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 ended 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
May 13, 2016

Biloxi Marsh Lands Corporation Announces Unaudited Results for the First Quarter of 2016 and provides update

Metairie, LA., May 13, 2016 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) today announces its unaudited results for the first quarter of 2016 and provides update. The Company’s revenue for the three months ending March 31, 2016 from oil and gas production for its fee lands was $34,094 compared to revenue of $86,439 in 2015.

Meanwhile, dividend and interest income for the first three months of 2016 was $32,602, compared to $35,255 for the first three months of 2015. During the first quarter of 2016, the Company essentially broke even from realized gains on investment securities with a slight gain of $71 compared to a cumulative gain in the amount of $249,878 for the same period in 2015. During the first quarter of 2016, total revenues included a $284,309 loss from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $225,848 from B&L for the first quarter of 2015. Expenses for the quarter were $188,973 compared to $218,502 for the same period in 2015. The Company incurred a net loss of $253,747 or $.10 per share for the first quarter of 2016 compared to a net loss of $45,427 or $.02 per share in 2015.

As of March 31, 2016, the combined gross daily production rate from 7 wells operated by the Company’s mineral lessees was approximately 1.47 million cubic feet of natural gas (Mmcfg) and 126 barrels of oil per day (BOPD) with net daily production accruing to the Company of approximately .24 Mmcfg and 2 BOPD. Meanwhile, as of March 31, 2016, B&L’s gross daily production was approximately 55.24 Mmcfg and 363 barrels of oil from 7 wells with approximately 2.15 Mmcfg and 46 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.
As previously reported, Freeport-McMoRan Oil and Gas (FM O&G), a wholly owned subsidiary of Freeport-McMoRan Copper and Gold Inc. (NSYE:FCX), in its January 26, 2016 news release announced “during November 2015, FM O&G completed the installation of additional processing facilities to accommodate higher flow rates from the Highlander well. In December 2015, gross rates from the Highlander well averaged approximately 44 MMcf per day.”
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 obtained and maintained by FM O&G in its Highlander project area located in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana.
Both the Goodrich Land and Energy No. 1 well and the Williams C-4 ST1 well, operated by Linder Oil Co., were returned to production during the first quarter of 2016. The combined production from the two wells is approximately 350 barrels of oil per day. B&L has an average working interest of 15.8% in the Goodrich Land and Energy No. 1 well and the Williams C-4 ST1 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.

William B. Rudolf, President and CEO, commented: “While commodity prices have made a slight recovery that we hope will continue, pricing has not returned to previous levels which creates a difficult operating environment for the Company. B&L’s management is focused on driving cost efficiencies while reducing its planned capital investments so that it is in position to identify and take advantage of opportunities that may arise in the current lower cost operating environment.”

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, 2016 and 2015

 
Assets20162015
Current assets:  
Cash and cash equivalents2,236,251$2,895,100
Accounts receivable20,77383,342
Prepaid expenses23,66524,980
Accrued interest receivable19,34617,100
Deferred tax asset205,91887,731
Federal income tax receivable7,19510,017
State income tax receivable41,43413,674
Other assets:3,8303,830
Total current assets2,558,4123,135,774
   
Investment in partnership2,667,7202,534,029
Marketable debt and equity securities – at cost6,586,3866,566,385
Land234,939234,939
Geological and geophysical costs – fee lands, net of amortization31,93768,764
Levees and office furniture and equipment315,943314,943
Accumulated depreciation(314,164)(313,583)  

Total other assets9,522,7619,405,477
Total assets$12,081,173$12,541,251
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses22,55023,848
Total current liabilities22,55023,848
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 earnings14,853,72815,312,508
Treasury stock – 316,168 shares in 2016 and 2015, respectively, at cost(2,842,625)(2,842,625)  

Total liabilities and stockholders’ equity$12,081,173$12,541,251

 

BLMC – Statements of Revenues and Expenses, March 31, 2016 and 2015

 
 20162015
Revenues USD($):  
Oil and gas royalties$34,094$86,439
Total oil and gas revenues34,09486,439
Other (loss) income:  
Loss from investment in partnership(284,309)(225,848)
Dividends and interest income32,60235,255
Gain (loss) on sale of securities71249,878
Total other income (loss)(251,636)59,285
Total revenues and income(217,542)145,724
Expenses:  
Total expenses188,973218,502
Net income (loss) before income taxes(406,515)(72,778)
Income tax (benefit) expense(152,768)(27,351)
Net income (loss)$(253,747)$(45,427)
Net (loss) income per share$(0.10)$(0.02)
March 11, 2016

Biloxi Marsh Lands Corporation Announces Audited Results for the Fourth Quarter of 2015, 12 Months ending December 31, 2015 and provides update

Metairie, LA., March 11, 2016 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces results for the year ending December 31, 2015 and provides update. The Company’s annual revenue breakdown is as follows: 2015 revenue from oil and gas production for its fee lands was $285,136 compared to revenue of $558,205 in 2014. Dividend and interest income for 2015 was $147,311, compared to $202,819 for 2014. In 2015, the Company realized a cumulative gain from the sale of investment securities of $2,195,981 compared to a cumulative gain in the amount of $1,717,041 in 2014.

Total revenues for 2015 were $989,665 compared to $1,145,929 during 2014. For the year 2015, total revenues were reduced by $1,682,847 from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a reduction in revenues of $1,371,185 from B&L in the prior year. As an operating oil and gas entity, B&L’s results included deductions for depreciation, depletion and amortization (DD&A) costs relating to its ongoing exploration and production activities. BLMC’s share of these DD&A expenses was $809,513 and $992,684 for 2015 and 2014, respectively.

Expenses for the year totaled $932,941, slightly lower than the prior year’s expenses of $969,401. For the year, the Company had net income of $66,419 or $.03 per share compared to net income of $202,411 or $.08 per share in 2014.
As of December 31, 2015, the combined gross daily production rate from 7 wells operated by the Company’s mineral lessees was approximately 1.638 million cubic feet of natural gas (Mmcfg) and 109 barrels of oil per day (BOPD) with net daily production accruing to the Company of approximately .264 Mmcfg and 2 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, 2015, B&L’s gross daily production was approximately 48.22 Mmcfg and 234 barrels of oil from 7 wells with 2.15 Mmcfg and 32 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 damages and losses caused by the Mississippi River Gulf Outlet (MR-GO). While favorable rulings have been recently rendered in similar cases, it is anticipated that this litigation against the federal government will be a long process. 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, 2015 BLMC’s “Developed Producing” (PDP) reserves were .067 billion cubic feet of natural gas (Bcfg) and 700 barrels of oil.

Two independent reserve studies have been completed by separate reservoir engineering firms which estimate that B&L’s proved reserves as of December 31, 2015 were approximately 10.0 Bcfg, approximately 184 thousand barrels of oil (Mbbl) and approximately 5,500 Mbbl of natural gas liquids which compared to 9.4 Bcfg and 197 Mbbl of oil as of December 31, 2014. It should be noted that a significant component of B&L’s proved reserves as of December 31, 2015 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 April 1, 2016. The Company recommends that all interested parties refer to its website to view these notes and other relevant information: www.biloximarshlandscorp.com.
Freeport-McMoRan Oil and Gas (FM O&G), a wholly owned subsidiary of Freeport-McMoRan Copper and Gold Inc. (NSYE:FCX), in its January 26, 2016 news release announced “during November 2015, FM O&G completed the installation of additional processing facilities to accommodate higher flow rates from the Highlander well. In December 2015, gross rates from the Highlander well averaged approximately 44 MMcf per day.”
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 obtained and maintained by FM O&G in its Highlander project area located in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana.

B&L completed construction of production facilities and flowline for the Welder No. 3 well and placed the well on production November 25, 2015. As of March 2016, the Welder No. 3 well continues to produce natural gas, condensate and natural gas liquids at commercial rates. B&L plans to take steps to rework the Welder No. 3 in an attempt to increase flow rates during the second quarter of 2016. B&L has 62.5% working interest in the Welder No. 3 well. Meanwhile, B&L’s Welder No.1 well continues to produce better than originally anticipated with flow rates near the initial production rates seen in December 2014.

In June 2014, the Company announced the completion of its previously announced stock buyback program. On December 14, 2015, the board of directors authorized the additional purchase of up to 30,000 shares of its 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 14, 2015, the board of directors declared a dividend of $.125 per outstanding share of common stock payable on Wednesday, December 30, 2015 to shareholders of record at the close of business on Thursday, December 24, 2015. This represents a total cash dividend payment of $316,879 or $.125 per share in 2015. Since 2002, the Company has paid approximately $55,223,000 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. B&L plans to take actions to increase production from the Welder No. 3. If these actions are successful, it could create an opportunity to drill additional wells to fully develop the reservoir discovered by the Welder No. 3. In November 2015, FM O&G completed the installation of additional processing facilities to accommodate higher flow rates from the Highlander well. In December 2015, gross rates from the Highlander well averaged approximately 44 MMcf per day. Due to its role in development of the Highlander prospect, B&L is fully aware of the magnitude of the Highlander discovery which, in its opinion, is truly a world class discovery. Conversely, B&L’s management is also aware of the financial challenges which FM O&G is currently experiencing. B&L’s management is actively developing potential strategies designed to protect its interest within the Highlander Area. While development of the Company’s core minerals located beneath our fee lands continues to prove difficult, we believe the Company will be well positioned to take advantage of improvement in natural gas pricing, if and when this improvement occurs.”

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 and Schedule—Income Tax Basis, Years Ended December 31, 2015 and 2014 along with the 2016 President’s Report to Shareholders and the Company’s Proxy Statement will be available after April 1, 2016 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, 2015 and 2014

 
Assets20152014
Current assets:  
Cash and cash equivalents$2,584,8892,815,481
Accounts receivable22,036114,739
Accrued interest receivable17,56520,310
Prepaid expenses39,04340,867
Deferred tax asset53,15060,379
Federal income tax receivable7,19510,017
State income tax receivable41,43413,674
Marketable debt securities – at cost300,025300,775
Other assets3,8303,830
Total current assets3,069,1673,380,072
   
Investment in partnership2,652,0282,759,875
Marketable debt and equity securities – at cost6,330,3346,175,836
Land – at cost234,939234,939
Geological and geophysical costs – fee lands, net of amortization39,84145,511
Levees and office furniture and equipment314,943314,943
Accumulated depreciation(314,009)(313,440)  

Total assets$12,327,24312,597,736
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accrued expenses$14,87334,906
Total current liabilities14,87334,906
 
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,535,028 and 2,535,028 shares in 2015 and 2014, respectively47,52047,520   
Retained earnings15,107,47515,357,935

Treasury stock, 316,168 and 316,168 shares in 2015 and 2014, respectively, at cost(2,842,625)(2,842,625)  

Total stockholders’ equity12,312,37012,562,830
Total liabilities and stockholders’ equity$12,327,24312,597,736

BLMC Statements of Revenues and Expenses – Income Tax Basis, Years ended December 31, 2015 and 2014

 
 3 Months Ended3 Months Ended12 Months Ended12 Months Ended
 December 31December 31December 31December 31
 2015201420152014
Revenues USD($):    
Oil and gas royalties$33,084$138,326$235,136$508,205
Surface Rentals50,00050,00050,00050,000
Total oil and gas revenues83,084188,326285,136558,205
Other income (loss):    
Loss from investment in partnership(937,477)(388,128)

(1,682,847)(1,371,185)
Dividends and interest income36,52344,842

147,311202,819

Gain on sale of securities1,151,596196,486

2,195,9811,717,041
Surface Rentals5,37716,104

44,08439,049
Total other income256,019(130,696)704,529587,724

Total revenues and income339,10357,630

989,6651,145,929

Expenses:    
Total expenses272,960300,661932,941969,401
Net income (loss) before income taxes66,143(243,031)

56,724176,528

Income tax (benefit) expense(6,155)(179,400)

(9,695)(25,883)

Net income (loss)$72,298$(63,631)$66,419$202,411

Net income per share$0.03$(0.02)

$0.03$0.08
December 14, 2015

Biloxi Marsh Lands Corporation declares cash dividend

Metairie, Louisiana – December 14, 2015 – During its meeting held today the Board of Directors of Biloxi Marsh Lands Corporation (Pink Sheets: BLMC) declared a dividend of $.125 per outstanding share of common stock payable on Wednesday, December 30, 2015 to shareholders of record as of the close of business on Thursday, December 24, 2015.

