Le Lézard
Classified in: Business
Subject: EARNINGS

Empire Petroleum Announces Results for Third Quarter 2023


Empire Petroleum (NYSE American: EP) ("Empire" or the "Company"), an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas and Louisiana, today announced operational and financial results for the third quarter of 2023. In addition, the Company provided an update on its targeted drilling program underway at its Starbuck field in North Dakota (the "Starbuck Drilling Program").

KEY THIRD QUARTER 2023 AND RECENT HIGHLIGHTS

1.

Adjusted Net Income (Loss), EBITDA and Adjusted EBITDA are non-GAAP financial measures. See "Non-GAAP Information" section later in this release for more information, including reconciliations to the most comparable GAAP measure.

MANAGEMENT COMMENTARY

Mike Morrisett, President and Chief Executive Officer of Empire, commented, "We were pleased to see improvement in commodity prices during the third quarter. This timing is ideal as we continue to progress through our development campaign that began in the latter part of 2022 on our North Dakota assets and materially expanded in the second half of 2023 with the recent kick off of the Starbuck Drilling Program."

Mr. Morrisett continued, "Our capital development programs are designed to drive a meaningful increase in production levels and cash flow for the near and long-term benefit of our shareholders. A lot of time and effort was spent developing the programs and the positive initial results from the well logs on our first two wells being drilled is another clear indicator that all of the planning was well worth the effort. I want to thank everyone involved for their hard work and dedication as we continue to successfully execute our targeted development activities."

Phil Mulacek, Chair of the Board of Empire, further commented, "We are clearly encouraged with the initial well log results from the first two wells of the Starbuck Drilling Program. We look forward to drilling targeted laterals of 5,000 to 6,500 feet within the target Upper Charles Formation. Loans have been advanced to the Company to fund the drilling and completion activities. As we move through our drilling program, we will continue to apply the lessons learned to improve overall performance of a target production growth."

FINANCIAL AND OPERATIONAL RESULTS FOR THIRD QUARTER 2023

 

 

 

Q3 2023

 

 

Q2 2023

 

 

% Change Q3 2023 vs. Q2 2023

 

 

Q3 2022

 

 

% Change Q3 2023 vs. Q3 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales (Boe/d)

 

 

 

 

2,048

 

 

 

2,135

 

 

 

(4

%)

 

 

2,232

 

 

 

(8

%)

Net sales (Boe)

 

 

 

 

188.396

 

 

 

194,306

 

 

 

(3

%)

 

 

205,380

 

 

 

(8

%)

Realized price - all products ($/Boe)

 

 

 

$

54.75

 

 

$

50.22

 

 

 

9

%

 

$

68.03

 

 

 

(20

%)

Product Revenue ($M)

 

 

 

$

10,315

 

 

$

9,758

 

 

 

(6

%)

 

$

13,973

 

 

 

(35

%)

Net income (loss) ($M)

 

 

 

$

(2,748)

 

 

$

(2,465)

 

 

 

(11

%)

$

216

 

 

 

NM

Adjusted Net Income (Loss) ($M)

 

 

 

$

(1,462)

 

 

$

(2,398)

 

 

 

39

%

 

$

90

 

 

 

NM

 

Adjusted EBITDA ($M)

 

 

 

$

134

 

 

$

171

 

 

 

(22

%)

 

$

4,799

 

 

 

(97

%)

 

NM ? Not meaningful due to a change in signs.

Net sales volumes were 2,048 Boe/d, including 1,306 barrels of oil per day; 387 barrels of NGLs per day, and 2,129 thousand cubic feet per day ("Mcf/d"), or 355 Boe/d, of natural gas. This is compared to net sales volumes for the second quarter of 2023 of 2,135 Boe/d, including 1,411 barrels of oil per day; 337 barrels of NGLs per day, and 2,322 thousand cubic feet per day ("Mcf/d"), or 387 Boe/d, of natural gas. Primarily driving the quarterly sequential decrease was lower oil sales volumes associated with Empire's assets in New Mexico due to an annual turnaround of the Eunice Monument South Unit waterflood central facility. The Company looks forward to increasing its North Dakota asset production profile over the near to mid-term through its Starbuck Drilling Program currently underway that is targeted to drill up to 14 high rate-of-return wells.

