in favor of the Company, there will be a second trial on damages to determine the value of the Company’s claims. At this time the Company cannot predict the timing of resolution or the outcome of this litigation process. While we will continue to aggressively pursue this claim, it is anticipated that this litigation against the federal government will be a long process.

Reluctantly, during 2017 the Company was forced to file suit in Louisiana State District Court (34th Judicial District Court in St. Bernard Parish, LA) against Alta Mesa Holdings LP for specific performance demanding clean up and remediation of the Company’s property.

The Company maintains a stock buyback program. On December 14, 2015, the board of directors authorized the additional purchase of up to 30,000 shares of the Company’s 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. As of the date of this press release, the Company has acquired 7,020 shares.

William B. Rudolf, President and CEO, commented: “Attracting third parties interested in exploring for and developing the minerals beneath our lands continues to prove difficult due to a combination of factors which include the depth of prospects beneath our property, the current price of natural gas and the difficult environment for oil and gas operators in Louisiana’s coastal zone. With this said, we are continually looking for a catalyst that will create an opportunity to test one of the subsurface structures identified using 3D seismic data within the Tuscaloosa sand interval which are located beneath the Company’s fee lands in St. Bernard Parish, Louisiana. Meanwhile, B&L’s management is focusing on its Lago Verde Project in South Texas and is cognizant that the Highlander discovery continues to produce at significant rates.”

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.

Contact:
Biloxi Marsh Lands Corporation
Colleen Starks: 504-837-4337

BLMC Statements of Assets, Liabilities, and Stockholders’ Equity – Income Tax Basis March 31, 2018 and 2017

 
Assets20182017
Current assets:  
Cash and cash equivalents$2,422.464$1,988,794
Accounts receivable4,9348,300
Prepaid expenses23,74823,587
Accrued interest receivable8,32917,142
Deferred tax asset21,05521,055
Federal income tax receivable7,1957,195
State income tax receivable1,5914,948
Other assets:3,8303,830
Total current assets2,493,1462,074,851
Other Assets:  
Investment in partnership605,8951,697,030
Marketable debt and equity securities – at cost6,373.7376,780,053
Land234,939234,939
Geological and geophysical costs – fee lands, net of amortization6,168
Levees and office furniture and equipment314,943314,943
Accumulated depreciation(314,854)(314,571)

Total other assets7,214,6608,718,562
Total assets$9,707,806$10,793,413
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses41,8529,907
Total current liabilities41,8529,907
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,528,008 and 2,530,028 shares in 2018 and 2017, respectively47,52047,520   
Retained earnings12,523,88213,623,686
Treasury stock – 323,188 and 321,168 shares in 2018 and 2017, respectively, at cost(2,905,448)(2,887,700)

Total liabilities and stockholders’ equity$9,707,806$10,793,413

BLMC – Statements of Revenues and Expenses, March 31, 2018 and 2017

 
 20182017
Revenues:  
Oil and gas royalties$5,813$13,016
Surface rentals$45,000
Total oil and gas revenues$5,81358,016
Other income (loss):  
Loss from investment in partnership(459,614)(110,076)
Dividends and interest income28,13323,464
Gain on sale of securities231,649
Total other income(199,832)(86,612)
Total revenues and income(194,019)(28,596)
Expenses:  
Total expenses173,577158,365
Net loss before income taxes(367,596)(186,961)
Income tax benefit
Net loss$(367,596)$(186,961)
Net loss per share$(0.15)$(0.07)
May 11, 2018

Biloxi Marsh Lands Corporation Announces Unaudited Results for the First Quarter of 2018 and provides update

Metairie, LA., May 11, 2018 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) today announces its unaudited results for the first quarter of 2018 and provides update. The Company’s revenue for the three months ending March 31, 2018 from oil and gas production for its fee lands was $5,813 compared to revenue of $58,016 in 2017.

Meanwhile, dividend and interest income for the first three months of 2018 was $28,133, compared to $23,464 for the first three months of 2017. For the quarter, the Company realized a cumulative gain from the sale of investment securities of $231,649. The flow-through loss from B&L Exploration, LLC (B&L) reduced the Company’s quarterly revenue by $459,614 in 2018 compared to $110,076 during 2017. Expenses for the quarter were $173,577 compared to $158,365 for the same period in 2017. The Company incurred a net loss of $367,596 or $.15 per share for the first quarter of 2018 compared to a net loss of $186,961 or $.07 per share in 2017.

In an effort to protect and sustain the Company’s fee lands in St. Bernard Parish, Louisiana and in response to the Louisiana Coastal Protection and Restoration Authority (CPRA) 2017 Coastal Master Plan (CMP 2017), the Company has commenced the collection of critical data and engaged CPRA in discussions to make certain that all parties involved in the coastal restoration process clearly understand the value of our property and that the Biloxi Marsh Complex is sustainable beyond the time frame which was originally set forth in CPRA’s CMP 2017. The Company’s expert team, comprised of various scientists from local universities, is in the processing of assembling the critical data to revise and update The Biloxi Marsh Stabilization and Restoration Plan which was first published in 2006.

Based on information provided by the well’s operator to the Louisiana Department of Natural Resources (LDNR) and published on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com), during February 2018 the Highlander discovery well produced at a flow rate of approximately 49,600 Mcfg per day from the Tuscaloosa sand interval. B&L is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Highlander discovery well and in all mineral leases obtained and maintained by Freeport-McMoRan Oil & Gas in its Highlander Project Area located in Assumption, Iberia, Iberville, St. Martin and St. Mary Parishes, Louisiana. During the public hearing held on March 20, 2018 by the State of Louisiana, Office of Conservation, McMoRan Oil & Gas, LLC (McMoRan), the Operator of the Highlander discovery well, presented updated data from the first unit well and the Operator’s progress on the development of its plan for drilling the second unit well within the 9,000 acre – EOC-TUSC BL UDS SUA located in St. Martin Parish, Louisiana. Among other information presented by the Operator, a second pipeline connection and meter station have recently been added and this additional capacity should allow the gross production from the Highlander discovery well to be increased to approximately 60,000 Mcfg per day. The unit order (262-T-3) as amended on January 31, 2017 extended the obligation to spud the second unit well to February 6, 2019. During the March 20, 2018 public hearing, McMoRan stated that it has entered into a Purchase and Sale Agreement with a third party for the sale of its interest in the EOC-TUSC BL UDS SUA. McMoRan stated that the closing of the Purchase and Sale Agreement is contingent upon a third party closing an unrelated transaction. McMoRan is not able to guarantee the closing will occur and did not disclose the identity of the third party. In the event the closing occurs, McMoRan stated that it believes that the third party intends to drill a second unit well after closing which is contingently scheduled to take place no later than early July 2018.

As of May 1, 2018, B&L’s net daily production from five wells was approximately 1,640 thousand cubic feet of natural gas (Mcfg) and 15 barrels of oil per day (BOPD). Meanwhile, B&L continues to develop its Lago Verde project in South Texas. B&L currently has four producing wells within its Lago Verde project area. While B&L still has additional PUD locations to drill in the fault block discovered by the Welder No. 3 well, B&L’s current plans are to drill an exploratory well to test a neighboring fault block during 2018. B&L’s current mineral lease position is approximately 2,500 gross acres in South Texas.

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.

During its meeting held on December 14, 2017, the board of directors declared a dividend of $.10 per outstanding share of common stock payable on Wednesday, January 3, 2018 to shareholders of record at the close of business on Friday, December 29, 2017. This represents a total cash dividend payment of $252,801 or $.10 per share. Since 2002, the Company has paid approximately $55,729,000 in total dividends. With the Company’s fee land based production depleting and no new wells being drilled on its fee lands, it will be difficult to maintain the level of dividends paid since 2002.

