News Column

Saratoga Resources, Inc. Reports Second Quarter 2014 Financial Results

September 5, 2014



By a News Reporter-Staff News Editor at Energy Weekly News -- Saratoga Resources, Inc. (NYSE MKT:SARA; the "Company" or "Saratoga") announced financial and operating results for the quarter ended June 30, 2014. Key Financial Results Oil and gas revenues of $15.1 million for Q2 2014 compared to $10.6 million for Q1 2014;

Discretionary cash flow of $(0.5) million, or $(0.01) per fully diluted share, for Q2 2014 compared to discretionary cash flow of $(5.2) million, or $(0.17) per fully diluted share, for Q1 2014;

EBITDAX of $4.8 million for Q2 2014 compared to $0.1 million for Q1 2014;

Operating loss of $(0.6) million, or $(0.02) per fully diluted share, for Q2 2014 compared to operating loss of $(2.2) million, or $(0.07) per fully diluted share, for Q1 2014; and

Net loss of $(6.7) million, or $(0.21) per fully diluted share, for Q2 2014 compared to net loss of $(8.3) million, or $(0.27) per fully diluted share, for Q1 2014.

Discretionary cash flow and EBITDAX are non-GAAP financial measures and are defined and reconciled to the most directly comparable GAAP measure under "Non-GAAP Financial Measures" below.

The decrease in net loss in Q2 2014 as compared to Q1 2014 reflects a 42.6% increase in oil and gas revenues while operating expenses increased 11.7%. The change in revenues quarter-over-quarter reflects an increase in production volumes (up 47.8% in aggregate; up 43.1% for oil; up 65.5% for natural gas) partially offset by lower average realized commodity prices (down 3.5%; oil pricing flat; natural gas pricing down 15.6%). The increase in production was attributable to increased average run-time, up to 77% for Q2 (80% in June) versus Q1 average run time of 61% (54% for January and February), drilling at Breton Sound Block 32 (Rocky 3), and recompletions at Grand Bay and Vermilion Block 16. During the first half of 2014, extensive changes in field operating personnel and in our Covington office personnel were undertaken, a new flow line was added and other field operating issues were addressed and production rates rebounded late in the quarter and following quarter end. The increase in production was partially offset by natural declines.

Keywords for this news article include: Energy, Oil & Gas, Natural Gas, Oil And Gas, Saratoga Resources Inc.

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Source: Energy Weekly News


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