Empire reported $10.3 million of product revenue versus $9.8 million for the second quarter of 2023. Offsetting the increase in realized crude oil and natural gas sales pricing, was lower sales volumes for crude oil and natural gas as well as lower NGLs realized pricing. This was partially offset by a 16% increase in sequential NGLs sales volumes primarily associated with the Company's New Mexico assets due to increasing gas well output to capitalize on higher natural gas pricing.

Lease operating expenses were $7.1 million in both the third and second quarter of 2023. On a Boe basis, third quarter lease operating expenses were $37.42 per Boe versus $36.54 per Boe for the second quarter.

Production and ad valorem taxes were $0.8 million, which was a slight increase from $0.7 million for the second quarter of 2023, and were 7.7% and 7.4% of total product revenue, respectively, for the third and second quarters of 2023.

General and administrative ("G&A") expense, excluding share-based compensation expense, was $2.6 million ($13.70 per Boe) versus $1.9 million ($9.75 per Boe) for the second quarter of 2023.

Empire recorded a net loss of $2.7 million, or $0.12 per diluted share, compared to a net loss of $2.5 million, or $0.11 per diluted share, for the second quarter of 2023. The Company posted an Adjusted Net Loss for the third quarter of $1.5 million, or $0.06 per diluted share, versus an Adjusted Net Loss of $2.4 million, or $0.11 per diluted share, in the second quarter of 2023.

Adjusted EBITDA was $0.1 million versus $0.2 million for the second quarter of 2023.

CAPITAL SPENDING, BALANCE SHEET & LIQUIDITY

For the three months and nine months ended September 30, 2023, the Company invested approximately $2.5 million and $5.6 million, respectively, in capital expenditures primarily related to recompletion and other activities in multiple states as Empire seeks to bring production online from existing wells, as well as expenditures related to the Company's new horizontal drilling in North Dakota.

Total liquidity at the end of the third quarter of 2023 was $11.3 million, including $11.0 million of cash and $0.3 million of availability on the Company's credit facility. Empire remains squarely focused on continuing to execute on its strategy to remain financially conservative and target opportunities that provide long-term value for the Company's shareholders.

DEVELOPMENT PROGRAM UPDATE

The Company is drilling the first two of ten to 14 wells to begin the 2023-2024 Starbuck Drilling Program. The first well was spud on October 11, 2023 and drilled to a depth of approximately 3,600 feet, thereby penetrating the targeted Upper Charles Formation.

ABOUT EMPIRE PETROLEUM

Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana, and New Mexico. Management is focused on organic growth and targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. More information about Empire can be found at www.empirepetroleumcorp.com.

SAFE HARBOR STATEMENT

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company's estimates, strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2022, and its other filings with the SEC. Readers and investors are cautioned that the Company's actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company's ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and other risks and uncertainties related to the conduct of business by the Company. Other than as required by applicable securities laws, the Company does not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations, or otherwise.

 
EMPIRE PETROLEUM CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30,

2023

2023

2022

2023

2022

Revenue:
Oil Sales

$

9,492,127

 

$

9,147,611

 

$

11,501,521

 

$

27,578,453

 

$

35,247,309

 

Gas Sales (1)

 

411,217

 

 

248,686

 

 

1,526,148

 

 

1,315,938

 

 

3,731,946

 

Natural Gas Liquids ("NGLs") Sales (1)

 

411,624

 

 

362,181

 

 

945,317

 

 

1,278,759

 

 

3,201,947

 

Total Product Revenues

 

10,314,968

 

 

9,758,478

 

 

13,972,986

 

 

30,173,150

 

 

42,181,202

 

Other

 

17,050

 

 

18,361

 

 

22,921

 

 

54,775

 

 

71,877

 

Gain (Loss) on Derivatives

 

(1,185,921

)

 

(66,657

)

 

42,474

 

 

(1,319,401

)

 

(93,740

)

Total Revenue

 

9,146,097

 

 

9,710,182

 

 

14,038,381

 

 

28,908,524

 

 

42,159,339

 

 
Costs and Expenses:
Lease Operating Expense

 

7,050,054

 

 

7,099,000

 

 