As previously reported, on June 15, 2012, the Company filed a claim (Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in the U.S. Court of Federal Claims against the US Army Corps of Engineers (“The Biloxi Case”) seeking monetary damages for property damage and losses caused by the Mississippi River Gulf Outlet (MR-GO). A trial solely on the liability portion of the claims was originally set for October of 2017, and was continued to March 19, 2018. In January of 2018 The Biloxi Case was consolidated with other similar landowners’ cases against the US Army Corps of Engineers and will proceed as Biloxi Marsh Lands Corp., et al. v. United States, No. 12-382L. Liability is the first phase of the litigation process with the trial currently scheduled for October of 2018. It should be noted that this is the third continuance of the initial trial on the liability portion of this matter. If the liability portion of this matter is resolved in favor of the Company, there will be a second trial on damages to determine the value of the Company’s claims. At this time the Company cannot predict the timing of resolution or the outcome of this litigation process. While we will continue to aggressively pursue this claim, it is anticipated that this litigation against the federal government will be a long process.

Reluctantly, during 2017 the Company was forced to file suit in Louisiana State District Court (34th Judicial District Court in St. Bernard Parish, LA) against Alta Mesa Holdings LP for specific performance demanding clean up and remediation of the Company’s property.

The Company maintains a stock buyback program. On December 14, 2015, the board of directors authorized the additional purchase of up to 30,000 shares of the Company’s 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. As of the date of this press release, the Company has acquired 7,020 shares.

William B. Rudolf, President and CEO, commented: “Attracting third parties interested in exploring for and developing the minerals beneath our lands continues to prove difficult due to a combination of factors which include the depth of prospects beneath our property, the current price of natural gas and the difficult environment for oil and gas operators in Louisiana’s coastal zone. With this said, we are continually looking for a catalyst that will create an opportunity to test one of the subsurface structures identified using 3D seismic data within the Tuscaloosa sand interval which are located beneath the Company’s fee lands in St. Bernard Parish, Louisiana. Meanwhile, B&L’s management is focusing on its Lago Verde Project in South Texas and is cognizant that the Highlander discovery continues to produce at significant rates.”

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.

Contact:
Biloxi Marsh Lands Corporation
Colleen Starks: 504-837-4337

BLMC Statements of Assets, Liabilities, and Stockholders’ Equity – Income Tax Basis March 31, 2018 and 2017

 
Assets20182017
Current assets:  
Cash and cash equivalents$2,422.464$1,988,794
Accounts receivable4,9348,300
Prepaid expenses23,74823,587
Accrued interest receivable8,32917,142
Deferred tax asset21,05521,055
Federal income tax receivable7,1957,195
State income tax receivable1,5914,948
Other assets:3,8303,830
Total current assets2,493,1462,074,851
Other Assets:  
Investment in partnership605,8951,697,030
Marketable debt and equity securities – at cost6,373.7376,780,053
Land234,939234,939
Geological and geophysical costs – fee lands, net of amortization6,168
Levees and office furniture and equipment314,943314,943
Accumulated depreciation(314,854)(314,571)

Total other assets7,214,6608,718,562
Total assets$9,707,806$10,793,413
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses41,8529,907
Total current liabilities41,8529,907
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,528,008 and 2,530,028 shares in 2018 and 2017, respectively47,52047,520   
Retained earnings12,523,88213,623,686
Treasury stock – 323,188 and 321,168 shares in 2018 and 2017, respectively, at cost(2,905,448)(2,887,700)

Total liabilities and stockholders’ equity$9,707,806$10,793,413

BLMC – Statements of Revenues and Expenses, March 31, 2018 and 2017

 
 20182017
Revenues:  
Oil and gas royalties$5,813$13,016
Surface rentals$45,000
Total oil and gas revenues$5,81358,016
Other income (loss):  
Loss from investment in partnership(459,614)(110,076)
Dividends and interest income28,13323,464
Gain on sale of securities231,649
Total other income(199,832)(86,612)
Total revenues and income(194,019)(28,596)
Expenses:  
Total expenses173,577158,365
Net loss before income taxes(367,596)(186,961)
Income tax benefit
Net loss$(367,596)$(186,961)
Net loss per share$(0.15)$(0.07)
March 9, 2018

Biloxi Marsh Lands Corporation Announces Audited Results for the Fourth Quarter of 2017, 12 Months ending December 31, 2017 and provides update

Metairie, LA., March 9, 2018 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces results for the year ending December 31, 2017 and provides update. The Company’s annual revenue breakdown is as follows: 2017 revenue from oil and gas production for its fee lands was $103,032 compared to revenue of $81,859 in 2016. The flow-through loss from B&L Exploration, LLC (B&L) reduced the Company’s annual revenue by $741,597 in 2017 compared to $1,594,923 in 2016. Dividend and interest income for 2017 was $105,771, compared to $120,371 for 2016. In 2017, the Company realized a cumulative gain from the sale of investment securities of $548,455 compared to a cumulative gain in the amount of $895,344 in 2016. While 6 wells continue to produce from the Company’s fee lands, as of December 31, 2017, the combined net daily production accruing to the Company was minimal. Due to the minimal production from the Company’s fee lands, the Company opted not to commission a reserve study for the period ending December 31, 2017.

Meanwhile, B&L’s net daily production from 6 wells as of December 31, 2017 was approximately 2,171 thousand cubic feet of natural gas (Mcfg) and 31 barrels of oil per day (BOPD).

Two independent reserve studies have been completed by separate reservoir engineering firms covering different properties in which B&L holds working interests. These studies estimate that B&L’s proved reserves as of December 31, 2017 were approximately 4.7 billion cubic feet of natural gas (Bcfg), approximately 101 thousand barrels of oil (Mbbl) and approximately 26.6 Mbbl of natural gas liquids. Meanwhile, B&L’s Probable and Possible reserves as of December 31, 2017 are estimated to be approximately 1.9 Bcfg. This compares to B&L’s estimated proved reserves as of December 31, 2016 which were approximately 10.8 Bcfg, approximately 257 Mbbl of oil and approximately 18.0 Mbbl of natural gas liquids.

It should be noted that a significant component of B&L’s proved reserves as of December 31, 2016 were Proved Undeveloped (PUD) attributed to B&L’s leasehold interest in a federal offshore block located in shallow water offshore of Louisiana. Due to the high cost of development of the offshore block, inherent risk of cost overruns and the current lower price of natural gas, B&L’s management opted not to invest in the development of the federal offshore lease during the term of the lease. The five-year lease expired in October of 2017 and the associated PUD reserves are not included in the December 31, 2017 reserve estimates.

The proved reserve studies referenced above include explanatory notes that are an integral part of each study. A copy of the 2018 President’s Report to Shareholders that includes these notes will be available on the Company’s website after March 30, 2018. The Company recommends that all interested parties refer to its website to view these notes and other relevant information: www.biloximarshlandscorp.com.

During 2017 B&L underwent a realignment of its working interest investments. There were three components to this realignment which impacted B&L’s proved reserves as of December 31, 2017. As previously reported, the first was the sale of a non-operated working interest in a well in South Louisiana. The second was the expiration of a mineral lease in a federal offshore block located in shallow water offshore of Louisiana. The third was the filing of a bankruptcy petition by the operator of a field in South Louisiana in which B&L owned a non-operating working interest. It is uncertain whether the operator’s bankruptcy will have any future negative impact on B&L. This realignment effectively focused B&L’s efforts on south Texas.

Based on information provided by the well’s operator to the Louisiana Department of Natural Resources (LDNR) and published on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com), the Highlander discovery well continued to produce at a flow rate of approximately 44,600 Mcfg per day during December 2017. B&L is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Highlander discovery well and in all mineral leases obtained and maintained by Freeport-McMoRan Oil & Gas in its Highlander Project Area.

B&L continues to successfully develop its Lago Verde project in South Texas. As previously reported, the Welder No. 4 well was placed on production on April 6, 2017. The Welder No. 4 well is the first development well drilled to offset B&L’s Welder No. 3 field discovery well. Continuing its field development, B&L drilled its Welder No. 6 well during July 2017. The Welder No. 6 well was fractured and placed on production in November 2017. B&L drilled its Welder No. 8 well during the fourth quarter of 2017. The Welder No. 8 well is scheduled for hydraulic fracturing operations at the end of the first quarter of 2018. B&L is the Operator and has a 62.5% working interest in the Welder No. 3, No. 4, No. 6 and No. 8 wells. B&L’s current mineral lease position is approximately 2,500 gross acres in south Texas.