Additionally, the Board of Directors authorized the purchase of up to 30,000 shares of the company’s outstanding common stock. The purchase will be made from time to time at the sole discretion of the company. All shares purchased will be held as Treasury Stock.

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

November 6, 2015

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Third Quarter and First Nine Months of 2015 and Provides Update

Metairie, LA., November 6, 2015 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the third quarter of 2015 and first nine months of 2015 and provides update. The Company’s revenue for the three months ending September 30, 2015 from oil and gas production for its fee lands was $46,394 compared to revenue of $128,999 for the third quarter of 2014. For the first nine months of 2015, revenue generated from the Company’s fee lands decreased to $188,193 from $353,227 for the same period in 2014.

Meanwhile, dividend and interest income for the first nine months of 2015 was $110,788. This compares to $157,977 for the first nine months of 2014. During 2014, it is noted that one of the Company’s equity holdings declared a special dividend of $48,174 which is included in dividend and interest income for the first nine months of 2014. During the third quarter of 2015, the Company realized a cumulative gain from the sale of investment securities of $310,813 compared to a cumulative gain in the amount of $406,910 for the same period in 2014. For the first nine months of 2015, the cumulative gain from the sale of investment securities was $1,044,385 compared to $1,520,555 for the first nine months of 2014. For the first nine months of 2015 and 2014, total revenues were $636,703 and $1,071,647, respectively. For the third quarter of 2015, total revenues included a $440,169 loss emanating from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $663,044 from B&L for the third quarter of 2014. Correspondingly, total revenue for the nine months ending September 30, 2015 includes a net loss of $745,370 generated by B&L compared to a net loss of $983,057 from B&L for the first nine months of 2014. As an operating oil and gas entity, B&L’s results included deductions for depreciation, depletion and amortization (DD&A) costs relating to its ongoing drilling and production activities. BLMC’s share of these DD&A expenses was $478,715 and $671,872 for the first nine months of 2015 and 2014, respectively.

For the third quarter total expenses were $190,624 compared to $195,509 for the same period of the prior year. Total expenses for the first nine months of 2015 and 2014 were $646,122 and $652,088, respectively. The Company had a net loss of $122,769 or $.05 per share for the third quarter of 2015 compared to a net loss of $170,432 or $.07 per share in 2014. Meanwhile, for the first nine months of 2015, there was a net loss of $5,879 or $.00 per share compared to net income of $266,042 or $.10 per share for the same period of 2014.

As of September 30, 2015, the combined gross daily production rate from 8 wells operated by the Company’s mineral lessees was approximately 1.90 million cubic feet of natural gas (mmcfg) and 126 barrels of oil per day (BOPD) with net daily production accruing to the Company of approximately .31 mmcfg and 2 BOPD. Meanwhile, as of September 30, 2015, B&L’s gross daily production was approximately 29.21 mmcfg and 249 barrels of oil from 6 wells (including Highlander discovery well) with approximately 1.89 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). We are continuing to aggressively pursue this claim and will keep our shareholders advised as things progress.
Freeport-McMoRan Inc. (NYSE: FCX) announced on October 22, 2015 “In September 2015, workover operations were completed on the Highlander well, and production was re-established. Recent gross rates from the well, which are restricted because of limited production facilities, approximated 25 MMcf per day … Production testing in February 2015 indicated a flow rate of 75 MMCF per day. FM O&G expects to complete the installation of additional processing facilities to accommodate higher flow rates from the Highlander well by year-end 2015. A second well location has been identified, and future plans are being considered … FM O&G has identified multiple additional locations on the Highlander structure, which is located onshore in South Louisiana where FM O&G controls rights to more than 50,000 gross acres.”
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 obtained by FM O&G in its Highlander project area located in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana. B&L’s previously reported proved reserves have not included any estimated reserves attributable to this 1.5% ORRI.

The flow rates for B&L’s Welder No. 1 well continue at rates near the initial production rates seen in December of 2014. Meanwhile, B&L is installing flowlines and facilities and continues to anticipate that its Welder No. 3 well within its Lago Verde Project area should commence production during the fourth quarter of 2015. B&L has a 62.5% working interest in the Welder No. 3 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.

William B. Rudolf, President and CEO, commented: “B&L’s management is pleased with the results from its Lago Verde Project and is encouraged that FM O&G successfully completed the workover of its Highlander discovery well. The Highlander well returning to production at flow rates equal to the flow rates prior to the workover is particularly encouraging. B&L is hopeful that the Highlander flow rates will be increased with the completion of modifications to production facilities and a second well spud. While development of the Company’s core minerals located beneath our fee lands continues to prove difficult, we believe the Company will be well positioned to take advantage of improvement in natural gas pricing, if and when this improvement occurs.”

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 – September 30, 2015 and 2014

 
Assets20152014
Current assets:  
Cash and cash equivalents2,826,2492,427,437
Accounts receivable20,68382,507
Prepaid expenses59,83162,765
Accrued interest receivable19,34620,080

Deferred tax asset39,17321,265

Federal and state income tax receivable21,4510
Other assets:3,8303,830
Total current assets2,990,5632,617,884
Other assets:  
Investment in partnership2,014,5063,148,005
Marketable debt and equity securities – at cost7,288,7627,754,801
Land234,939234,939
Geological and geophysical cost – fee lands net of amortization49,4820
Levees and office furniture and equipment314,943315,160
Accumulated depreciation(313,867)(313,215)  

Total other assets9,588,76511,139,690  
 
Total assets12,579,32813,757,574
Liabilities and Stockholders’ Equity  
Current liabilities:  
Income taxes payable0104,888
 
Accrued expenses22,3777,606

Other current liabilities04,608
Total current liabilities22,377117,102
 
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,535,028 shares in 2015 and 2014, respectively47,52047,520   
Retained earnings15,352,05616,435,577 

Treasury stock – 316,168 shares in 2015 and 2014, respectively, at cost(2,842,625)(2,842,625)  

Total liabilities and stockholders’ equity12,579,32813,757,574

BLMC Statements of Revenues and Expenses, September 30, 2015 and 2014

 
 3 Months Ended 9 Months Ended 
 September 30 September 30 
 2015201420152014
Revenues USD($):    
Oil and gas royalties49,597136,656202,052369,879
Severance taxes(3,203)(7,657)

(13,859)(16,652)

Oil and gas royalties, net46,394128,999

188,193353,227

Other income (loss):    
Loss from investment in partnership(440,169)(663,044)

(745,370)(983,057)
Dividends and interest income42,21832,471

110,788157,977

Gain on sale of securities310,813406,910

1,044,3851,520,555

Surface Rentals34,67821,366

38,70722,945
Total other income(52,460)(202,297)448,510718,420

Total revenues and income(6,066)(73,298)

636,7031,071,647

Expenses:    
Total expenses190,624195,509646,122652,088
Net income before income taxes(196,690)(286,807)

(9,419)419,559

Income tax expense(73,921)(98,375)

(3,540)153,517

Net income$(122,769)$(170,432)$(5,879)$266,042

Net income per share$(0.05)$(0.07)

$(0.00)$0.10
August 7, 2015

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Second Quarter and first Six Months of 2015 and provides update

Metairie, LA., November 6, 2015 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the third quarter of 2015 and first nine months of 2015 and provides update. The Company’s revenue for the three months ending September 30, 2015 from oil and gas production for its fee lands was $46,394 compared to revenue of $128,999 for the third quarter of 2014. For the first nine months of 2015, revenue generated from the Company’s fee lands decreased to $188,193 from $353,227 for the same period in 2014.

Meanwhile, dividend and interest income for the first nine months of 2015 was $110,788. This compares to $157,977 for the first nine months of 2014. During 2014, it is noted that one of the Company’s equity holdings declared a special dividend of $48,174 which is included in dividend and interest income for the first nine months of 2014. During the third quarter of 2015, the Company realized a cumulative gain from the sale of investment securities of $310,813 compared to a cumulative gain in the amount of $406,910 for the same period in 2014. For the first nine months of 2015, the cumulative gain from the sale of investment securities was $1,044,385 compared to $1,520,555 for the first nine months of 2014. For the first nine months of 2015 and 2014, total revenues were $636,703 and $1,071,647, respectively. For the third quarter of 2015, total revenues included a $440,169 loss emanating from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $663,044 from B&L for the third quarter of 2014. Correspondingly, total revenue for the nine months ending September 30, 2015 includes a net loss of $745,370 generated by B&L compared to a net loss of $983,057 from B&L for the first nine months of 2014. As an operating oil and gas entity, B&L’s results included deductions for depreciation, depletion and amortization (DD&A) costs relating to its ongoing drilling and production activities. BLMC’s share of these DD&A expenses was $478,715 and $671,872 for the first nine months of 2015 and 2014, respectively.

For the third quarter total expenses were $190,624 compared to $195,509 for the same period of the prior year. Total expenses for the first nine months of 2015 and 2014 were $646,122 and $652,088, respectively. The Company had a net loss of $122,769 or $.05 per share for the third quarter of 2015 compared to a net loss of $170,432 or $.07 per share in 2014. Meanwhile, for the first nine months of 2015, there was a net loss of $5,879 or $.00 per share compared to net income of $266,042 or $.10 per share for the same period of 2014.