7,751,755

 

 

20,669,217

 

 

16,981,057

 

Production and Ad Valorem Taxes

 

792,241

 

 

721,275

 

 

1,112,246

 

 

2,271,630

 

 

3,151,325

 

Depletion, Depreciation & Amortization

 

727,943

 

 

711,042

 

 

539,543

 

 

2,061,474

 

 

1,429,788

 

Accretion of Asset Retirement Obligation

 

470,505

 

 

405,361

 

 

342,619

 

 

1,277,141

 

 

1,009,107

 

General and Administrative Expense:
General and Administrative

 

2,580,464

 

 

1,894,204

 

 

2,040,418

 

 

7,497,947

 

 

6,915,068

 

Stock-Based Compensation

 

158,792

 

 

1,180,806

 

 

809,641

 

 

2,289,237

 

 

1,672,823

 

Total General and Administrative Expense

 

2,739,256

 

 

3,075,010

 

 

2,850,059

 

 

9,787,184

 

 

8,587,891

 

 
Total Cost and Expenses

 

11,779,999

 

 

12,011,688

 

 

12,596,222

 

 

36,066,646

 

 

31,159,168

 

 
Operating Income (Loss)

 

(2,633,902

)

 

(2,301,506

)

 

1,442,159

 

 

(7,158,122

)

 

11,000,171

 

 
Other Income and (Expense):
Interest Expense

 

(249,796

)

 

(184,887

)

 

(125,330

)

 

(671,982

)

 

(347,763

)

Other Income (Expense)

 

1,350

 

 

21,484

 

 

(1,100,888

)

 

23,256

 

 

(1,278,760

)

Income (Loss) before Taxes

 

(2,882,348

)

 

(2,464,909

)

 

215,941

 

 

(7,806,848

)

 

9,373,648

 

 
Income Tax (Provision) Benefit

 

134,720

 

 

-

 

 

-

 

 

134,720

 

 

-

 

 
Net Income (Loss)

$

(2,747,628

)

$

(2,464,909

)

$

215,941

 

$

(7,672,128

)

$

9,373,648

 

 
Net Income (Loss) per Common Share:
Basic

$

(0.12

)

$

(0.11

)

$

0.01

 

$

(0.34

)

$

0.45

 

Diluted

$

(0.12

)

$

(0.11

)

$

0.01

 

$

(0.34

)

$

0.41

 

Weighted Average Number of Common Shares Outstanding:
Basic

 

22,727,639

 

 

22,105,704

 

 

21,651,383

 

 

22,320,207

 

 

20,654,294

 

Diluted

 

22,727,639

 

 

22,105,704

 

 

24,065,485

 

 

22,320,207

 

 

22,778,836

 

(1)

Presentation for the three and nine months ended September 30, 2022 reflects reclassification of gathering and processing costs from lease operating expense, which is consistent with the presentation of results for the first three quarters of 2023
EMPIRE PETROLEUM CORPORATION
Condensed Operating Data
(Unaudited)
 
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30,

2023

2023

2022

2023

2022

 
Net Production Volumes:
Oil (Bbl)

 

120,177

 

128,413

 

123,804

 

368,847

 

361,226

Natural gas (Mcf)

 

195,908

 

211,293

 

231,522

 

638,419

 

653,829

Natural gas liquids (Bbl)

 

35,568

 

30,678

 

42,989

 

106,002

 

121,658

Total (Boe)

 

188,396

 

194,306

 

205,380

 

581,251

 

591,855

 
Average daily equivalent sales (Boe/d)

 

2,048

 

2,135

 

2,232

 

2,129

 

2,168

 
Average Price per Unit:
Oil ($/Bbl)

$

78.98

$

71.24

$

92.90

$

74.77

$

97.58

Natural gas ($/Mcf)

$

2.10

$

1.18

$

6.59

$

2.06

$

5.71

Natural gas liquids ($/Bbl)

$

11.57

$

11.81

$

21.99

$

12.06

$

26.32

Total ($/Boe)