As previously reported, on June 15, 2012, the Company filed a claim (Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in the U.S. Court of Federal Claims against the US Army Corps of Engineers (“The Biloxi Case”) seeking monetary damages for property damage and losses caused by the Mississippi River Gulf Outlet (MR-GO). A trial solely on the liability portion of the claims was originally set for October of 2017, and was continued to March 19, 2018. In January of 2018 The Biloxi Case was consolidated with other similar landowners’ cases against the US Army Corps of Engineers and will proceed as Biloxi Marsh Lands Corp., et al. v. United States, No. 12-382L. Liability is the first phase of the litigation process with the trial currently scheduled for October of 2018. It should be noted that this is the third continuance of the initial trial on the liability portion of this matter. If the liability portion of this matter is resolved in favor of the Company, there will be a second trial on damages to determine the value of the Company’s claims. At this time the Company cannot predict the timing of resolution or the outcome of this litigation process. While we will continue to aggressively pursue this claim, it is anticipated that this litigation against the federal government will be a long process.
The Company maintains a stock buyback program. On December 14, 2015, the board of directors authorized the additional purchase of up to 30,000 shares of the Company’s 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. As of the date of this press release, the Company has acquired 7,020 shares.

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.

During its meeting held on December 14, 2017, the board of directors declared a dividend of $.10 per outstanding share of common stock payable on Wednesday, January 3, 2018 to shareholders of record at the close of business on Friday, December 29, 2017. This represents a total cash dividend payment of $252,801 or $.10 per share. Since 2002, the Company has paid approximately $55,729,000 in total dividends. With the Company’s fee land based production depleting and no new wells being drilled on its fee lands, it will be difficult to maintain the level of dividends paid since 2002.

William B. Rudolf, President and CEO, commented: “During 2017 B&L’s management realigned its focus from south Louisiana to its Lago Verde Project in south Texas. The Company’s revenue from its fee lands has declined significantly and development of the minerals beneath our lands continues to prove difficult. This is due to a combination of factors which include the depth of prospects beneath our property, the current price of natural gas and the difficult environment for oil and gas operators in the state of Louisiana. The combination of these factors is making it more challenging for us to attract companies willing to explore for oil and gas in St. Bernard Parish, Louisiana. Nonetheless, we believe that we are positioning the Company for growth through B&L’s drilling program in south Texas. Meanwhile, B&L is cognizant that the Highlander discovery well continues to produce at significant rates.”

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.

As previously reported, the Company has engaged Postlethwaite & Netterville, APAC (P&N) to provide financial statement services for the years ending December 31, 2017 and December 31, 2016. P&N is one of the leading firms in the Gulf South. For over 65 years, P&N has delivered accounting, tax, consulting and technology services that address its clients’ important financial and operational challenges. Today, P&N is more than 600 employees strong, with nine offices in Texas and Louisiana, and is consistently ranked among the top 100 accounting firms in the U.S. by INSIDE Public Accounting magazine.

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—Income Tax Basis and Statements of Revenues and Expenses—Income Tax Basis have been derived from the Company’s end of the year financial statements, but do not include the information and footnotes that are an integral part of a complete financial statement. A complete copy of the audited Financial Statements—Income Tax Basis, Year Ended December 31, 2017 along with the 2018 President’s Report to Shareholders and the Company’s Proxy Statement will be available after March 30, 2018 on the Company’s 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

BLMC Statements of Assets, Liabilities, and Stockholders’ Equity – Income Tax Basis December 31, 2017 and 2016

 
Assets20172016
Current assets:  
Cash and cash equivalents$2,209,949$3,954,681
Accounts receivable13,89810,830
Accrued interest receivable6,64211,048
Federal income taxes receivable7,1957,195
Prepaid expenses40,19538,846
State income tax receivable1,5914,948
Deferred tax asset21,05521,055
Marketable debt securities – at cost265,515
Other assets3,8303,830
Total current assets2,304,3554,317,948
   
Investment in partnership1,065,5081,807,105
Marketable debt and equity securities – at cost6,714,6754,930,346
Land – at cost234,939234,939
Geological and geophysical costs – fee lands, net of amortization8,224
Levees and office furniture and equipment314,943314,943
Accumulated depreciation(314,835)(314,483)

Total assets$10,319,585$11,299,022
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses and other current liabilities$33,234$29,977
Total current liabilities33,23429,977
 
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,535,008 shares and 2,535,028 shares in 2017 and 2016, respectively47,52047,520   
Retained earnings13,144,27914,064,150

Treasury stock, 323,188 and 316,168 shares in 2017 and 2016, respectively, at cost(2,905,448)(2,842,625)

Total stockholders’ equity10,286,35111,269,045
Total liabilities and stockholders’ equity$10,319,585$11,299,022

 

BLMC Statements of Revenues and Expenses – Income Tax Basis, Years ended December 31, 2017 and 2016

 
 3 Months Ended3 Months Ended12 Months Ended12 Months Ended
 December 31December 31December 31December 31
 2017201620172016
Revenues:    
Oil and gas$ 13,862$ 5,382$48,032$81,859
Surface Rentals10,00055,000
Total oil and gas revenues23,8625,382103,03281,859
Other income (loss):    
Loss from investment in partnership(426,491)(282,417)(741,597)(1,594,923)
Dividends and interest income30,46725,328

105,771120,371
Gain on settlement140,552235,663

Gain on sale of securities(91,370)536,879

548,455895,344
Surface Rentals4,4758,60861,88564,818
Total other income (loss)(482,919)428,950(25,486)(278,727)
Total revenues and other income (loss)(459,057)434,332

77,546(196,868)

Expenses:    
Total expenses207,102271,990743,914814,362
Net income (loss) before income taxes(666,159)162,342(666,368)(1,011,230)

Income tax expense (benefit)184,863

32,095

Net income (loss) – income tax basis$(666,159)$(22,521)$(666,368)$(1,043,325)
Net income (loss) per share – income tax basis$(0.26)$(0.01)

$(0.26)$(0.41)

December 14, 2017

Biloxi Marsh Lands Corporation declares cash dividend

Metairie, Louisiana – December 14, 2017 – During its meeting held today the Board of Directors of Biloxi Marsh Lands Corporation (Pink Sheets: BLMC) declared a dividend of $.10 per outstanding share of common stock payable on Wednesday, January 3, 2018 to shareholders of record as of the close of business on Friday, December 29, 2017.

Contact:
Biloxi Marsh Lands Corporation
Colleen Starks: 504-837-4337
[email protected]

November 6, 2017

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Third Quarter and first Nine Months of 2017 and provides update

Metairie, LA., November 6, 2017 (BUSINESS WIRE) –

Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the third quarter of 2017 and first nine months of 2017 and provides update. The Company’s revenue for the three months ended September 30, 2017 from oil and gas production for its fee lands was $8,708 compared to revenue of $27,518 for the third quarter of 2016. For the first nine months of 2017, revenue generated from the Company’s fee lands was $79,170 compared to $76,477 for the same period in 2016.

Meanwhile, dividend and interest income for the first nine months of 2017 was $75,304, compared to $95,043 for the first nine months of 2016. For the first nine months of 2017, the Company realized a cumulative gain from the sale of investment securities of $639,825 compared to a cumulative gain of $358,465 for the first nine months of 2016. For the third quarter of 2017, total revenues included a $42,543 loss from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $464,317 from B&L for the third quarter of 2016. Correspondingly, total revenue for the nine months ended September 30, 2017 includes a net loss of $315,106 generated by B&L compared to a net loss of $1,312,506 from B&L for the first nine months of 2016.

