GUIDANCE FOR 2012
Selected Unaudited Financial and Operating Data for the Three Months and Twelve Months Ended December 31, 2012
Given the delay in the filing of the Company's 2012 Annual Report on Form 10-K, the Company is providing the following financial and operating data:
Year ended December 31, 2011 2012** % IncreaseRevenue ($MM) $ 113.7 $ 274.0 141%Oil and Gas Production (Mboe) 2,011 4,800 139%Oil and Gas Average Daily Production (Boepd) 5,511 13,200 140%Adjusted EBITDAX ($MM) $ 50.4* $ 160.0 217%
* See Adjusted EBITDAX Reconciliation
** The 2012 financial information included in the table above is projected and unaudited and the 2012 operating data in the table above are estimates.
•Projected revenue for the three months and year ended December 31, 2012 was approximately $86 million and approximately $274 million, respectively.
•Estimated oil and gas production was 1,300 Mboe and 4,800 Mboe for the three months and year ended December 31, 2012, respectively.
•Estimated oil and gas average daily production was approximately 14,900 Boe and 13,200 Boe for the three months and year ended December 31, 2012, respectively.
•The Company's oil and gas production rate at December 31, 2012 was in excess of 18,500 Boepd.
•Adjusted EBITDAX for the three months and year ended December 31, 2012 is expected to be approximately $50 million and approximately $160 million, respectively. See "Non-GAAP Financial Measures" below.
•Recurring loss per common share for the year ended December 31, 2012 is currently estimated to be less than current analysts' average consensus estimates of $(0.08) per share. See "Non-GAAP Financial Measures" below.
LIQUIDITY, ANTICIPATED IMPAIRMENT CHARGES AND DIVIDENDS
The Company had liquidity of approximately $100 million as of March 15, 2013. The Company believes it has sufficient liquidity and projected cash flow from operations to fund its projected fiscal 2013 upstream capital budget of $300 million, absent any contemplated asset sales. The Company is continuing to aggressively pursue planned monetizations of certain of its properties, including its Eagle Ford Shale properties, to further enhance its liquidity, and the Company expects to announce the results of such activities in the near future.
The Company anticipates non-cash charges for impairment to its unproved properties and proved properties of approximately $49 million and approximately $16 million, respectively, in the three months ended December 31, 2012. As a result, the Company expects non-cash charges for impairment to its unproved properties and proved properties of approximately $55 million and approximately $16 million, respectively, in the twelve months ended December 31, 2012. The Company is reviewing whether additional impairment charges will be required. None of the expected impairment charges relate to the Company's Eagle Ford Shale properties, and any additional non-cash impairment charges that may be identified are not expected to relate to such properties.
The Company plans to pay on or about April 1, 2013 the previously declared dividends on its Series C, D, and E Preferred Stock for March 2013. Subsequent dividends will be dependent upon the timing of the filing of the 2012 Form 10-K and obtainment of any required consents.