$

54.75

$

50.22

$

68.03

$

51.91

$

71.27

 
Operating Costs and Expenses per Boe:
Lease operating expense

$

37.42

$

36.54

$

37.74

$

35.56

$

28.69

Production and ad valorem taxes

$

4.21

$

3.71

$

5.42

$

3.91

$

5.32

Depreciation, depletion, amortization and accretion

$

6.36

$

5.75

$

4.30

$

5.74

$

4.12

General & administrative expense:
General & administrative expense

$

13.70

$

9.75

$

9.93

$

12.90

$

11.68

Stock-based compensation

$

0.84

$

6.08

$

3.94

$

3.94

$

2.83

Total general & administrative expense

$

14.54

$

15.83

$

13.88

$

16.84

$

14.51

EMPIRE PETROLEUM CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
 
September 30, December 31,

2023

2022

 
ASSETS
Current Assets:
Cash

$

11,034,834

 

$

11,944,442

 

Accounts Receivable

 

7,226,146

 

 

7,780,239

 

Derivative Instruments

 

-

 

 

121,584

 

Inventory - Oil in Tanks

 

1,564,684

 

 

1,840,274

 

Prepaids

 

591,732

 

 

1,048,434

 

Total Current Assets

 

20,417,396

 

 

22,734,973

 

 
Property and Equipment:
Oil and Natural Gas Properties, Successful Efforts

 

74,620,878

 

 

63,986,339

 

Less: Accumulated Depreciation, Depletion and Impairment

 

(22,014,050

)

 

(20,116,696

)

Total Oil and Gas Properties, Net

 

52,606,828

 

 

43,869,643

 

Other Property and Equipment, Net

 

1,867,911

 

 

1,441,529

 

Total Property and Equipment, Net

 

54,474,739

 

 

45,311,172

 

 
Sinking Fund

 

-

 

 

2,779,000

 

Utility and Other Deposits

 

1,374,771

 

 

719,930

 

 
TOTAL ASSETS

$

76,266,906

 

$

71,545,075

 

 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable

$

6,051,027

 

$

5,843,366

 

Accrued Expenses

 

5,726,117

 

 

9,461,010

 

Derivative Instruments

 

1,053,606

 

 

-

 

Current Portion of Lease Liability

 

424,819

 

 

256,975

 

Term Note Payable - Related Party

 

1,060,004

 

 

-

 

Current Portion of Long-Term Debt

 

4,549,585

 

 

2,059,309

 

Total Current Liabilities

 

18,865,158

 

 

17,620,660

 

 
Long-Term Debt

 

116,507

 

 

4,063,115

 

Bridge Loans - Related Parties

 

10,000,000

 

 

-

 

Term Note Payable - Related Party

 

-

 

 

1,076,987

 

Lease Liability

 

654,524

 

 

547,692

 

Derivative Instruments

 

59,949

 

 

-

 

Asset Retirement Obligations

 

27,742,852

 

 

25,000,740

 

Total Liabilities

 

57,438,990

 

 

48,309,194

 

 
Stockholders' Equity:
Series A Preferred Stock - $.001 Par Value, 10,000,000 Shares Authorized, 6 and 6 Shares Issued and Outstanding, Respectively

 

-

 

 

-

 

Common Stock - $.001 Par Value, 190,000,000 Shares Authorized, 22,892,280 and 22,093,503 Shares Issued and Outstanding, Respectively

 

82,414

 

 

81,615

 

Additional Paid-in Capital

 

78,566,843

 

 

75,303,479

 

Accumulated Deficit

 

(59,821,341

)

 

(52,149,213

)

Total Stockholders' Equity

 

18,827,916

 

 

23,235,881

 

 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

76,266,906

 

$

71,545,075

 

EMPIRE PETROLEUM CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30, September 30,

2023

 

2023

 

2022

 

2023

 

2022

 
Cash Flows From Operating Activities:
Net Income (Loss)

$

(2,747,628

)

$

(2,464,909

)

$

215,941

 

$

(7,672,128

)

$

9,373,648

 

 
Adjustments to Reconcile Net Income (Loss) to Net Cash
Provided By Operating Activities:
Stock Compensation and Issuances

 

158,792

 

 

1,180,806

 

 

809,636

 

 

2,289,237

 

 

1,672,823

 

Amortization of Right of Use Assets

 

124,171

 

 

87,560

 

 

44,627

 

 

287,956

 