Expenses for the third quarter were $170,433 compared to $140,400 for the same period of 2016. Total expenses for the first nine months of 2017 and 2016 were $536,812 and $542,372, respectively. The Company had a net loss of $146,461 or $0.06 per share for the third quarter of 2017 compared to net income of $57,714 or $.02 per share in 2016. Meanwhile, for the first nine months of 2017, there was a net loss of $209 or $0.00 per share compared to a net loss of $1,020,804 or $.40 per share for the same period of 2016.

While 6 wells continue to produce, as of September 30, 2017 the combined net daily production accruing to the Company from its fee lands was minimal. Meanwhile, as of September 30, 2017 B&L’s net daily production from 6 wells was approximately 2,266 thousand cubic feet of natural gas (Mcfg) and 32 barrels of oil per day (BOPD).

As previously reported, the Louisiana Coastal Protection and Restoration Authority (CPRA) released the final draft of its 2017 Coastal Master Plan (CMP). The Company plans to engage CPRA in discussions to make certain that all parties involved in the process clearly understand the value of our property and that the Biloxi Marsh Complex is sustainable beyond the time frame which was originally set forth in the draft CMP 2017. The Company has assembled a team of experts in order to revise and update The Biloxi Marsh Stabilization and Restoration Plan published in 2006.

As previously reported, on June 15, 2012, the Company filed a claim (Biloxi Marsh Lands Corporation et al v. United States of America) in the U.S. Court of Federal Claims against the US Army Corps of Engineers (USACE) seeking monetary damages for property damage and losses caused by the Mississippi River Gulf Outlet (MR-GO). A trial solely on the liability portion of the claims was set for October of 2017 but has been continued to March of 2018. Liability is the first phase of the litigation process. If and when the liability phase of the litigation runs its course and reaches full conclusion, there will be a second trial on damages to determine the value of the Company’s claims. Given the early stages of this matter, at this time the Company cannot predict the timing of resolution or the outcome of this claim. We will continue to aggressively pursue this claim and will keep our shareholders advised as things progress.

Based on information provided by the well’s Operator to the Louisiana Department of Natural Resources (LDNR) and published on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com), the Highlander discovery well continued to produce at a flow rate of approximately 45,300 Mcfg per day during September 2017. B&L is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Highlander discovery well and in all mineral leases obtained and maintained by Freeport-McMoRan Oil & Gas in its Highlander Project Area located in Assumption, Iberia, Iberville, St. Martin and St. Mary Parishes, Louisiana. Beginning in 2012 ORRIs in various leases within the Highlander Project Area started to be assigned to B&L. While B&L has been assigned ORRIs in leases covering close to 50,000 acres, currently only 9,000 acres are held by production (HBP) within the boundaries of the EOC TUSC BL UDS SUA production unit in the Bayou Long Field, St. Martin Parish, Louisiana. B&L is not aware of the status of leases outside of boundaries of the EOC TUSC BL UDS SUA production unit which was established under the Louisiana Office of Conservation’s Order Nos. 262-T-1, 262-T-2 and 262-T-3.

As previously reported, B&L had obtained a 60% working interest in a mineral lease in a federal offshore block located in shallow water on the intercontinental shelf offshore of Louisiana. This five-year lease expired in October of 2017 and the associated PUD reserves will not be included in future reserve estimates. Meanwhile during the third quarter, B&L negotiated the sale of a non-operated working interest in a well whose disposition has minimal impact on B&L’s net daily production. Unrelated to the foregoing, during October 2017, the Operator of a field in which B&L owns a non-operating working interest filed a bankruptcy petition. B&L does not currently expect a significant impact to its revenues as a result, since B&L’s net production associated with that working interest was minimal. As of this time, it is uncertain whether B&L and other working interest owners may incur future expenses as a result of the operator’s bankruptcy, which could impact B&L’s financial results.

B&L continues to successfully develop its Lago Verde project in South Texas. As previously reported, the Welder No. 4 well was placed on production on April 6, 2017. The Welder No. 4 well is the first development well drilled to offset B&L’s Welder No. 3 field discovery well. Continuing its field development, B&L drilled its Welder No. 6 well during July 2017. The Welder No. 6 well is scheduled for hydraulic fracturing operations during the fourth quarter of 2017. B&L drilled its Welder No. 8 well within the past week and is currently scheduling completion operations. B&L is the Operator and has a 62.5% working interest in the Welder No. 3, No. 4, No. 6 and No. 8 wells. B&L’s current mineral lease position is approximately 2,500 gross acres in South Texas.

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.

On December 14, 2015, the board of directors authorized the purchase of up to 30,000 shares of the Company’s 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. As of the date of this press release, the Company has acquired 7,020 shares.

William B. Rudolf, President and CEO, commented: “B&L’s project in South Texas is currently B&L’s main area of focus. The results from this project continue to be encouraging and we hope that this project will have continued success. As stated previously, relatively low well costs combined with the possibility of multiple development wells make this project attractive. Meanwhile, continued lower natural gas pricing combined with the political and regulatory environment in South Louisiana is making it difficult for us to attract parties interested in exploring for natural gas on the Company’s fee lands.”

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.

Contact:
Biloxi Marsh Lands Corporation
Colleen Starks: 504-837-4337

 

BLMC Statement of Assets, Liabilities and Stockholders’ Equity – September 30, 2017 and 2016

 
Assets20172016
Current assets:  
Cash and cash equivalents1,655,4303,234,045
Accounts receivable11,68965,163
Prepaid expenses61,54859,444
Accrued interest receivable16,20427,221
Deferred tax asset21,055205,916
Income taxes receivable8,78612,143
Other assets3,8303,830
Total current assets1,778,5423,607,762
Other assets:  
Investment in partnership1,492,0011,639,523
Marketable debt and equity securities – at cost7,465,5785,815,219
Land234,939234,939
Geological and geophysical costs – fee lands, net of amortization2,05616,128
Levees and office furniture and equipment314,943315,943
Accumulated depreciation(314,747)(314,471)
Total other assets9,194,7707,707,281
Total assets10,973.31211,315,043
Liabilities and Stockholders’ Equity  
Current liabilities:  
Income taxes payable—-—-
Accrued expenses20,80223,477
Total current liabilities20,80223,477
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,528,008 and 2,535,028 shares in 2017 and 2016, respectively47,52047,520
Retained earnings13,810,43814,086,671
Treasury stock – 323,188 and 316,168 shares in 2017 and 2016, respectively, at cost(2,905,448)(2,842,625)
Total liabilities and stockholders’ equity10,973,31211,315,043
August 7, 2017

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Second Quarter and first Six Months of 2017 and provides update

Metairie, LA., August 4, 2017 (BUSINESS WIRE) –

Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the second quarter of 2017 and first six months of 2017 and provides update. The Company’s revenue for the three months ended June 30, 2017 from oil and gas production for its fee lands was $12,446 compared to revenue of $14,865 for the second quarter of 2016. For the first six months of 2017, revenue generated from the Company’s fee lands was $70,462 compared to $48,959 for the same period in 2016.

Meanwhile, dividend and interest income for the first six months of 2017 was $48,135, compared to $65,376 for the first six months of 2016. For the first six months of 2017, the Company realized a cumulative gain from the sale of investment securities of $642,742 compared to a cumulative loss of $102,570 for the first six months of 2016. For the second quarter of 2017, total revenues included a $162,487 loss from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $563,880 from B&L for the second quarter of 2016. Correspondingly, total revenue for the six months ended June 30, 2017 includes a net loss of $272,563 generated by B&L compared to a net loss of $848,189 from B&L for the first six months of 2016.

Expenses for the second quarter were $208,014 compared to $212,999 for the same period of 2016. Total expenses for the first six months of 2017 and 2016 were $366,379 and $401,972, respectively. The Company had net income of $333,213 or $0.13 per share for the second quarter of 2017 compared to a net loss of $824,771 or $.33 per share in 2016. Meanwhile, for the first half of 2017, there was net income of $146,252 or $.06 per share compared to a net loss of $1,078,518 or $.43 per share for the same period of 2016.