As of September 30, 2015, the combined gross daily production rate from 8 wells operated by the Company’s mineral lessees was approximately 1.90 million cubic feet of natural gas (mmcfg) and 126 barrels of oil per day (BOPD) with net daily production accruing to the Company of approximately .31 mmcfg and 2 BOPD. Meanwhile, as of September 30, 2015, B&L’s gross daily production was approximately 29.21 mmcfg and 249 barrels of oil from 6 wells (including Highlander discovery well) with approximately 1.89 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). We are continuing to aggressively pursue this claim and will keep our shareholders advised as things progress.
Freeport-McMoRan Inc. (NYSE: FCX) announced on October 22, 2015 “In September 2015, workover operations were completed on the Highlander well, and production was re-established. Recent gross rates from the well, which are restricted because of limited production facilities, approximated 25 MMcf per day … Production testing in February 2015 indicated a flow rate of 75 MMCF per day. FM O&G expects to complete the installation of additional processing facilities to accommodate higher flow rates from the Highlander well by year-end 2015. A second well location has been identified, and future plans are being considered … FM O&G has identified multiple additional locations on the Highlander structure, which is located onshore in South Louisiana where FM O&G controls rights to more than 50,000 gross acres.”
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 obtained by FM O&G in its Highlander project area located in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana. B&L’s previously reported proved reserves have not included any estimated reserves attributable to this 1.5% ORRI.

The flow rates for B&L’s Welder No. 1 well continue at rates near the initial production rates seen in December of 2014. Meanwhile, B&L is installing flowlines and facilities and continues to anticipate that its Welder No. 3 well within its Lago Verde Project area should commence production during the fourth quarter of 2015. B&L has a 62.5% working interest in the Welder No. 3 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.

William B. Rudolf, President and CEO, commented: “B&L’s management is pleased with the results from its Lago Verde Project and is encouraged that FM O&G successfully completed the workover of its Highlander discovery well. The Highlander well returning to production at flow rates equal to the flow rates prior to the workover is particularly encouraging. B&L is hopeful that the Highlander flow rates will be increased with the completion of modifications to production facilities and a second well spud. While development of the Company’s core minerals located beneath our fee lands continues to prove difficult, we believe the Company will be well positioned to take advantage of improvement in natural gas pricing, if and when this improvement occurs.”

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 – September 30, 2015 and 2014

 
Assets20152014
Current assets:  
Cash and cash equivalents2,826,2492,427,437
Accounts receivable20,68382,507
Prepaid expenses59,83162,765
Accrued interest receivable19,34620,080

Deferred tax asset39,17321,265

Federal and state income tax receivable21,4510
Other assets:3,8303,830
Total current assets2,990,5632,617,884
Other assets:  
Investment in partnership2,014,5063,148,005
Marketable debt and equity securities – at cost7,288,7627,754,801
Land234,939234,939
Geological and geophysical cost – fee lands net of amortization49,4820
Levees and office furniture and equipment314,943315,160
Accumulated depreciation(313,867)(313,215)  

Total other assets9,588,76511,139,690  
 
Total assets12,579,32813,757,574
Liabilities and Stockholders’ Equity  
Current liabilities:  
Income taxes payable0104,888
 
Accrued expenses22,3777,606

Other current liabilities04,608
Total current liabilities22,377117,102
 
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,535,028 shares in 2015 and 2014, respectively47,52047,520   
Retained earnings15,352,05616,435,577 

Treasury stock – 316,168 shares in 2015 and 2014, respectively, at cost(2,842,625)(2,842,625)  

Total liabilities and stockholders’ equity12,579,32813,757,574

BLMC Statements of Revenues and Expenses, September 30, 2015 and 2014

 
 3 Months Ended 9 Months Ended 
 September 30 September 30 
 2015201420152014
Revenues USD($):    
Oil and gas royalties49,597136,656202,052369,879
Severance taxes(3,203)(7,657)

(13,859)(16,652)

Oil and gas royalties, net46,394128,999

188,193353,227

Other income (loss):    
Loss from investment in partnership(440,169)(663,044)

(745,370)(983,057)
Dividends and interest income42,21832,471

110,788157,977

Gain on sale of securities310,813406,910

1,044,3851,520,555

Surface Rentals34,67821,366

38,70722,945
Total other income(52,460)(202,297)448,510718,420

Total revenues and income(6,066)(73,298)

636,7031,071,647

Expenses:    
Total expenses190,624195,509646,122652,088
Net income before income taxes(196,690)(286,807)

(9,419)419,559

Income tax expense(73,921)(98,375)

(3,540)153,517

Net income$(122,769)$(170,432)$(5,879)$266,042

Net income per share$(0.05)$(0.07)

$(0.00)$0.10
May 12, 2015

Biloxi Marsh Lands Corporation Announces Unaudited Results for the First Quarter of 2015 and provides update

Metairie, LA., May 12, 2015 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) today announces its unaudited results for the first quarter of 2015 and provides update. The Company’s revenue for the three months ending March 31, 2015 from oil and gas production for its fee lands was $81,063 compared to revenue of $111,436 in 2014.

Meanwhile, dividend and interest income for the first three months of 2015 was $35,255, compared to $94,072 for the first three months of 2014. During the first quarter of 2015, the Company realized a cumulative gain from the sale of investment securities of $249,878 compared to a cumulative gain in the amount of $681,972 for the same period in 2014. During the first quarter of 2015, total revenues included a $225,848 loss emanating from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $233,000 from B&L for the first quarter of 2014. As an operating oil and gas entity, B&L’s results included deductions for depreciation, depletion and amortization (DD&A) costs relating to its ongoing drilling and production activities. BLMC’s share of these DD&A expenses was $152,246 and $229,739 for the first quarter of 2015 and 2014, respectively.

For the quarter total expenses were $213,126 compared to $252,130 for the prior year. The Company incurred a net loss of $45,427 or $.02 per share for the first quarter of 2015 compared to net income of $256,244 or $.10 per share in 2014.

As of March 31, 2015, the combined gross daily production rate from 8 wells operated by the Company’s mineral lessees was approximately 2.47 million cubic feet of natural gas (mmcfg) and 130 barrels of oil per day (BOPD) with net daily production accruing to the Company of approximately .27 mmcfg and 2 BOPD. Meanwhile, as of March 31, 2015, B&L’s gross daily production was approximately 25.30 mmcfg and 360 barrels of oil from 6 wells (including Highlander discovery well) with approximately 2.10 mmcfg and 46 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). We are continuing to aggressively pursue this claim and will keep our shareholders advised as things progress.
Freeport-McMoRan Inc. (NYSE: FCX) announced on March 16, 2015 “that following production testing on Freeport-McMoRan Oil & Gas’ (FM O&G) Highlander discovery, located onshore in South Louisiana in the Inboard Lower Tertiary/Cretaceous trend, independent reserve engineers provided estimates of proved reserves totaling approximately 38 billion cubic feet (Bcf) of natural gas” ….. “associated with the initial well. Independent reserve engineers estimates of proved, probable and possible reserves for the initial well totaled approximately 197 Bcf of natural gas. In addition, based on work performed to date, independent reserve engineers estimate additional gross resources for the Highlander field exceeding 2 trillion cubic feet (Tcf).
As previously reported, the February 2015 production test, which was performed in the Cretaceous/Tuscaloosa section, utilized expanded testing equipment and indicated a flow rate of approximately 75 million cubic feet of natural gas per day (MMcf/d), approximately 37 MMcf/d”… “on a 42/64th choke with flowing tubing pressure of 10,300 pounds per square inch. FM O&G commenced production in late February 2015. FM O&G plans to install additional amine processing facilities to accommodate the higher rates.
A second well location has been identified and future plans will be determined pending review of performance of the first well. FM O&G has identified multiple prospects in the Highlander area which provide opportunities for future development of the field. FM O&G controls rights to more than 50,000 gross acres.
The Highlander discovery well was drilled to a total depth of approximately 29,400 feet in the first of quarter 2014. Wireline log and core data obtained from the Wilcox and Cretaceous sand packages indicated favorable reservoir characteristics with approximately 150 feet of net pay.”
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 obtained by FM O&G in its Highlander project area located in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana. This means that 1.5% of the foregoing reserves estimate by FM O&G’s independent reservoir engineers would accrue to B&L if and when the Highlander field is fully developed by FM O&G. B&L’s previously reported proved reserves have not included any estimated reserves attributable to this 1.5% ORRI.

Due to the decline in commodity prices during the fourth quarter of 2014, B&L’s management has reevaluated its drilling program for 2015 and reduced B&L’s capital expenditure (capex) budget to be in line with anticipated cash flows. As of the date of this release, B&L is scheduled to participate in the drilling of two new wells during 2015. This is down from four to five new wells which B&L initially budgeted prior to the steep decline in commodity prices. For the first quarter of 2015, B&L’s quarterly net production of natural gas increased over 80% year over year. Meanwhile, revenues for the first quarter of 2015 were approximately 17% less than revenues for the first quarter of 2014. B&L’s management is monitoring commodity prices and will adjust B&L’s capex budget accordingly.

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: “B&L’s management is pleased with the ongoing production from FM O&G’s Highlander discovery well. Through March 31st the discovery well continues to produce at net natural gas rates above 21,000 mcf per day. B&L is awaiting FM O&G’s improvements to its production equipment scheduled to be completed by the end of 2015 which should yield significantly higher flow rates. If the Highlander discovery well continues to produce at current and anticipated higher rates, B&L’s management believes that the significance of FM O&G’s discovery will begin to be truly recognized throughout the oil and gas industry and the financial markets. While the projected net revenue from the Highlander discovery well at current flow rates and pricing is not tremendously additive to B&L, over time the improvements to FM O&G’s production equipment combined with the development of the Highlander area should be significant to B&L. Meanwhile, B&L’s management has worked diligently to reduce B&L’s capex budget to be in line with anticipated cash flows for 2015. With volatility in the oil and natural gas commodity markets this is a moving target. Nonetheless, B&L’s management will continue to monitor anticipated cash flows and adjust B&L’s capex budget accordingly. Development of our core minerals located beneath our fee lands continues to prove difficult during this period of lower natural gas prices, but we are continually working on refining our technical analysis and believe the Company will be well positioned to take advantage of improvement in natural gas pricing, if and when this improvement occurs.”