 

135,234

 

Depreciation, Depletion and Amortization

 

727,943

 

 

711,042

 

 

539,543

 

 

2,061,474

 

 

1,429,788

 

Accretion of Asset Retirement Obligation

 

470,505

 

 

405,361

 

 

342,619

 

 

1,277,141

 

 

1,009,107

 

(Gain) Loss on Derivatives

 

1,185,921

 

 

66,657

 

 

(42,474

)

 

1,319,401

 

 

93,740

 

Settlement on or Purchases of Derivative Instruments

 

(45,855

)

 

-

 

 

(83,914

)

 

(87,042

)

 

(244,805

)

Loss on XTO Final Settlement

 

-

 

 

-

 

 

1,448,363

 

 

-

 

 

1,448,363

 

PIE-Related Expense

 

-

 

 

-

 

 

1,399,030

 

 

-

 

 

1,399,030

 

Change in Operating Assets and Liabilities:
Accounts Receivable

 

467,151

 

 

(1,189,280

)

 

1,417,093

 

 

(1,572,038

)

 

304,009

 

Inventory, Oil in Tanks

 

(26,255

)

 

155,057

 

 

(412,768

)

 

(292,057

)

 

(567,477

)

Prepaids, Current

 

202,867

 

 

618,737

 

 

(184,958

)

 

911,416

 

 

(45,362

)

Accounts Payable

 

1,892,377

 

 

(1,587,886

)

 

(1,459,997

)

 

194,438

 

 

(2,464,573

)

Accrued Expenses

 

(89,808

)

 

(464,538

)

 

(208,689

)

 

(3,732,113

)

 

1,480,826

 

Other Long Term Assets and Liabilities

 

(292,782

)

 

(436,523

)

 

39,026

 

 

(942,916

)

 

(117,185

)

Net Cash Provided By Operating Activities

2,027,399

 

 

(2,917,916

)

3,863,078

 

 

5,957,231

)

 

14,907,166

 

 
Cash Flows from Investing Activities:
Acquisition of Oil and Natural Gas Properties

 

(1,424,419

)

 

(670,000

)

 

-

 

 

(2,094,419

)

 

(2,205,000

)

Additions to Oil and Natural Gas Properties

 

(2,468,688

)

 

(917,843

)

 

(276,024

)

 

(5,596,535

)

 

(1,502,900

)

Purchase of Other Fixed Assets

 

(26,478

)

 

(125,866

)

 

(189,179

)

 

(179,514

)

 

(307,787

)

Cash Paid for Right of Use Assets

 

(223,606

)

 

(117,560

)

 

(44,009

)

 

(427,711

)

 

(135,244

)

Sinking Fund Deposit

 

-

 

 

-

 

 

-

 

 

2,779,000

 

 

(640,000

)

Net Cash Used In Investing Activities

 

(4,143,191

)

 

(1,831,269

)

 

(509,212

)

 

(5,519,179

)

 

(4,790,931

)

 
Cash Flows from Financing Activities:
Principal Payments of Debt

 

(644,224

)

 

(719,838

)

 

(1,384,167

)

 

(1,933,198

)

 

(1,384,167

)

Proceeds from Bridge Loans and Related Parties

 

10,000,000

 

 

-

 

 

922,388

 

 

10,000,000

 

 

-

 

Proceeds from Option and Warrant Exercises

 

2,500,000

 

 

-

 

 

405,220

 

 

2,500,000

 

 

3,389,903

 

Net Cash Provided By (Used In) Financing Activities

 

11,855,776

 

 

(719,838

)

 

(56,559

)

 

10,566,802

 

 

2,005,736

 

 
Net Change in Cash

 

9,739,984

 

 

(5,469,023

)

 

3,297,307

 

 

(909,608

)

 

12,121,971

 

 
Cash - Beginning of Period

 

1,294,850

 

 

6,763,873

 

 

12,436,535

 

 

11,944,442

 

 

3,611,871

 

 
Cash - End of Period

$

11,034,834

 

$

1,294,850

 

$

15,733,842

 

$

11,034,834

 

$

15,733,842

 

 
Supplemental Cash Flow Information:
Cash Paid for Interest

$

398,033

 

$

292,022

 

Empire Petroleum Corporation
Non-GAAP Information

Certain financial information included in Empire's financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures include "Adjusted Net Income (Loss)", "EBITDA" and "Adjusted EBITDA". These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Adjusted Net Income (Loss) is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current periods to prior periods.