While 6 wells continue to produce, as of June 30, 2017 the combined net daily production accruing to the Company from its fee lands was minimal. Meanwhile, as of June 30, 2017 B&L’s net daily production from 8 wells was approximately 2,742 thousand cubic feet of natural gas (Mcfg) and 77 barrels of oil per day (BOPD).

As previously reported, the Louisiana Coastal Protection and Restoration Authority (CPRA) released the final draft of its 2017 Coastal Master Plan (CMP). The Company plans to engage CPRA in discussions to make certain that all parties involved in the process clearly understand the value of our property and that the Biloxi Marsh Complex is sustainable beyond the time frame which was originally set forth in the draft CMP 2017. Furthermore, the Company has assembled a team of experts in order to revise and update The Biloxi Marsh Stabilization and Restoration Plan published in 2006.

As previously reported, the Company has filed a claim against the US Army Corps of Engineers (USACE) for property damages and other losses caused by the Mississippi River Gulf Outlet (MR-GO). A trial on the liability portion of the claims was set for October of 2017 but has been continued to March of 2018. We will continue to aggressively pursue this claim and will keep our shareholders advised as things progress.

Based on information provided by the well’s Operator to the Louisiana Department of Natural Resources (LDNR) then published on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com), the Highlander discovery well continued to produce at a flow rate of approximately 47,000 Mcfg per day during June 2017. B&L is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Highlander discovery well and in all mineral leases obtained and maintained by Freeport-McMoRan Oil & Gas in its Highlander Project Area located in Assumption, Iberia, Iberville, St. Martin and St. Mary Parishes, Louisiana. Beginning in 2012 ORRIs in various leases within the Highlander Project Area started to be assigned to B&L. While B&L has been assigned ORRIs in leases covering close to 50,000 acres, currently only 9,000 acres are held by production (HBP) within the EOC TUSC BL UDS production unit. B&L is not aware of the status of leases outside of the EOC TUSC BL UDS production unit.

In 2012 B&L obtained a mineral lease in a federal offshore block located in shallow water on the intercontinental shelf offshore of Louisiana. B&L currently holds a 60% working interest in this lease. With the continued lower commodity pricing combined with the cost of operating offshore, B&L and its 40% working interest partner are working together to determine if a plan of development is attractive. If a well is not spud prior to the lease expiration date, this lease will expire in October of 2017 and the associated PUD reserves will not be included in future reserve reports.

B&L continues to successfully develop its Lago Verde project. In early April, hydraulic fracturing operations were completed on its Welder No. 4 well. Immediately following hydraulic fracturing operations, during its flowback test the Welder No. 4 achieved maximum flow rates of 5,115 Mcfg per day, 205 BOPD and 547 barrels of water per day (BWPD) on a 20/64th inch choke. This well was placed on production on April 6, 2017. During its first full day of production, the Welder No. 4 flowed approximately 2,600 Mcfg per day, 50 BOPD and 35 BOPWD on a 15/64th inch choke. The Welder No. 4 well is the first development well drilled to offset B&L’s Welder No. 3 field discovery well. Continuing its field development, B&L drilled its Welder No. 6 well during July 2017. Electric logs run on the Welder No. 6 indicate approximately 100’ of apparent net pay in several laminated basal Frio sand intervals. The Welder No. 6 well is scheduled for hydraulic fracturing operations. B&L is the Operator and has a 62.5% working interest in the Welder No. 3, No. 4 and No. 6 wells. B&L’s current mineral lease position is approximately 2,500 gross acres in South Texas.

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.

On December 14, 2015, the board of directors authorized the purchase of up to 30,000 shares of the Company’s 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. As of the date of this press release, the Company has acquired 7,020 shares.

William B. Rudolf, President and CEO, commented: “We continue to be pleased with the results from B&L’s Lago Verde Project in South Texas which has increased B&L’s net production. Relatively low well costs combined with the possibility of multiple development wells offsetting the Welder No. 3 field discovery well makes B&L’s Lago Verde project attractive. Meanwhile, continued lower natural gas pricing combined with the political and regulatory environment in South Louisiana is making it difficult for us to attract parties interested in exploring for natural gas on the Company’s fee lands.”

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.

Contact:
Biloxi Marsh Lands Corporation
Colleen Starks: 504-837-4337

BLMC Statements of Assets, Liabilities, and Stockholders’ Equity – June 30, 2017 and 2016

 
Assets20172016
Current assets:  
Cash and cash equivalents$2,003,241  1,485,343
Accounts receivable7,000 31,946
Prepaid expenses63,09260,030
Accrued interest receivable6,64217,565

Deferred tax asset21,055205,918

Income taxes receivable8,78612,143
Other assets:3,830   3,830
Total current assets2,113,6461,816,775
Other assets:  
Investment in partnership1,534,544 2,103,841
 
Marketable debt and equity securities – at cost7,231,476   7,067,002
Land234,939   234,939
Geological and geophysical costs – fee lands, net of amortization4,112   24,032
Levees and office furniture and equipment314,943   315,943
Accumulated depreciation(314,659)  (314,317)

Total other assets9,005,355   9,431,440
 
Total assets$11,119,00111,248,215
Liabilities and Stockholders’ Equity  
Current liabilities:  
Income taxes payable$ –
 
Accrued expenses20,03014,363

Total current liabilities20,030  14,363
 
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,528,008 and 2,535,028 shares in 2017 and 2016, respectively47,520   47,520   
Retained earnings13,956,899   14,028,957
Treasury stock – 323,188 and 316,168 shares in 2017 and 2016 respectively, at cost

(2,905,448)  (2,842,625)

Total liabilities and stockholders’ equity11,119,001   11,248,215

BLMC Statements of Revenues and Expenses, June 30, 2017 and 2016

 
 3 Months Ended 6 Months Ended 
 June 30 June 30 
 2017201620172016
Revenues USD($):    
Oil and gas royalties$12,44614,865 $25,46248,959
Surface Rentals45,000
Total oil and gas revenues12,44614,865


70,46248,959


Other income (loss):    
Loss from investment in partnership(162,487)(563,880)

(272,563)(848,189)
Dividends and interest income24,67132,774

48,13565,376

Gain (loss) on sale of securities642,742(102,641)642,742(102,570)

Surface Rentals23,8557,110 23,8557,110
Total other income528,781(626,637)442,169(878,273)

Total revenues and other income541,227(611,772)512,631(829,314)


Expenses:    
Total expenses208,014212,999

366,379401,972

Net income (loss) before income taxes333,213(824,771)146,252(1,231,286)

Income tax expense (benefit)(152,768)
Net income (loss)$333,213(824,771)$146,252(1,078,518)

Net income(loss) per share$0.13(0.33)

$0.060.43
May 15, 2017

Biloxi Marsh Lands Corporation Announces Unaudited Results for the First Quarter of 2017 and provides update

Biloxi Marsh Lands Corporation Announces Unaudited Results for the First Quarter of 2017 and provides update

Metairie, LA., May 12, 2017 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) today announces its unaudited results for the first quarter of 2017 and provides update.  The Company’s revenue for the three months ending March 31, 2017 from oil and gas production for its fee lands was $58,016 compared to revenue of $34,094 in 2016.

Meanwhile, dividend and interest income for the first three months of 2017 was $23,464, compared to $32,602 for the first three months of 2016.  During the first quarter of 2017, total revenues were reduced by $110,076 from the Company’s investment in B&L Exploration, LLC (B&L).  This compares to a reduction of $284,309 from B&L for the first quarter of 2016.  Expenses for the quarter were $158,365 compared to $188,973 for the same period in 2016.  The Company incurred a net loss of $186,961 or $.07 per share for the first quarter of 2017 compared to a net loss of $253,747 or $.10 per share in 2016.

As of March 31, 2017, the combined net daily production accruing to the Company from 6 wells operated by the Company’s mineral lessees was approximately .025 million cubic feet of natural gas (Mmcfg) and 2 barrels of oil per day (BOPD).  Meanwhile, as of March 31, 2017, B&L’s net daily production from 7 wells was approximately 1.74 Mmcfg and 40 BOPD.