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, 2015 and 2014

 
Assets20152014
Current assets:  
Cash and cash equivalents$2,895,100$2,474,024
 
Accounts receivable83,34261,429

Prepaid expenses24,98024,687
Accrued interest receivable17,10023,706
Deferred tax asset87,73121,265

Federal income tax receivable10,017
State income tax receivable13,674
Other assets:3,8303,830
Total current assets3,135,7742,608,941
   
Investment in partnership2,534,0293,898,061

Marketable debt and equity securities – at cost6,566,3859,020,486

Land234,939234,939
Geological and geophysical costs – fee lands, net of amortization68,764
Levees and office furniture and equipment314,943314,943
Accumulated depreciation(313,583)  

(312,764)  
Total other assets9,405,47713,155,665
Total assets$12,541,25115,764,606
Liabilities and Stockholders’ Equity  
Current liabilities:  
Income taxes payable$-
 
$292,064
Accrued expenses23,84837,260
 
Other current liabilities4,608
Total current liabilities23,848333,932
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,535,028 and 2,679,028 shares in 2015 and 2014, respectively47,520   47,520
Retained earnings15,312,50816,425,779

Treasury stock – 316,168 and 172,168 shares in 2015 and 2014, respectively, at cost(2,842,625)  

(1,042,625)  

Total liabilities and stockholders’ equity$12,541,251$15,764,606

BLMC – Statements of Revenues and Expenses, March 31, 2015 and 2014

 
 20152014
Revenues USD($):  
Oil and gas royalties$86,439$116,167
Severance taxes(5,376)(4,731)
Oil and gas royalties, net81,063 111,436
Other (loss) income:  
Loss from investment in partnership(225,848)(233,000)
Dividends and interest income35,25594,072
Gain (loss) on sale of securities249,878681,972
Total other income (loss)59,285543,044
Total revenues and income140,348654,480
Expenses:  
Total expenses213,126252,130
Net income (loss) before income taxes(72,778)402,350

Income tax (benefit) expense(27,351)146,106
Net income (loss)$(45,427)256,244
Net (loss) income per share$(0.02)$0.10
March 13, 2015

Biloxi Marsh Lands Corporation Announces Audited Results for the Fourth Quarter of 2014, 12 Months ending December 31, 2014 and provides update

Metairie, LA., March 13, 2015 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces results for the year ending December 31, 2014 and provides update. The Company’s annual revenue breakdown is as follows: 2014 revenue from oil and gas production for its fee lands was $534,652 compared to revenue of $636,189 in 2013.

Dividend and interest income for 2014 was $202,819, compared to $164,275 for 2013. In 2014, the Company realized a cumulative gain from the sale of investment securities of $1,717,041 compared to a cumulative gain in the amount of $2,072,125 in 2013.

Meanwhile, for the year 2014, total revenues included a $1,371,185 loss emanating from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $1,740,193 from B&L in the prior year. As an operating oil and gas entity, B&L’s results included deductions for depreciation, depletion and amortization (DD&A) costs relating to its ongoing drilling and production activities. BLMC’s share of these DD&A expenses was $992,684 and $927,415 for 2014 and 2013, respectively.

Total revenues for 2014 were $1,122,376 compared to $4,351,080 during 2013. 2013 revenues included a non-recurring gain under the BP Deepwater Horizon Economic and Property Damages Settlement Program in the amount of $3,189,681. Expenses for the year totaled $945,848, slightly lower than the prior’s year’s expenses of $1,091,414. For the year, the Company had net income of $202,411 or $.08 per share compared to net income of $2,450,729 or $.90 per share in 2013.
As of December 31, 2014, the combined gross daily production rate from 8 wells operated by the Company’s mineral lessees was approximately 3.679 million cubic feet of natural gas (mmcfg) and 157 barrels of oil per day (BOPD) with net daily production accruing to the Company of approximately .435 mmcfg and 3 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, 2014, B&L’s gross daily production was approximately 4.655 mmcfg and 336 barrels of oil from 7 wells with 1.685 mmcfg and 43 barrels of oil per day accruing to B&L.

The end of the year proved reserve study commissioned by the Company and completed by T. J. Smith & Company, Inc., an independent reservoir engineer, estimates that as of December 31, 2014 BLMC’s “Developed Producing” (PDP) reserves were .339 billion cubic feet of natural gas (BCFG) and 2,800 barrels of oil.

In addition to the foregoing estimated proved reserves, another reserve study completed by the same independent reservoir engineer estimates that B&L’s proved reserves as of December 31, 2014 were approximately 9.4 BCFG and approximately 197 thousand barrels of oil (MBBL) which compared to 9.0 BCFG and 215 MBBL as of December 31, 2013. It should be noted that a significant component of B&L’s proved reserves as of December 31, 2014 are Proved Undeveloped (PUD). As is necessary with all PUD reserves, a well or wells must be drilled and completed to fully develop these PUD reserves. The foregoing reserves do not include any reserves attributable to FM O&G’s Highlander Area Well in which B&L is contractually entitled to a 1.5% ORRI.

The proved reserve studies referenced above include explanatory notes that are an integral part of each study. A copy of the 2015 President’s Report to Shareholders that includes these notes will be available on the Company’s website after March 27, 2015. The Company recommends that all interested parties refer to its website to view these notes and other relevant information: www.biloximarshlandscorp.com.
Freeport-McMoRan Oil and Gas (FM O&G), a wholly owned subsidiary of Freeport-McMoRan Copper and Gold Inc. (NSYE:FCX), in its February 20, 2015 news release announced “the results of additional production testing on Freeport-McMoRan Oil & Gas’s (FM O&G) Highlander discovery, located onshore in South Louisiana in the Inboard Lower Tertiary/Cretaceous trend. The production test, which was performed in the Cretaceous/Tuscaloosa section, utilized expanded testing equipment and indicated a flow rate of approximately 75 million cubic feet of natural gas per day” …. “on a 42/64th choke with flowing tubing pressure of 10,300 pounds per square inch. FM O&G expects to immediately commence production using FM O&G facilities in the immediate area. FM O&G plans to install additional amine processing facilities to accommodate the higher rates.
As previously reported, the Highlander discovery well was drilled to a total depth of approximately 29,400 feet in first-quarter 2014. Wireline log and core data obtained from the Wilcox and Cretaceous sand packages indicated favorable reservoir characteristics with approximately 150 feet of net pay. In December 2014, FM O&G tested the well at a rate of approximately 43.5 MMcf/d on a 22/64th choke with flowing tubing pressure of 11,880 pounds per square inch. A second well has been identified and future plans are being evaluated in this high potential area. FM O&G has identified multiple prospects in the Highlander area where it controls rights to more than 50,000 gross acres.”
B&L has been assigned and is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Lomond North/Highlander discovery well and in all mineral leases obtained by FM O&G in its Highlander project area located in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana.

B&L completed construction of production facilities and the flowline for the Welder No. 1 well and placed the well on production December 12, 2014. As of March 11, 2015, the Welder No. 1 well had gross production of approximately 1.56 mmcfg and 8 BOPD. B&L has 100% working interest in the Welder No. 1 well. Due to the decline in commodity prices during the fourth quarter of 2014, B&L’s management is reevaluating each of its drilling projects. B&L’s management believes that in the event of additional discoveries in the Lago Verde project area each well should continue to be economically viable due to the relatively shallow target depths and lower costs of drilling. While commencement of drilling may be delayed to allow B&L to take advantage of declining drilling costs, B&L’s management anticipates that additional prospects in the Lago Verde project area will be drilled during 2015.

As previously reported, B&L assembled a mineral lease position in Allen and Beauregard Parishes, Louisiana, targeting the Wilcox sand interval which has been a historically prolific oil producing interval in this area using conventional well completion techniques. Based on technical information, B&L believes that reservoir stimulation using hydraulic fracturing could result in the discovery and production of significant oil reserves that were not accessible in the past using conventional well completion techniques. To assist in development of this Wilcox project, B&L placed the majority of the working interest with Petro Harvester Oil & Gas LLC, headquartered in Plano, Texas. Petro Harvester has experience in drilling and stimulating Wilcox wells in neighboring parishes. B&L retained a 15.75% working interest in the Wilcox project. This project is currently being reevaluated by B&L’s management in the context of the current lower oil price environment.

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. The Company has been advised by its legal counsel that an additional limited recovery under the settlement may be expected, but as of this time it is difficult to determine the timing and amount of the additional settlement, if any.

In June 2014, the Company announced the completion of its previously announced stock buyback program with the acquisition of a total of 67,500 shares of its common stock since the inception of the program in September 2008. During the course of completing the buyback program, the opportunity to purchase additional shares of common stock presented itself. The Company successfully negotiated the purchase of an additional 151,900 shares in two separate private transactions. Since September of 2008, the total number of shares purchased by the Company as treasury stock is 219,400. The Company paid an average price of $12.62 for these shares of common stock since the inception of the buyback program. As of the time of this press release, the Company is not actively seeking to repurchase any additional shares of its common 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 11, 2014, the Board of Directors declared a dividend of $.40 per outstanding share of common stock payable on Tuesday, December 30, 2014 to shareholders of record at the close of business on Monday, December 22, 2014. This represents a total cash dividend payment of $1,014,011 or $.40 per share in 2014. Since 2002, the Company has paid approximately $54,905,000 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.
Using 3D seismic data in its possession and other means, the Company is constantly working on developing the minerals located below its fee lands. One important step the Company has taken is joining a consortium of oil companies which retained the University of Texas Bureau of Economic Geology (BEG) to evaluate and quantify chlorite coating on cores taken from the Woodbine and Tuscaloosa sand intervals throughout south Texas and Louisiana, including the ARCO – Biloxi Marsh Land P-2 well which was drilled on the Company’s property and penetrated the Tuscaloosa sand interval. The results of the BEG’s study indicate significant preserved porosity and permeability in the P-2 well’s conventional cores due to chlorite coating of the Tuscaloosa sand grains and the presence of bitumen in the Tuscaloosa sand interval. This could prove to be significant as the Company moves forward with its attempts to have the conventional Tuscaloosa sand interval further tested and developed beneath its fee lands. Meanwhile, the Company is focusing on developing reserves outside of its fee acreage through its investment in B&L. In its current stage of growth and continued reinvestment in its drilling program, B&L should not be viewed as a dividend producing entity.

William B. Rudolf, President and CEO, commented: “B&L’s management is pleased with the production rates on B&L’s Welder No. 1 well which are better than anticipated. The announcement by FM O&G concerning the flow tests of its Lomond North/Highlander discovery well is encouraging and appears to indicate that the well should be capable of extremely high flow rates. We are not aware of the well’s current production rates or FM O&G’s development plans beyond information that has been made public, but if the Highlander area is successfully developed with multiple wells, over time the Highlander area could be very significant to B&L. Meanwhile, B&L’s management is reevaluating all of its drilling projects in the context of lower commodity prices. We will continue to focus on building shareholder value through development of our core minerals located beneath our fee lands and through other investments.”

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 continues to pursue a claim for damages against the US Army Corps of Engineers for property loss and damage related to the Mississippi River Gulf Outlet (MRGO).

