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Saratoga Resources, Inc. Reports Fourth Quarter And 2011 Financial Results, Increased Reserves And New Production Milestone

Discretionary Cash Flow is a supplemental financial measure used by the company’s management and by securities analysts, investors, lenders, rating agencies and others who follow the industry as an indicator of the company’s ability to internally fund exploration and development activities. Discretionary cash flow should not be considered as a substitute for net income, operating income, cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (“GAAP”). Discretionary cash flow excludes some, but not all, items that affect net income and operating income and these measures may vary among other companies. Therefore, the company’s Discretionary Cash Flow may not be comparable to similarly titled measures used by other companies.

The table below reconciles the most directly comparable GAAP financial measure to Discretionary Cash Flow.

 

Reconciliation of Net Income (Loss) to Discretionary Cash Flow

 
  For the Three Months Ended December 31,     For the Year Ended December 31,
2011   2010 2011   2010
 
Net income (loss) as reported $ 11,482,185 $ (1,720,554 ) $ 20,845,941 $ (19,441,528 )
 
Exploration expense 23,018 473,608 596,065 1,921,943
Loss on plugging and abandonment - - 393,599 -
Dry hole costs 124,882 - 3,912,823 -
Depreciation, depletion and amortization 3,213,959 4,201,758 15,591,048 16,001,826
Impairment expense 641,791 - 641,791 -
Accretion expense 424,422 392,634 1,672,900 1,668,268
Gain on revision of asset retirement obligations (303,633 ) - (303,633 ) -
Stock-based compensation 149,824 447,227 943,119 2,570,144
Loss on settlement of accounts payable - - - 990,786
Debt issuance and discount 293,568 762,382 2,211,954 2,918,246
Income tax provision (benefit) (6,747,749 ) (24,528 ) (6,839,117 ) -
Gain on extinguishment of debt - - (7,708,486 ) -
Unrealized derivative (income) expenses - - - (435,049 )
Hurricane costs - - - -
Other development expenditures - - - -
Other income – prior acquisition adj.   (1,426,779 )   -     (1,426,779 )   -  
 
Discretionary Cash Flow $ 7,875,488   $ 4,532,527   $ 30,531,225   $ 6,194,636  
 

EBITDAX is a non-GAAP financial measure.

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