As previously reported, the Company has filed a claim against the US Army Corps of Engineers (USACE) for property damage and losses caused by the Mississippi River Gulf Outlet (MRGO).  The United States Court of Federal Claims has set a preliminary trial date for October of 2017, and the discovery process is well underway.  While the litigation is moving forward, it is still anticipated that this will be a long process.

On January 3, 2017 the Louisiana Coastal Protection and Restoration Authority (CPRA) released a draft of its 2017 Coastal Master Plan (CMP).  Disturbingly, as released the draft of the 2017 CMP did not include all the coastal restoration projects that were included in CPRA’s 2012 CMP and did not include all the coastal restoration projects that are included in the U.S. Army Corps of Engineer’s Ecosystem Restoration Plan which was an integral part of the de-authorization for the closure of the MRGO ship channel.  More disturbingly, at the time of its release, the draft 2017 CMP stated that a large percentage of Louisiana’s Coastal Zone including the Biloxi Marsh Complex (BMC) was unsustainable with or without action due to a combination of subsidence and sea level rise caused by global warming.  Furthermore, the draft 2017 CMP erroneously indicated that the BMC would be essentially nonexistent in 50 years.  Upon receiving the foregoing information, Management took immediate steps to build a scientific consensus that CPRA’s draft 2017 CMP was incorrect concerning the BMC.  In fact, data collected by CPRA indicates the BMC is accreting in elevation, not subsiding as stated in the draft 2017 CMP.  Management hired professors Dr. G. Paul Kemp and Dr. John W. Day with Louisiana State University along with Chris McLindon with the New Orleans Geological Society to prepare reports examining the sustainability of the BMC. On March 24, 2107 the Company submitted official comments concerning CPRA’s draft 2017 CMP (a copy is available on our website www.biloximarshlandscorp.com).   The Company’s comments combined with meetings with CPRA’s representatives resulted in the inclusion of the following language on page 162 of the CMP 2017 final draft. “We realize that new information may become available that alters the effectiveness of some of those projects and that there are potentially other innovative project concepts that have not yet been considered. Identifying these projects and concepts is an important next step in the master planning process. To that end, those concepts and certain elements of this plan need to be further refined to assist areas of the coast with recognized critical needs… Another involves the Biloxi Marsh Complex for which recently evaluated specific information suggests local factors (e.g., subsidence, accretion) may result in the area performing better and lasting longer than current estimates suggest. As such, CPRA will continue the Project Development and Implementation Program coordinated with our adaptive management program through which projects like this can be further developed using refined and improved information.”  The Company has begun revising and updating The Biloxi Marsh Stabilization and Restoration Plan which was published in 2006.  The Company plans to engage CPRA in discussions to make certain that all parties clearly understand the value of our property and that the BMC is sustainable beyond the time frame which was originally set forth in the draft CMP 2017.  Importantly, the Company has worked very closely with the President of St. Bernard Parish, Guy McInnis, and his staff to advance restoration efforts for the BMC.  We would like to take this opportunity to thank President McInnis and his staff for their ongoing efforts.

Based on information available from the Louisiana Department of Natural Resources, the Highlander discovery well produced approximately 47 Mmcfg per day during March 2017.  B&L has been assigned and is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Highlander discovery well and in all mineral leases maintained by Freeport-McMoRan Oil & Gas in its Highlander project area located in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana.

On April 3, 2017, B&L completed hydraulic fracturing operations on its Welder No. 4 well.  The Welder No. 4 well is a development well drilled to offset B&L’s Welder No. 3 discovery well.  The Welder No. 4 was placed on production on April 6, 2017.  B&L is the Operator and has a 62.5% working interest in this well.

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.

During its meeting held on December 16, 2016, the board of directors declared a dividend of $.10 per outstanding share of common stock payable on Wednesday, January 4, 2017 to shareholders of record at the close of business on Friday, December 30, 2016.  This represented a total cash dividend payment of $253,503 or $.10 per share.  Since 2002, the Company has paid approximately $55,477,000 in total dividends.  With the Company’s fee land based production depleting and no new wells being drilled on its fee lands, it will be difficult to maintain the level of dividends paid since 2002.

On December 14, 2015, the board of directors authorized the purchase of up to 30,000 shares of the Company’s 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.  As of the date of this press release, the Company has acquired 6,470 shares.

William B. Rudolf, President and CEO, commented: “Considering the decline in production from our fee lands and the difficult environment in attracting Lessees to conduct exploration in the Louisiana marsh, we are very pleased with the results from B&L’s Lago Verde Project in South Texas.”

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.

Contact:

Biloxi Marsh Lands Corporation

Colleen Starks:           504-837-4337

BLMC Statements of Assets, Liabilities, and Stockholders’ Equity – Income Tax Basis March 31, 2017 and 2016

 
Assets20172016
Current assets:  
Cash and cash equivalents$1,988,794$2,236,251
Accounts receivable8,30020,773
Prepaid expenses23,58723,665
Accrued interest receivable17,14219,346
Deferred tax asset21,055205,918
Federal income tax receivable7,1957,195
State income tax receivable4,94841,434
Other assets:3,8303,830
Total current assets2,074,8512,558,412
   
Investment in partnership1,697,0302,667,720
Marketable debt and equity securities – at cost6,780,0536,586,386
Land234,939234,939
Geological and geophysical costs – fee lands, net of amortization6,16831,937
Levees and office furniture and equipment314,943315,943
Accumulated depreciation(314,571)(314,164)

Total other assets8,718,5629,522,761
Total assets$10,793,413$12,081,173
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses9,90722,550
Total current liabilities9,90722,550
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,535,028 shares in 2017 and 2016, respectively47,52047,520   
Retained earnings13,623,68614,853,728
Treasury stock – 321,168 and 316,168 shares in 2017 and 2016, respectively, at cost(2,887,700)(2,842,625)

Total liabilities and stockholders’ equity$10,793,413$12,081,173

BLMC – Statements of Revenues and Expenses, March 31, 2017 and 2016

 
 20172016
Revenues:  
Oil and gas royalties$13,016$34,094
Surface rentals$45,000$ –
Total oil and gas revenues58,01634,094
Other income (loss):  
Loss from investment in partnership(110,076)(284,309)
Dividends and interest income23,46432,602
Gain on sale of securities71
Total other income(86,612)(251,636)
Total revenues and income(28,596)(217,542)
Expenses:  
Total expenses158,365188,973
Net loss before income taxes(186,961)(406,515)
Income tax benefit(152,768)
Net loss$(186,961)$(253,747)
Net loss per share$(0.07)$(0.10)
March 13, 2017

Biloxi Marsh Lands Corporation Announces Audited Results for the Fourth Quarter of 2016, 12 Months ending December 31, 2016 and provides update

Metairie, LA., March 10, 2017 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces results for the year ending December 31, 2016 and provides update.  The Company’s annual revenue breakdown is as follows: 2016 revenue from oil and gas production for its fee lands was $81,859 compared to revenue of $285,136 in 2015.  Dividend and interest income for 2016 was $120,371, compared to $147,311 for 2015. In 2016, the Company realized a cumulative gain from the sale of investment securities of $895,344 compared to a cumulative gain in the amount of $2,195,981 in 2015.

During 2016, the Company recognized a settlement gain in the amount of $235,663.  For the year 2016, total revenues were reduced by $1,594,923 from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a reduction in revenues of $1,682,847 from B&L in the prior year.

Expenses for the year totaled $814,362 and were lower than the prior year’s expenses of $932,941. For the year, the Company had a net loss of $1,043,325 or $.41 per share compared to net income of $66,419 or $.03 per share in 2015.