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, Years Ended December 31, 2014 and 2013 along with the 2015 President’s Report to Shareholders and the Company’s Proxy Statement will be available after March 27, 2015 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 Revenues and Expenses – Income Tax Basis, Years ended December 31, 2014 and 2013

 
 3 Months Ended 12 Months Ended 
 December 31 December 31 
 2014201320142013
Revenues USD($):    
Oil and gas royalties$138,326$137,820$508,205$614,690
Severance taxes(6,901)

(4,947)

(23,553)

(28,501)

Oil and gas royalties, net131,425

132,873484,652

586,189

Surface Rentals50,00050,00050,00050,000
Total oil and gas revenues181,425182,873534,652636,189
Other income (loss):    
Loss from investment in partnership(388,128)

(1,002,380)

(1,371,185)(1,740,193)

Dividends and interest income44,842

37,549202,819

164,275

Gain on settlement3,189,6813,189,681
Gain on sale of securities196,486

214,1261,717,0412,072,125

Surface Rentals16,104

17,328

39,04929,003
Total other income(130,696)2,456,304587,724

3,714,891

Total revenues and income50,729

2,639,177

1,122,376

4,351,080

Expenses:    
Total expenses293,760453,865945,8481,091,414
Net income (loss) before income taxes(243,031)

2,185,312

176,528

3,259,666


Income Tax    
Income tax (benefit) expense(179,400)

667,516

(25,883)

808,937
Net income (loss)$(63,631)$1,517,796$202,411

$2,450,729

Net income per share$(0.02)

$0.56$0.08

$0.90

 

BLMC Statements of Assets, Liabilities, and Stockholders’ Equity – Income Tax Basis December 31, 2014 and 2013

 
Assets20142013
Current assets:  
Cash and cash equivalents$2,815,481$3,378,827
 
Accounts receivable114,73964,157

Accrued interest receivable20,31020,838
Prepaid expenses40,86738,967 

Deferred tax asset60,37921,265

Federal income tax receivable10,017
State income tax receivable13,674
Marketable debt securities – at cost300,775300,262
Other assets:3,8303,830
Total current assets3,380,0723,828,146
   
Investment in partnership2,759,8754,131,060

Marketable debt and equity securities – at cost6,175,8368,202,631

Land234,939234,939
Geological and geophysical costs – fee lands, net of amortization45,511
Levees and office furniture and equipment314,943314,943
Accumulated depreciation(313,440)  

(312,538)  
Total assets$12,597,736$16,399,181
Liabilities and Stockholders’ Equity  
Current liabilities:  
Income taxes payable$-
 
$599,250
Accrued expenses34,90635,893
 
Other current liabilities4,608
Total current liabilities34,906
 
639,751

Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,535,028 and 2,715,028 shares in 2014 and 2013, respectively47,520   47,520
Retained earnings15,357,935

16,169,535

Treasury stock – 316,168 and 136,168 shares in 2014 and 2013, respectively, at cost(2,842,625)  

(457,625)  

Total stockholders’ equity12,562,83015,759,430
Total liabilities and stockholders’ equity$12,597,736$16,399,181
December 11, 2014

Biloxi Marsh Lands Corporation declares cash dividend

Metairie, Louisiana – December 11, 2014 – During its meeting held today the Board of Directors of Biloxi Marsh Lands Corporation (Pink Sheets: BLMC) declared a dividend of $.40 per outstanding share of common stock payable on Tuesday, December 30, 2014 to shareholders of record as of the close of business on Monday, December 22, 2014.

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

October 31, 2014

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Third Quarter and first Nine Months of 2014 and provides update

Metairie, LA., October 31, 2014 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the third quarter of 2014 and first nine months of 2014 and provides update. The Company’s revenue for the three months ending September 30, 2014 from oil and gas production for its fee lands was $128,999 compared to revenue of $133,407 for the third quarter of 2013. For the first nine months of 2014, revenue generated from the Company’s fee lands decreased to $353,227 from $453,316 for the same period in 2013.

For the first nine months of 2014 and 2013, total revenues were $1,071,647 and $1,711,903, respectively. During the third quarter of 2014, total revenues included a $663,044 loss emanating from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $512,178 from B&L for the third quarter of 2013. Correspondingly, total revenue for the nine months ending September 30, 2014 includes a net loss of $983,057 generated by B&L compared to a net loss of $737,813 from B&L for the first nine months of 2013. During the current quarter, B&L’s results included deductions for intangible drilling costs associated with its Lago Verde drilling program. As an operating oil and gas entity, B&L’s results included deductions for depreciation, depletion and amortization (DD&A) costs relating to its ongoing drilling and production activities. BLMC’s share of these DD&A expenses was $671,872 and $706,472 for the first nine months of 2014 and 2013, respectively.

Dividend and interest income for the first nine months of 2014 was $157,977. This compares to $126,726 for the first nine months of 2013. During the third quarter of 2014, the Company realized a cumulative gain from the sale of investment securities of $406,910 compared to a cumulative gain in the amount of $361,108 for the same period in 2013. For the first nine months of 2014, the cumulative gain from the sale of investment securities was $1,520,555 compared to $1,857,999 for the first nine months of 2013. Meanwhile, total expenses for the third quarter were $195,509 compared to $187,487 for the same period of the prior year. Total expenses for the first nine months of 2014 and 2013 were $652,088 and $637,549, respectively. The Company had a net loss of $170,432 or $.07 per share for the third quarter of 2014 compared to a net loss of $109,972 or $.04 per share in 2013. Meanwhile, for the first nine months of 2014, net income was $266,042 or $.10 per share compared to net income of $932,933 or $.34 per share for the same period of 2013.
During the middle of September, the four wells operated by the Company’s mineral lessees were shut-in due to maintenance work conducted on Tennessee Gas Pipeline’s interstate sales pipeline. The wells were shut-in for twenty-seven days and returned to production during the third week of October. As of October 26, 2014, the combined daily gross production was approximately 3.9 million cubic feet of natural gas (mmcfg), with approximately .492 mmcfg accruing to the Company. Meanwhile, as of September 30, 2014, B&L’s gross production was approximately 3.666 mmcfg and 636 barrels of oil from five wells with .523 mmcfg and 68 barrels of oil per day (BOPD) accruing to B&L. As of September 30, 2014, the SL 19061 No. 1 well was shut-in for maintenance work conducted on Tennessee Gas Pipeline’s interstate sales pipeline and is anticipated to be returned to production during the beginning of November.

As previously reported, B&L has been assigned and is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Freeport-McMoRan Oil and Gas (FM O&G) Lomond North discovery well and in all mineral leases obtained by FM O&G in its Highlander project area located in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana. FM O&G is a wholly owned subsidiary of Freeport-McMoRan Copper and Gold Inc. (NSYE: FCX). In its October 28, 2014 press release, FM O&G stated the following: “The Highlander discovery well is currently being completed to test Cretaceous/Tuscaloosa objectives found below the salt weld and flow testing is anticipated in fourth-quarter 2014. The Highlander onshore exploratory well, in which FM O&G is the operator and has a 72 percent working interest, located in St. Martin Parish, Louisiana, encountered gas pay in several Wilcox and Cretaceous/Tuscaloosa sands between 24,000 feet and 29,000 feet in January 2014. As previously reported, the wireline log and core data obtained from the Wilcox and Cretaceous sand packages indicated favorable reservoir characteristics with approximately 150 feet of net pay. FM O&G has identified multiple exploratory prospects in the Highlander area where it controls rights to more than 60,000 gross acres.”

During the third quarter, drilling operations commenced with the drilling of the first three wells within B&L’s Lago Verde project in Calhoun and Victoria Counties, Texas. All three wells encountered natural gas pay at the anticipated and targeted depths. The first well, the Welder No. 1, has been completed as a natural gas well. Unfortunately, the thickness of the pay sands encountered in the two subsequent wells did not dictate completing these two wells. We anticipate that the Welder No. 1 well should be placed on production during the fourth quarter of 2014 and should be significantly additive to B&L’s net daily production. We have additional prospects that are currently scheduled to be drilled within this project area and anticipate that a second round of drilling should commence during the first quarter of 2015.

B&L has assembled a 2,600 acre mineral lease position in Allen and Beauregard Parishes, Louisiana, targeting the Wilcox sand interval which in the past using conventional well completion techniques has been a prolific oil producing interval in the area. Based on technical information, B&L believes that reservoir stimulation using hydraulic fracturing could result in the recovery of significant oil reserves that were not accessible in the past using conventional well completion techniques. To assist in development of this Wilcox project, B&L recently placed the majority of the working interest with Petro Harvester, headquartered in Plano, Texas. Petro Harvester has experience in drilling and stimulating Wilcox wells in neighboring parishes. B&L retained a 15.75% working interest in the Wilcox project.

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: “Based on recent comments by FM O&G, B&L’s management continues to be cautiously optimistic that the Lomond North well in FM O&G’s Highlander area will undergo a commercially successful flow test during the fourth quarter of 2014. The initial round of drilling in B&L’s Lago Verde project area targeted stratigraphic traps that demonstrated classic AVO response using 3D seismic data. We are pleased with the results of the Welder No. 1 well and are disappointed that the other two wells encountered pay sands at anticipated depths but were not found in commercial quantities required to justify completions. The wells currently scheduled to be drilled during the second round have structural features and associated faulting that should increase the probability of trapping hydrocarbons, specifically oil. Meanwhile, B&L’s management is excited about the Wilcox project and placing the interest with Petro Harvester. B&L believes this project could be significant over time.

The Company is taking steps to further refine and delineate the Tuscaloosa prospect beneath the Company’s fee lands. Among other proactive steps taken, we have joined the University of Texas, Bureau of Economic Geology’s (BEG) Deep Shelf Gas Consortium. This Consortium is comprised mainly of major oil companies that retained the BEG to quantify chlorite coat formation in Tuscaloosa and Woodbine sandstones and its effect on preserving permeability thus creating favorable reservoir characteristics for the production of hydrocarbons. The multiphase study includes an analysis of conventional cores taken from the ARCO #P-2 Biloxi Marsh Lands well. We believe that the study by the BEG should have favorable implications on the exploration for the Tuscaloosa Trend on our fee lands. As previously reported, among other prospects, our Alpha and Beta Prospects, target the Tuscaloosa Trend.”

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 continues to pursue a claim for damages against the US Army Corps of Engineers for property loss and damage related to the Mississippi River Gulf Outlet (MRGO).

Biloxi Marsh Lands Corporation owns approximately 90,000 acres of marsh lands located in St. Bernard Parish, Louisiana. As the landowner, it derives revenues from oil and gas exploration and production activities that take place on or near the Company’s land. The Company also derives revenues and expenses from its ownership interest in B&L Exploration, LLC and minimal revenues from surface rentals.