 
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30,

2023

2023

2022

2023

2022

 
Net Income (Loss)

$

(2,747,628

)

$

(2,464,909

)

$

215,941

 

$

(7,672,128

)

$

9,373,648

 

 
Adjusted for:
(Gain) loss on derivatives

 

1,185,921

 

 

66,657

 

 

(42,474

)

 

1,319,401

 

 

93,740

 

Settlement on or Purchases of Derivative Instruments

 

(45,855

)

 

-

 

 

(83,926

)

 

(87,042

)

 

(244,817

)

CEO severance (including employer taxes)

 

-

 

 

-

 

 

-

 

 

374,820

 

 

-

 

COO severance (including employer taxes)

 

145,319

 

 

-

 

 

-

 

 

145,319

 

 

-

 

Settlement and fees related to Texas sales tax audit

 

-

 

 

-

 

 

-

 

 

-

 

 

1,089,318

 

 
Adjusted Net Income (Loss)

$

(1,462,243

)

$

(2,398,252

)

$

89,541

 

$

(5,919,630

)

$

10,311,889

 

 
Diluted Weighted Average Shares Outstanding

 

22,727,639

 

 

22,105,704

 

 

24,065,485

 

 

22,320,207

 

 

22,778,836

 

 
Adjusted Net Income (Loss) Per Share

$

(0.06

)

$

(0.11

)

$

-

 

$

(0.27

)

$

0.45

 

The Company defines Adjusted EBITDA as net income (loss) plus net interest expense, depreciation, depletion and amortization ("DD&A"), accretion, amortization of right of use assets and other non-cash items. Company management believes this presentation is relevant and useful because it helps investors understand Empire's operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

 
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30,

2023

2023

2022

2023

2022

 
Net Income (Loss)

$

(2,747,628

)

$

(2,464,909

)

$

215,941

 

$

(7,672,128

)

$

9,373,648

 

 
Add Back:
Interest Expense

 

249,796

 

 

184,887

 

 

125,330

 

 

671,982

 

 

347,763

 

DD&A

 

727,943

 

 

711,042

 

 

539,543

 

 

2,061,474

 

 

1,429,788

 

Accretion

 

470,505

 

 

405,361

 

 

342,619

 

 

1,277,141

 

 

1,009,107

 

Impairment cost

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Amortization of right of use assets

 

124,171

 

 

87,560

 

 

44,627

 

 

287,956

 

 

135,234

 

Income Taxes

 

(134,720

)

 

-

 

 

-

 

 

(134,720

)

 

-

 

EBITDA

$

(1,309,933

)

$

(1,076,059

)

$

1,268,060

 

$

(3,508,295

)

$

12,295,540

 

 
Consideration of noncash items:
Stock compensation and issuances

 

158,792

 

 

1,180,806

 

 

809,641

 

 

2,289,237

 

 

1,672,829

 

(Gain) loss on derivatives

 

1,185,921

 

 

66,657

 

 

(42,474

)

 

1,319,401

 

 

93,740

 

Settlement on or Purchases of Derivative Instruments

 

(45,855

)

 

-

 

 

(83,926

)

 

(87,042

)

 

(244,817

)

CEO severance (including employer taxes)

 

-

 

 

-

 

 

-

 

 

374,820

 

 

-

 

COO severance (including employer taxes)

 

145,319

 

 

-

 

 

-

 

 

145,319

 

 

-

 

Write-off of JDA Note Receivable

 

-

 

 

-

 

 

1,399,030

 

 

-

 

 

1,399,030

 

XTO Final Settlement

 

-

 

 

-

 

 

1,448,363

 

 

-

 

 

1,448,363

 

Settlement and fees related to Texas sales tax audit

 

-

 

 

-

 

 

-

 

 

-

 

 

1,089,318

 

 
Adjusted EBITDA

$

134,244

 

$

171,404

 

$

4,798,694

 

$

533,440

 

$

17,754,003

 

 


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