As of December 31, 2016, the combined net daily production accruing to the Company from 6 wells operated by the Company’s mineral lessees was approximately .028 Mmcfg and 2 barrels of oil per day (BOPD). The foregoing production includes four wells producing from S/L 16158 in which the Company owns a small interest.  Meanwhile, as of December 31, 2016, B&L’s net daily production from 7 wells was approximately 2.14 Mmcfg and 46 BOPD.

As previously reported, the Company has filed a claim against the US Army Corps of Engineers (USACE) for property damages and losses caused by the Mississippi River Gulf Outlet (MR-GO).  We will continue to aggressively pursue this claim and will keep our shareholders advised as things progress.

The end of the year proved reserve study commissioned by the Company and completed by an independent reservoir engineering firm estimates that as of December 31, 2016 BLMC’s “Developed Producing” (PDP) reserves were .014 billion cubic feet of natural gas (Bcfg) and 1,900 barrels of oil, representing the proved reserves attributed to the Company’s fee lands.

Conversely, two independent reserve studies have been completed by separate reservoir engineering firms which estimate that B&L’s proved reserves as of December 31, 2016 were approximately 10.8 Bcfg, approximately 257 thousand barrels of oil (Mbbl) and approximately 18.0 Mbbl of natural gas liquids which compared to 10.0 Bcfg, approximately 184 Mbbl of oil and approximately 5.5 Mbbl of natural gas liquids as of December 31, 2015.  It should be noted that a significant component of B&L’s proved reserves as of December 31, 2016 are Proved Undeveloped (PUD) attributed to B&L’s leasehold interest in a federal offshore block located in shallow water on the intercontinental shelf.  As is necessary with all PUD reserves, a well or wells must be drilled and completed to fully develop these PUD reserves prior to the expiration of this leasehold interest.

The proved reserve studies referenced above include explanatory notes that are an integral part of each study.  A copy of the 2016 President’s Report to Shareholders that includes these notes will be available on the Company’s website after March 31, 2017.  The Company recommends that all interested parties refer to its website to view these notes and other relevant information: www.biloximarshlandscorp.com.

Based on information available from the Louisiana Department of Natural Resources, the Highlander discovery well produced approximately 50 MMcfg per day during December 2016.  B&L has been assigned and is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Highlander discovery well and in all mineral leases maintained by Freeport-McMoRan Oil & Gas in its Highlander project area located in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana.  During its meeting held on January 31, 2017 the State of Louisiana, Office of Conservation amended its original unit order concerning the Plan of Development for wells drilled within the 9,000 acre EOC-TUSC BL UDS SUA (production unit from which the Highlander discovery well is producing).  The original unit order required that the Operator spud the second unit well by February 6, 2017.  The amended unit order extends the obligation to spud the second unit well to February 6, 2019.

B&L’s Welder No.1 well continues to produce better than originally anticipated.  Meanwhile, the Welder No. 3 well was successfully reworked and hydraulically fractured during the second quarter of 2016 and, as a result, this well is producing at increased flow rates.  B&L recently drilled and is commencing completion operations on the Welder No. 4 well located within its Lago Verde project area.

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 2016, the Company received additional settlement payments of $235,663.  As of this time, the Company has been advised by our legal counsel that there is no anticipated additional settlement recovery.

The Company maintains a stock buyback program.  On December 14, 2015, the board of directors authorized the additional purchase of up to 30,000 shares of the Company’s 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.

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.

During its meeting held on December 16, 2016, the board of directors declared a dividend of $.10 per outstanding share of common stock payable on Wednesday, January 4, 2017 to shareholders of record at the close of business on Friday, December 30, 2016.  This represents a total cash dividend payment of $253,503 or $.10 per share.  Since 2002, the Company has paid approximately $55,477,000 in total dividends.  With the Company’s fee land based production depleting and no new wells being drilled on its fee lands, it will be difficult to maintain the level of dividends paid since 2002.

William B. Rudolf, President and CEO, commented: “B&L’s management continues to be pleased with the results from its Lago Verde Project in south Texas.  During the second half of 2016 B&L’s actions to increase production from the Welder No. 3 were successful and the Welder No. 4 well was recently drilled and completion operations have commenced.  B&L’s management believes there should be an opportunity to drill additional wells on its Lago Verde project during 2017.  The Company’s revenue from its fee lands has declined significantly and development of our minerals beneath our lands continues to prove difficult.  This is due to a combination of factors which include the depth of prospects beneath our property, the current price of natural gas and the difficult environment for oil and gas operators in the state of Louisiana.  The combination of these factors is making it more challenging for us to attract companies willing to explore for oil and gas in St. Bernard Parish, Louisiana.  Nonetheless, we believe that we are positioning the Company for growth through B&L’s drilling program in south Texas.”

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.

The Company has engaged Postlethwaite & Netterville, APAC (P&N) to provide financial statement services for the year ending December 31, 2016.  P&N is one of the leading firms in the Gulf South.  For over 65 years, P&N has delivered accounting, tax, consulting and technology services that address its clients’ important financial and operational challenges.  Today, P&N is more than 600 employees strong, with nine offices in Texas and Louisiana, and is consistently ranked among the top 100 accounting firms in the U.S. by INSIDE Public Accounting magazine.

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—Income Tax Basis and Statements of Revenues and Expenses—Income Tax Basis have been derived from the Company’s end of the year financial statements, but do not include the information and footnotes that are an integral part of a complete financial statement.  A complete copy of the audited Financial Statements and Schedule—Income Tax Basis, Year Ended December 31, 2016 along with the 2017 President’s Report to Shareholders and the Company’s Proxy Statement will be available after March 31, 2017 on the Company’s 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

BLMC Statements of Assets, Liabilities, and Stockholders’ Equity – Income Tax Basis December 31, 2016 and 2015

 
Assets20162015
Current assets:  
Cash and cash equivalents$3,954,6812,584,889
Accounts receivable10,83022,036
Accrued interest receivable11,04817,565
Federal income taxes receivable7,1957,195
Prepaid expenses38,84639,043
State income tax receivable4,94841,434
Deferred tax asset21,05553,150
Marketable debt securities – at cost265,515300,025
Other assets3,8303,830
Total current assets4,317,9483,069,167
   
Investment in partnership1,807,1052,652,028
Marketable debt and equity securities – at cost4,930,3466,330,334
Land – at cost234,939234,939
Geological and geophysical costs – fee lands, net of amortization8,22439,841
Levees and office furniture and equipment314,943314,943
Accumulated depreciation(314,483)(314,009)  

Total assets$11,299,02212,327,243
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses$29,97714,873
Total current liabilities29,97714,873
 
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 201547,52047,520   
Retained earnings14,064,15015,107,475

Treasury stock, 316,168 shares in 2016 and 2015, at cost(2,842,625)(2,842,625)  

Total stockholders’ equity11,269,04512,312,370
Total liabilities and stockholders’ equity$11,299,02212,327,243

BLMC Statements of Revenues and Expenses – Income Tax Basis, Years ended December 31, 2016 and 2015

 
 3 Months Ended3 Months Ended12 Months Ended12 Months Ended
 December 31December 31December 31December 31
 2016201520162015
Revenues USD($):    
Oil and gas royalties$ 5,382$33,084$81,859$235,136
Surface Rentals50,00050,000
Total oil and gas revenues5,38283,08481,859285,136
Other income (loss):    
Dividends and interest income25,32836,523

120,371147,311
Gain on settlement140,552235,663

Gain on sale of securities536,8791,151,596

895,3442,195,981
Surface Rentals8,6085,37764,81844,084
Loss from investment in partnership(282,417)(937,477)(1,594,923)(1,682,847)

Total other income (loss)428,950256,019(278,727)704,529
Total revenues and income434,332339,103

(196,868)989,665

Expenses:    
Total expenses271,990272,960814,362932,941
Net income (loss) before income taxes162,34266,143(1,011,230)56,724

Income tax expense (benefit)184,863(6,155)

32,095(9,695)

Net income (loss) – income tax basis$(22,521)$72,298$(1,043,325)$66,419

Net income (loss) per share – income tax basis$(0.01)$0.03

$(0.41)$0.03
December 16, 2016

Biloxi Marsh Lands Corporation declares cash dividend

Metairie, Louisiana – December 16, 2016 – During its meeting held today the Board of Directors of Biloxi Marsh Lands Corporation (Pink Sheets: BLMC) declared a dividend of $.10 per outstanding share of common stock payable on Wednesday, January 4, 2017 to shareholders of record as of the close of business on Friday, December 30, 2016.