This news release contains forward-looking statements regarding oil and gas discoveries, oil and gas exploration, development and production activities and reserves. Accuracy of the forward-looking statements depends on assumptions about events that change over time and is thus susceptible to periodic change based on actual experience and new developments. The Company cautions readers that it assumes no obligation to update or publicly release any revisions to the forward-looking statements in this report. Important factors that might cause future results to differ from these forward-looking statements include: variations in the market prices of oil and natural gas; drilling results; unanticipated fluctuations in flow rates of producing wells; oil and natural gas reserves expectations; the ability to satisfy future cash obligations and environmental costs; and general exploration and development risks and hazards. Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company. Each such statement speaks only as of the day it was made. The factors described above cannot be controlled by the Company. When used in this report, the words “believes”, “estimates”, “plans”, “expects”, “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 – September 30, 2014 and 2013

Assets20142013
Current assets:  
Cash and cash equivalents2,427,437814,351  
 
Accounts receivable82,50765,456   

Prepaid expenses62,76559,888   

Accrued interest receivable20,080

23,707

Deferred tax asset21,265

442,542 

Other assets:3,8303,830
Total current assets2,617,8841,409,774
Other assets:  
Investment in partnership3,148,0055,133,442

Marketable debt and equity securities – at cost7,754,8019,047,705  

Land234,939234,939
Levees and office furniture and equipment315,160307,746
Accumulated depreciation(313,215)  

(304,975)  
Total other assets11,139,690  
 
14,418,857
Total assets13,757,57415,828,631
Liabilities and Stockholders’ Equity  
Current liabilities:  
Income taxes payable104,888
 
52,859
Accrued expenses7,606

20,100 
 
Other current liabilities4,6084,608
Total current liabilities117,102
 
77,567

Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,535,028 and 2,716,028 shares in 2014 and 2013, respectively47,520   47,520
Retained earnings16,435,577 

16,145,004   

Treasury stock – 316,168 and 135,168 shares in 2014 and 2013, respectively, at cost(2,842,625)  

(441,460)  

Total liabilities and stockholders’ equity13,757,57415,828,631

 

BLMC Statements of Revenues and Expenses, September 30, 2014 and 2013

 3 Months Ended 9 Months Ended 
 September 30 September 30 
 2014201320142013
Revenues USD($):    
Oil and gas royalties136,656140,154369,879476,870
Severance taxes(7,657)

(6,747)

(16,652)

(23,554)

Oil and gas royalties, net128,999

133,407353,227

453,316

Other income (loss):    
Loss from investment in partnership(663,044)

(512,178)

(983,057)(737,813)

Dividends and interest income32,471

35,806157,977

126,726

Gain on sale of securities406,910

361,1081,520,555

1,857,999

Surface Rentals21,366

11,675

22,94511,675
Total other income(202,297)(103,589)

718,420

1,258,587

Total revenues and income(73,298)

29,818

1,071,647

1,711,903

Expenses:    
Total expenses195,509187,487652,088637,549
Net income before income taxes(286,807)

(157,669)

419,559

1,074,354


Income tax expense(98,375)

(47,697)

153,517

141,421
Net income$(170,432)$(109,972) $266,042

$932,933

Net income per share$(0.07)

$(0.04) $0.10

$0.34
August 8, 2014

Biloxi Marsh Lands Corporation Announces Unaudited Results for the Second Quarter and first Six Months of 2014 and provides update

Metairie, LA., August 8, 2014 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the second quarter of 2014 and first six months of 2014 and provides update. The Company’s revenue for the three months ending June 30, 2014 from oil and gas production for its fee lands was $112,792 compared to revenue of $169,361 for the second quarter of 2013. For the first six months of 2014, revenue generated from the Company’s fee lands decreased to $224,228 from $319,909 for the same period in 2013.

During the second quarter of 2014, total revenues included an $87,013 loss emanating from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $132,655 from B&L for the second quarter of 2013. Correspondingly, total revenue for the six months ended June 30, 2014 includes a net loss of $320,013 generated by B&L compared to a net loss of $225,635 from B&L for the first six months of 2013. As an operating oil and gas entity, B&L’s results included deductions for depreciation, depletion and amortization (DD&A) costs relating to its ongoing drilling and production activities. BLMC’s share of these DD&A expenses was $454,980 and $453,868 for the first six months of 2014 and 2013, respectively.

Meanwhile, dividend and interest income for the first six months of 2014 was $125,506, compared to $90,920 for the first six months of 2013. During the second quarter of 2014, the Company realized a cumulative gain from the sale of investment securities of $431,673 compared to a cumulative gain in the amount of $758,911 for the same period in 2013. For the first six months of 2014, the cumulative gain from the sale of investment securities was $1,113,645 compared to $1,496,891 for the first six months of 2013. Meanwhile, total expenses were $204,449 compared to $211,756 for the same period of the prior year. Total expenses for the first six months of 2014 and 2013 were $456,579 and $450,062, respectively. The Company had net income of $180,230 or $.07 per share for the second quarter of 2014 compared to net income of $604,361 or $.22 per share in 2013. Meanwhile, for the first half of 2014, net income was $436,474 or $.16 per share compared to net income of $1,042,905 or $.38 per share for the same period of 2013.
As of June 30, 2014, the 4 wells operated by the Company’s mineral lessees were currently off production due to pipeline work and re-work of the wells. The wells have been returned to production. As of August 1, 2014, the combined daily gross production was approximately 3.7 million cubic feet of natural gas (mmcfg), with approximately .345 mmcfg accruing to the Company. Meanwhile, as of June 30, 2014, B&L’s gross production was approximately 3.593 mmcfg and 670 barrels of oil from 5 wells with .808 mmcfg and 71 barrels of oil per day (BOPD) accruing to B&L.

As previously reported, B&L has been assigned and is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Freeport-McMoRan Oil and Gas (FM O&G) Lomond North discovery well and in all mineral leases obtained by FM O&G in its Highlander project area located in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana.

The Williams C-4 ST1 well which was placed on production in March 2014 continues to produce as expected. B&L has a 16.59% working interest in this well. The Williams C-4 ST1 well is producing at rates slightly above the targeted 400 BOPD with approximately .350 mmcfg per day and no water production.

B&L’s acquisition of approximately 50 square miles or approximately 30,000 acres of mineral and surface rights in Calhoun and Victoria County, Texas is identified as B&L’s Lago Verde 3D Seismic Project. As previously reported, B&L successfully placed a significant working interest in its Lago Verde project with the Bass Group with main offices in Fort Worth, Texas. The current evaluation of the processed 3D seismic data indicates multiple prospects and additional prospect leads. BOPCO, the operating company for the Bass Group, will operate any wells that may be drilled within this Lago Verde project area. B&L retained a 33.5% ground floor working interest in the Lago Verde project. As of the date of this release, the drilling operations have commenced with the first prospect of the Lago Verde multi-well drilling program.

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 the second quarter of 2014, the Company reported that it completed its previously announced stock buyback program with the acquisition of a total of 67,500 shares of its common stock since the inception of the buyback plan in September of 2008. During the course of completing the buyback program, the opportunity to purchase additional shares of common stock presented itself. The Company successfully negotiated the purchase of an additional 151,900 shares in two separate private transactions. Since September of 2008, the total number of shares purchased by the Company as treasury stock is 219,400. The Company paid an average price of $12.62 for these shares of common stock since the inception of the buyback program. As of the time of this press release, the Company is not actively seeking to repurchase any additional shares of its common stock. The Company currently has 2,535,028 common shares outstanding.

William B. Rudolf, President and CEO, commented: “Through our investment in B&L Exploration, LLC, management continues to aggressively seek diversified opportunities for the Company’s shareholders. While B&L’s management continues to be cautiously optimistic that the Lomond North well in FM O&G’s Highlander area will undergo a commercially successful flow test, it is aware of FM O&G’s recent disclosure that its Davy Jones No. 1 well is scheduled to be plugged and abandoned and the initial flow test on its Davy Jones No. 2 well was not a commercial success. B&L is hopeful that different temperature and pressure regimes combined with the apparent presence of hydrocarbons in different aged sand intervals in the Lomond North Well will increase the probability of a commercially successful flow test followed by commercial production. While B&L’s management views the commercial development of the Highlander Area as a significant opportunity in which it has no risk capital, management views the Lomond North Well as a component of a diversified exploration, exploitation and drilling program. B&L has invested in other projects that also could be financially significant. Additionally, the Company has approximately 90,000 acres of fees lands on which we are continually taking steps to further define, delineate and promote its mineral potential. As history demonstrates, management will continue to seek opportunities to create value for our shareholders.”

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 land. The Company also derives revenues and expenses from its ownership interest in B&L Exploration, LLC and minimal revenues from surface rentals.

This news release contains forward-looking statements regarding oil and gas discoveries, oil and gas exploration, development and production activities and reserves. Accuracy of the forward-looking statements depends on assumptions about events that change over time and is thus susceptible to periodic change based on actual experience and new developments. The Company cautions readers that it assumes no obligation to update or publicly release any revisions to the forward-looking statements in this report. Important factors that might cause future results to differ from these forward-looking statements include: variations in the market prices of oil and natural gas; drilling results; unanticipated fluctuations in flow rates of producing wells; oil and natural gas reserves expectations; the ability to satisfy future cash obligations and environmental costs; and general exploration and development risks and hazards. Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company. Each such statement speaks only as of the day it was made. The factors described above cannot be controlled by the Company. When used in this report, the words “believes”, “estimates”, “plans”, “expects”, “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, 2014 and 2013

Assets20142013
Current assets:  
Cash and cash equivalents1,777,0823,634,083   
 
Accounts receivable36,223   214,463   

Prepaid expenses64,332   
 
60,501   

Accrued interest receivable19,611   

16,900   

Deferred tax asset21,265   

468,821   

Other assets:3,8303,830
Total current assets1,922,343   4,398,598   

Other assets:  
Investment in partnership3,811,048   
 
2,345,619   

Marketable debt and equity securities – at cost8,067,225   

9,051,651   

Land234,939234,939
Levees and office furniture and equipment314,943307,323
Accumulated depreciation(312,989)  

(304,186)  
Total other assets12,115,166   
 
11,635,346   
Total assets14,037,50916,033,944
Liabilities and Stockholders’ Equity  
Current liabilities:  
Income taxes payable219,556   
 
151,834   

Accrued expenses2,441   

16,466   
 
Other current liabilities4,6084,608
Total current liabilities226,605   
 
172,908   

Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,535,028 and 2,716,028 shares in 2014 and 2013, respectively47,520   47,520
Retained earnings16,606,009   

16,254,976   

Treasury stock – 316,168 and 135,168 shares in 2014 and 2013, respectively, at cost(2,842,625)  

(441,460)  

Total liabilities and stockholders’ equity14,037,509   
 
16,033,944   

BLMC Statements of Revenues and Expenses, June 30, 2014 and 2013

 3 Months Ended 6 Months Ended 
 June 30 June 30 
 2014201320142013
Revenues USD($):    
Oil and gas royalties117,056177,584233,223336,716
Severance taxes(4,264)

(8,223)

(8,995)

(16,807)

Oil and gas royalties, net112,792

169,361 224,228

319,909

Other income (loss):    
Loss from investment in partnership(87,013)

(132,655)

(320,013)(225,635)

Dividends and interest income31,434

47,417 125,506

90,920

Gain on sale of securities431,673

758,911 1,113,645

1,496,891

Surface Rentals1,579



1,579
Total other income377,673 673,673

920,717

1,362,176

Total revenues and income490,465

843,034

1,144,945

1,682,085

Expenses:    
Total expenses204,449

211,756

456,579

450,062

Net income before income taxes286,016

631,278

688,366

1,232,023


Income tax expense105,786

26,917

251,892

189,118

Net income$180,230

604,361

$436,474

1,042,905

Net income per share$0.07

$0.22 $0.16

$0.38
June 10, 2014

Biloxi Marsh Lands Corporation Announces Completion of Stock Buyback Program and Additional Purchases of Common Stock

Metairie, LA – June 9, 2014 (BUSINESS WIRE) –Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) completed its previously announced stock buyback program with the acquisition of a total of 67,500 shares of its common stock since the inception of the buyback plan in September of 2008. During the course of completing the buyback program,the opportunity to purchase additional shares of common stock recently presented itself. We are pleased to announce that the Company has successfully negotiated the purchase of an additional 151,900 shares in two separate private transactions. Since September of 2008, the total number ofshares purchased by the Company as treasury stock is 219,400. The Company paid an average price of $12.62 for these shares of common stock since the inception of the buyback program. As of the time of this press release, the Company is not actively seeking to repurchase any additional shares of its common stock.
Biloxi Marsh Lands Corporation owns approximately 90,000 acres of marsh lands located in St. Bernard Parish, Louisiana. As the landowner, it derives revenues from oil and gas exploration and production activities that take place on or near the company’s land. The Company also derives revenues from its ownership interest in B&L Exploration, LLC and minimal revenues from surface rentals.
The Company maintains a website, www.biloximarshlandscorp.com, and strongly recommends that all investors and interested parties visit the website to view historical press releases, historical financial statements and general information.
This news release contains forward-looking statements regarding oil and gas discoveries, oil and gas exploration, development and production activities and reserves. Accuracy of the forward-looking statements depends on assumptions about events that change over time and is thus susceptible to periodic change based on actual experience and new developments. The Company cautions readers that it assumes no obligation to update or publicly release any revisions to the forward-looking statements in this report. Important factors that might cause future results to differ from these forward-looking statements include: variations in the market prices of oil and natural gas; drilling results; unanticipated fluctuations in flow rates of producing wells; oil and natural gas reserves expectations; the ability to satisfy future cash obligations and environmental costs; and general exploration and development risks and hazards. Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company. Each such statement speaks only as of the day it was made. The factors described above cannot be controlled by the Company. When used in this report, the words “believes”, “estimates”, “plans”, “expects”, “should”, “hopeful”, “outlook”, and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements.
Contact:
Biloxi Marsh Lands Corporation
Colleen Starks: 504-837-4337

May 9, 2014

Biloxi Marsh Lands Corporation Announces Unaudited Results for the First Quarter of 2014 and provides update

Metairie, LA., May 9, 2014 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) today announces its unaudited results for the first quarter of 2014 and provides update. The Company’s revenue for the three months ending March 31, 2014 from oil and gas production for its fee lands was $111,436 compared to revenue of $150,548 in 2013.

During the first quarter of 2014, total revenues included a $233,000 loss emanating from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $92,980 from B&L for the first quarter of 2013. As an operating oil and gas entity, B&L’s results included deductions for depreciation, depletion and amortization (DD&A) costs relating to its ongoing drilling and production activities. BLMC’s share of these DD&A expenses was $229,739 and $229,948 for the first quarter of 2014 and 2013, respectively.

Meanwhile, dividend and interest income for the first three months of 2014 was $94,072, compared to $43,503 for the first three months of 2013. During the first quarter of 2014, the Company realized a cumulative gain from the sale of investment securities of $681,972 compared to a cumulative gain in the amount of $737,980 for the same period in 2013. Meanwhile, for the quarter, total expenses were $252,130 compared to $238,306 for the prior year. For the first quarter of 2014, the Company had net income of $256,244 or $.10 per share compared to net income of $438,544 or $.16 per share in 2013.
As of March 31, 2014, the combined gross daily production rate from 4 wells operated by the Company’s mineral lessees was approximately 3.1 million cubic feet (mmcf) of natural gas with net daily production accruing to the Company of approximately .390 mmcf. Meanwhile, as of March 31, 2014, B&L’s gross production was approximately 3.493 mmcfg and 625 barrels of oil from 6 wells with .764 mmcfg and 66 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 loss caused by the Mississippi River Gulf Outlet (MRGO). We are continuing to pursue this claim and will keep our shareholders advised as things progress.

According to its April 24, 2014 press release, Freeport-McMoRan Copper and Gold, Inc. (NYSE:FCX) stated the following concerning its Inboard Lower Tertiary/Cretaceous activities: “The Highlander onshore exploratory well, in which Freeport-McMoRan Oil and Gas (FM O&G) is the operator and has a 72 percent working interest, located in St. Martin Parish, Louisiana, encountered gas pay in several Wilcox and Cretaceous sands between 24,000 feet and 29,000 feet. As reported in January 2014, the wireline log and core data obtained from the Wilcox and Cretaceous sand packages indicated favorable reservoir characteristics with approximately 150 feet of net pay. The Highlander discovery well is currently in completion operations to test Lower Wilcox and Cretaceous objectives found below the salt weld. Flow testing is anticipated in the second half of 2014. FM O&G has identified multiple exploratory prospects in the Highlander area where it controls rights to approximately 56,000 gross acres.” As previously reported, B&L has been assigned and is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Lomond North discovery well and in all mineral leases obtained by FM O&G in its Highlander project area located in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana.

As previously reported, in addition to the Lomond North discovery well in which B&L has an ORRI, B&L has a 16.59% working interest in the Williams C-4 ST1 well that the operator Linder Oil and Gas placed on production in March 2014. As of the date of this press release, the Williams C-4 ST1 well is producing at rates of approximately 400 barrels of oil per day with approximately 180 mcf of natural gas per day.

B&L’s acquisition of approximately 50 square miles or approximately 30,000 acres of mineral and surface rights in Calhoun and Victoria County, Texas is identified as B&L’s Lago Verde 3D Seismic Project. As previously reported, B&L successfully placed a significant working interest in its Lago Verde project with the Bass Group with main offices in Fort Worth, Texas. The current evaluation of the processed 3D seismic data indicates multiple prospects and additional prospect leads. BOPCO, the operating company for the Bass Group, will operate any wells that may be drilled within this Lago Verde project area. B&L retained a 33.5% ground floor working interest in the Lago Verde project. As of this time, the anticipated timeline for the commencement of drilling operations on the Lago Verde multi-well drilling program remains the latter part of the second quarter of 2014. In the initial round of drilling, B&L and the other working interest owners plan to drill four to five prospects.

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: “The combination of the Company’s 90,000 acre fee land and mineral position in St. Bernard Parish, Louisiana, B&L’s approximately 30,000 acre Lago Verde mineral acreage position in south Texas, 5,000 acre Eugene Island Block 74 in offshore Louisiana waters, plus the over 56,000 acre Highlander project area in south central Louisiana in which B&L is contractually entitled to a 1.5% overriding royalty interest gives the Company and its shareholders exposure to opportunities which we have not seen in the past. We are hopeful that this diversity of mineral interest created by the Company’s investment in B&L will ultimately lead to significant increase in shareholder value.”

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 land. The Company also derives revenues and expenses from its ownership interest in B&L Exploration, LLC and minimal revenues from surface rentals.

This news release contains forward-looking statements regarding oil and gas discoveries, oil and gas exploration, development and production activities and reserves. Accuracy of the forward-looking statements depends on assumptions about events that change over time and is thus susceptible to periodic change based on actual experience and new developments. The Company cautions readers that it assumes no obligation to update or publicly release any revisions to the forward-looking statements in this report. Important factors that might cause future results to differ from these forward-looking statements include: variations in the market prices of oil and natural gas; drilling results; unanticipated fluctuations in flow rates of producing wells; oil and natural gas reserves expectations; the ability to satisfy future cash obligations and environmental costs; and general exploration and development risks and hazards. Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company. Each such statement speaks only as of the day it was made. The factors described above cannot be controlled by the Company. When used in this report, the words “believes”, “estimates”, “plans”, “expects”, “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 – March 31, 2014 and 2013

 
Assets20142013
Current assets in USD($):  
Cash and cash equivalents2,474,024   2,167,515   
Accounts receivable61,42975,298   
Accrued interest receivable23,706   21,770   
Prepaid expenses24,687   23,773   
Deferred tax asset21,265   426,345   
Other assets:3,8303,830
Total current assets2,608,941   2,718,531   
Other assets:  
Investment in partnership3,898,061   2,478,274   
Marketable debt and equity securities – at cost9,020,486   9,992,297   
Land234,939234,939
Levees and office furniture and equipment314,943307,323
Accumulated depreciation(312,764)  (303,454)
Total other assets13,155,665   12,709,379   
Total assets15,764,606   15,427,910   
Liabilities and Stockholders’ Equity  
Current liabilities:  
Income taxes payable292,064   141,440   
Accrued expenses37,260   25,187   
Other current liabilities4,6084,608
Total current liabilities333,932   171,235   
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,679,028 and 2,716,028 shares in 2014 and 2013, respectively47,52047,520
Retained earnings16,425,779   15,650,615   
Treasury stock – 172,168 and 135,168 shares in 2014 and 2013, respectively, at cost(1,042,625)  (441,460)  
Total liabilities and stockholders’ equity15,764,606   15,427,910   

BLMC – Statements of Revenues and Expenses, March 31, 2014 and 2013 (Unaudited)

 
 20142013
Revenues USD($):  
Oil and gas royalties$116,167 $159,132
Severance taxes(4,731)(8,584)
Oil and gas royalties, net111,436 150,548
Other (loss) income:  
Loss from investment in partnership(233,000)(92,980)
Dividends and interest income94,072 43,503
Gain (loss) on sale of securities681,972 737,980
Total other income (loss)543,044

688,503
Total revenues and income654,480 839,051
Expenses:  
Total expenses252,130 238,306
Net income (loss) before income taxes402,350 600,745

Income tax (benefit) expense146,106 162,201
Net income (loss)$256,244 438,544
Net income (loss) per share$0.10 $0.16
March 26, 2014

Private: Notice of Annual Meeting of Shareholders & Proxy – 2014

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., Suite 902, Metairie, Louisiana on Tuesday, May 6, 2014 at 10:30 a.m. for the following purposes:

1. To elect three Class II Directors for the ensuing three year term;

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

The close of business on February 28, 2014, 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 19, 2014

YOUR VOTE IS IMPORTANT

PLEASE SIGN, DATE AND RETURN YOUR PROXY. WE REQUEST THAT YOU RETURN IT NO LATER THAN THURSDAY, APRIL 17, 2014, 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.

March 14, 2014

Biloxi Marsh Lands Corporation Announces Audited Results for the Fourth Quarter of 2013, 12 Months ending December 31, 2013 and provides update

Metairie, LA., March 14, 2014 (BUSINESS WIRE) – Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces results for the year ending December 31, 2013 and provides update. The Company’s annual revenue breakdown is as follows: 2013 revenue from oil and gas production for its fee lands was $636,189 compared to revenue of $572,559 in 2012.

For the year 2013, total revenues included a $1,740,193 loss emanating from the Company’s investment in B&L Exploration, LLC (B&L). This compares to a loss of $714,604 from B&L in the prior year. As an operating oil and gas entity, B&L’s results included deductions for depreciation, depletion and amortization (DD&A) costs relating to its ongoing drilling and production activities. BLMC’s share of these DD&A expenses was $927,415 and $800,488 for 2013 and 2012, respectively.