Contact:        Biloxi Marsh Lands Corporation

Colleen Starks:  504-837-4337

[email protected]

November 10, 2016

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Third Quarter and first Nine Months of 2016 and provides update

Metairie, LA., November 7, 2016 (BUSINESS WIRE) – 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.

Contact:
Biloxi Marsh Lands Corporation
Colleen Starks:           504-837-4337

BLMC Statement of Assets, Liabilities and Stockholders’ Equity – September 30, 2016 and 2015

 
Assets20162015
Current assets in USD($):  
Cash and cash equivalents3,234,0452,826,249
Accounts receivable65,16320,683
Prepaid expenses59,44459,831
Accrued interest receivable27,22119,346
Deferred tax asset205,91639,173
Federal and State income taxes receivable12,14321,451
Other assets3,8303,830
Total current assets3,607,7622,990,563
Other assets:  
Investment in partnership1,639,5232,014,506
Marketable debt and equity securities – at cost5,815,2197,288,762
Land234,939234,939
Geological and geophysical costs – fee lands, net of amortization16,12849,482
Levees and office furniture and equipment315,943314,943
Accumulated depreciation(314,471)(313,867)
Total other assets7,707,2819,588,765
Total assets11,315,04312,579,328
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses23,47722,377
Total current liabilities23,47722,377
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, respectively47,52047,520
Retained earnings14,086,67115,352,056
Treasury stock – 316,618 shares in 2016 and 2015, respectively, at cost(2,842,625)(2,842,625)
Total liabilities and stockholders’ equity11,315,04312,579,328

BLMC Statements of Revenues and Expenses, September 30, 2016 and 2015

 
 3 Months Ended 9 Months Ended 
 September 30 September 30 
 2016201520162015
Revenues USD($):    
Oil and gas royalties27,51849,59776,477202,052
Total oil and gas revenues27,51849,59776,477202,052
Other income (loss):    
Dividends and interest income29,66742,21895,043110,788
Gain on sale of securities461,035310,813358,4651,044,385
Gain on settlement95,11195.111
Surface rentals49,10034,67856,21038,707
Gain (loss) from investment in partnership(464,317)(440,169)(1,312,506)(745,370)
Total other (loss) income170,596(52,460)(707,677)448,510
Total revenues and income198,114(2,863)(631,200)650,562
Expenses:    
Total expenses140,400193,827542,372659,981
Net income (loss) before income taxes57,714(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 (loss) income per share0.02(0.05)(0.40)(0.00)
August 5, 2016

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Second Quarter and first Six Months of 2016 and provides update

Metairie, LA., August 5, 2016 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the second quarter of 2016 and first six months of 2016 and provides update. The Company’s revenue for the three months ended June 30, 2016 from oil and gas production for its fee lands was $14,865 compared to revenue of $66,016 for the second quarter of 2015. For the first six months of 2016, revenue generated from the Company’s fee lands decreased to $48,959 from $152,455 for the same period in 2015.

Meanwhile, dividend and interest income for the first six months of 2016 was $65,376, compared to $68,570 for the first six months of 2015. During the second quarter of 2016, based on its investment counselor’s advice, the Company realized a cumulative loss from the sale of investment securities of $102,641 compared to a cumulative gain in the amount of $483,694 for the same period in 2015. For the first six months of 2016, the cumulative loss from the sale of investment securities was $102,570 compared to a cumulative gain of $733,572 for the first six months of 2015. For the second quarter of 2016, total revenues included a $563,880 loss from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $79,353 from B&L for the second quarter of 2015. Correspondingly, total revenue for the six months ended June 30, 2016 includes a net loss of $848,189 generated by B&L compared to a net loss of $305,201 from B&L for the first six months of 2015. Expenses for the second quarter were $212,999 compared to $247,652 for the same period of 2015. Total expenses for the first six months of 2016 and 2015 were $401,972 and $466,154, respectively. The Company incurred a net loss of $824,771 or $.33 per share for the second quarter of 2016 compared to net income of $162,317 or $.06 per share in 2015. Meanwhile, for the first half of 2016, there was a net loss of $1,078,518 or $.43 per share compared to net income of $116,890 or $.05 per share for the same period of 2015.

As of June 30, 2016, the combined gross daily production rate from 7 wells operated by the Company’s mineral lessees was approximately 0.369 million cubic feet of natural gas (Mmcfg) and 136 barrels of oil per day (BOPD) with net daily production accruing to the Company of approximately .019 Mmcfg and 2 BOPD. Meanwhile, as of June 30, 2016, B&L’s gross daily production was approximately 52,735 Mmcfg and 282 barrels of oil from 7 wells with approximately 1.50 Mmcfg and 31 barrels of oil per day accruing to B&L.

As previously reported, the Company has filed a claim against the US Army Corps of Engineers (USACE) for property damage and losses caused by the Mississippi River Gulf Outlet (MR-GO). It is anticipated that this litigation against the federal government will be a long process.

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: “Low commodity prices continue to create a difficult operating environment for the Company. Management is focused on operating efficiencies. Being well positioned will allow the Company to identify and take advantage of opportunities that may arise in the current market.”

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.

Contact:
Biloxi Marsh Lands Corporation
Colleen Starks: 504-837-4337

BLMC Statements of Assets, Liabilities, and Stockholders’ Equity – June 30, 2016 and 2015

 
Assets20162015
Current assets:  
Cash and cash equivalents1,485,343   2,815,149
Accounts receivable31,946   31,796
Prepaid expenses60,030   60,453
Accrued interest receivable17,565   17,565

Deferred tax asset205,918   60,380

Income taxes receivable12,143   0
Other assets:3,830   3,830
Total current assets1,816,775   2,989,173
Other assets:  
Investment in partnership2,103,841    2,454,676
 
Marketable debt and equity securities – at cost7,067,002   7,000,293
Land234,939   234,939
Geological and geophysical costs – fee lands, net of amortization24,032   59,123
Levees and office furniture and equipment315,943   314,943
Accumulated depreciation(314,317)  (313,725)

Total other assets9,431,440      9,750,249
 
Total assets11,248,215   12,739,422
Liabilities and Stockholders’ Equity  
Current liabilities:  
Income taxes payable048,930
 
Accrued expenses14,363   10,771

Total current liabilities14,363   59,701
 
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, respectively47,520   47,520   
Retained earnings14,028,957   15,474,826
Treasury stock – 316,168 shares in 2016 and 2015,

(2,842,625)  (2,842,625)  

Total liabilities and stockholders’ equity11,248,215   12,739,422

 

 

BLMC Statements of Revenues and Expenses, June 30, 2016 and 2015

 
 3 Months Ended 6 Months Ended 
 June 30 June 30 
 2016201520162015
Revenues USD($):    
Oil and gas royalties$14,865 66,016$48,959 152,455
Total oil and gas revenues14,865 66,016


48,959 152,455


Other income (loss):    
Loss from investment in partnership(563,880)(79,353)

(848,189)(305,201)
Dividends and interest income32,774 33,315

65,376 68,570

Gain on sale of securities(102,641)483,694(102,570)733,572

Surface Rentals7,110 4,029 7,110 4,029
Total other income(626,637)441,685 (878,273)500,970

Total revenues and income(611,772)507,701 (829,314)653,425


Expenses:    
Total expenses212,999 247,652

401,972 466,154

Net income before income taxes(824,771)260,049 (1,231,286)187,271

Income tax expense (benefit)97,732(152,768)70,381

Net income$(824,771)162,317$(1,078,518)$116,890

Net income per share$(0.33)$0.06

$(0.43)$0.05