Meanwhile, dividend and interest income for 2013 was $164,275, compared to $199,024 for 2012. In 2013, the Company realized a cumulative gain from the sale of investment securities of $2,072,125 compared to a cumulative gain in the amount of $23,630 in 2012. During the fourth quarter of 2013, the Company recognized a settlement gain in the amount of $3,189,681. Total revenues for 2013 were $4,375,680 compared to $198,297 during 2012. Expenses for the year totaled $1,116,014 compared to $983,083 for the prior year. For the year, the Company had net income of $2,450,729 or $.90 per share compared to a net loss of $460,635 or $.17 per share in 2012.
As of December 31, 2013, the combined gross daily production rate from 4 wells operated by the Company’s mineral lessees was approximately 3.02 million cubic feet (mmcf) of natural gas with net daily production accruing to the Company of approximately .359 mmcf. Meanwhile, as of December 31, 2013, B&L’s gross production was approximately 4.716 mmcfg and 312 barrels of oil from 5 wells with .804 mmcfg and 31 barrels of oil per day accruing to B&L.
Freeport-McMoRan Oil and Gas (FM O&G), a wholly owned subsidiary of Freeport-McMoRan Copper and Gold Inc. (NSYE:FCX), in FCX’s January 22, 2014 news release stated that: “The Lomond North exploratory well in the Highlander area,……,located in St. Martin Parish, Louisiana, is currently drilling and has encountered gas pay in several Wilcox and Cretaceous aged sands between 24,000 feet and 29,000 feet. The wireline log and core data obtained from the Wilcox and Cretaceous sand packages evaluated to date indicate favorable reservoir characteristics with approximately 150 feet of net pay. FM O&G will continue drilling the Lomond North well in the Cretaceous to test deeper prospective targets. FM O&G plans to commence completion operations in mid-2014 followed by a flow test. FM O&G has identified multiple exploratory prospects in the Highlander area where it controls rights to approximately 56,000 gross acres.”
Subsequently, during the 2014 Credit Suisse Energy Summit held in February 2014, FM O&G presented the Lomond North Well log, structure map and the proposed location of the second well to be drilled in the Highlander area. FM O&G illustrated that the “Lomond North Discovery” is the first discovery in the Highlander area and is a discovery within the “Cretaceous Tuscaloosa” sand interval. The presentation stated that the Highlander area has “3.0 TCF Gross Resource Potential.” While B&L’s management is encouraged by FM O&G reports, B&L does not have access to information beyond that which is made public by FM O&G and its working interest partners. B&L is awaiting the scheduled flow test of the Lomond North well with cautious optimism. In the event that the flow test is successful and the well is placed on production at rates estimated by FM O&G and/or its working interest partners, the revenue derived from the overriding royalty interest would be relatively significant to B&L.
As previously reported, B&L has been assigned and is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the Lomond North prospect discovery well and in all mineral leases obtained by FM O&G in its Highlander project area located in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana.

As previously reported, B&L is actively assembling additional prospective acreage on which to explore, exploit and develop the acreage’s mineral interest. The goal is to place a portion of the working interests with third party industry partners in an effort to mitigate risk. In addition to the Lomond North discovery well in which B&L has an ORRI, B&L participated in the drilling of the Williams C-4 ST1 well during the third quarter of 2013. On September 26, 2013 electric logs were run in the Williams C-4 ST1 well. Electric logs indicated approximately 22’ of net oil pay sand in the “J” sand interval. In the subsequent flow test, the well flowed at a maximum rate of 665.9 barrels of oil per day (BOPD) and 0.0 barrels of water per day (BWPD), with flowing tubing pressure (FTP) of 1318 psi on a 13/64” choke. B&L has a 16.59% working interest in this well. On March 14, 2014 Linder Oil and Gas, the Operator, began the process of placing this well on production. The planned production rate is approximately 400 barrels of oil per day and associated natural gas.

B&L’s acquisition of approximately 50 square miles or approximately 30,000 acres of mineral and surface rights in Calhoun and Victoria County, Texas is identified as B&L’s Lago Verde 3D Seismic Project. As previously reported, B&L successfully placed a significant working interest in its Lago Verde project with the Bass Group with main offices in Fort Worth, Texas. The current evaluation of the processed 3D seismic data indicates multiple prospect and additional prospect leads. BOPCO, the operating company for the Bass Group, will operate any wells that may be drilled within this Lago Verde project area. B&L retained a 33.5% ground floor working interest in the Lago Verde project. As of this time, it is anticipated that drilling operations on the Lago Verde multi-well drilling program should commence during the latter part of the second quarter or the early part of the third quarter of 2014. In the initial round of drilling, B&L and the other working interest owners plan to drill four to five prospects. In the ordinary course of any exploration program, the success or failure of the initial round of drilling could lead to the drilling of additional or fewer prospects.

As previously reported, B&L has obtained the mineral rights to Eugene Island Block 74. B&L currently holds a 60% working interest in Eugene Island Block 74. We reported that B&L hoped to commence drilling operations during 2014. Due to other exploratory priorities, B&L’s management has decided to delay drilling operations in the Eugenie Island Block 74 prospect area until 2015.

During 2013, the Company received a settlement payment for its wetlands real property claim under the BP Deepwater Horizon Economic and Property Damages Settlement Program. 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, if any.

Beginning on October 1, 2008 the Company announced its initial stock repurchase plan to purchase up to 27,500 shares of our common stock. Since that time we have authorized the purchase of additional shares, thus bringing the total authorized amount of shares under the plan to 67,500. As of December 31, 2013 we have been successful in purchasing a total of 39,400 shares of common stock as authorized by our Board of Directors. We plan to continue to repurchase our common stock during 2014.

The Company and B&L have commissioned proved reserve studies as of December 31, 2013. Summaries and notes from these proved reserve studies will be included in the 2014 President’s Report to Shareholders and will be available on the Company’s website after March 28, 2014. The Company recommends that all interested parties refer to its website to view the reserve summaries and other relevant information: www.biloximarshlandscorp.com.

B&L was organized as a limited liability Company (LLC) under the laws of Louisiana in July of 2006. B&L’s Class A members are BLMC and Lake Eugenie Land & Development, Inc. (LKEU), which have membership percentages of 75% and 25% respectively. The Operating Agreement was amended on November 16, 2009 to create a Class B membership to allow for certain future projects at the discretion of the board of managers to be participated by either Class A or Class B members or a combination of the respective Classes. B&L’s Class B members are BLMC and LKEU, which have membership percentages of 90% and 10%, respectfully. In December 2012, the members approved the consolidation of all the membership classes into a single class of membership, consistent with the Class A membership. All appropriate actions were taken according to the terms of the operating agreement with respect to the consolidation. Effective January 1, 2013, BLMC and LKEU have membership percentages of 75% and 25%, respectively.
During its meeting held on December 13, 2013, the Board of Directors declared a dividend of $.55 per outstanding share of common stock payable on Friday, December 27, 2013 to shareholders of record at the close of business on Tuesday, December 24, 2013. This represents a total cash dividend payment of $1,493,265 or $.55 per share in 2013. Since 2002, the Company has paid approximately $53,900,000 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. With this said, using 3D seismic data in its possession, the Company is constantly working on developing the minerals located below its fee lands. Meanwhile, the Company is focusing on developing reserves outside of its fee acreage and diversifying into oil production through its investment in B&L. In its current stage of growth and continued reinvestment in its successful drilling program, B&L should not be viewed as a dividend producing entity.

William B. Rudolf, President and CEO, commented: “We are awaiting the flow test on FM O&G’s Lomond North well with cautious optimism. In the event that this well flows natural gas and condensate at commercial rates from the Tuscaloosa sand interval, it could mean an increase in drilling activity throughout coastal Louisiana, including on the Company’s fee lands. We are watching closely the significant draw down in natural gas storage and the current increase in natural gas pricing. In the event that natural gas pricing remains at higher levels and the Lomond North well produces at commercial rates, we intend to concentrate our efforts on marketing the deep gas prospects beneath the Company’s fee lands, including Alpha and Beta prospects.”

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 land and minimal revenues from surface rentals. The Company also derives revenues and expenses from its ownership interest in B&L Exploration, LLC (B&L).

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, Years Ended December 31, 2013 and 2012 along with the 2014 President’s Report to Shareholders and the Company’s Proxy Statement will be available after March 28, 2014 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.

PLEASE SEE PDF “BUTTON” ABOVE FOR ENTIRE RELEASE INCLUDING FINANCIAL TABLES

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

4rd Quarter, Statements of Revenues and Expenses, December 31, 2013 and 2012

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 3 Months Ended 12 Months Ended 
 December 31 December 31 
 2013201220132012
Revenues USD($):    
Oil and gas royalties137,820162,588614,690553,326
Severance taxes(4,947)(8,680)(28,501)(30,767)
Oil and gas royalties, net132,873153,908586,189522,559
Surface Rentals50,00050,00050,00050,000
Total Oil and Gas Revenues182,873203,908636,189572,559
Other (loss) income:    
Income (loss) from investment in partnership(1,002,380)202,345(1,740,193)(714,604)
Dividends and interest income37,54967,400164,275199,024
Gain on Settlement3,189,6813,189,681
Gain (loss) on sale of securities214,126(191,686)2,072,12523,630
Surface rentals17,32819,59729,00331,772
Other6,1506,06024,60085,916
Total other income (loss)2,462,454103,7163,739,491(374,262)
Total revenues and income2,645,327307,6244,375,680198,297
Expenses:    
Total expenses460,015347,6651,116,014983,083
Net income (loss) before income taxes2,185,312(40,041)3,259,666(784,786)
Income tax (benefit) expense667,516(31,615)808,937(324,151)
Net income (loss)1,517,796(8,426)2,450,729(460,635)
Net income (loss) per share0.56

0.90(0.17)
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Assets20132012
Current assets in USD($):  
Cash and cash equivalents3,378,8271,802,767
Accounts receivable64,157112,763
Accrued interest receivable20,83819,275
Prepaid expenses38,96736,113
Deferred tax asset21,265426,345
State income taxes receivable177,850 
Marketable debt & securities – at cost300,262295,525
Other assets3,8303,830
Total current assets3,828,1462,874,468
Other assets:  
Investment in partnership4,131,0602,571,253
Marketable debt and equity securities – at cost8,202,6319,173,122
Land234,939234,939
Levees and office furniture and equipment314,943307,323
Accumulated depreciation(312,538)(303,454)
Total assets16,399,18114,857,651
Liabilities and Stockholders’ Equity  
Current liabilities:  
Income taxes payable599,25014,386
Accrued expenses35,89320,526
Other current liabilities4,6084,608
Total current liabilities639,75139,520 
Stockholders’ equity:  
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,715,028 and 2,716,028 shares in 2013 and 2012, respectively47,52047,520
Retained earnings16,169,53515,212,071
Treasury stock, 136,168 and 135,168 shares in 2013 and 2012,, respectively, at cost(457,625)(441,460)
Total stockholders’ equity15,759,43014,818,131
Total liabilities and stockholders’ equity16,399,18114,857,651