This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

High Plains Gas, Inc. Announces Results For The Fourth Quarter And Year Ended December 31, 2011 And Filing Of Annual Report On Form 10-K

High Plains Gas, Inc. (OTCBB: HPGS) announced today results for the fourth quarter and the fiscal year ended December 31, 2011.

Revenue Results:

The Company recognized revenue for the fourth quarter ended December 31, 2011 of approximately $7.0 million. Contributing to the substantial increase of quarterly revenue was the energy construction and field maintenance services segment, comprised of Miller Fabrication, LLC and HPG Services which accounted for approximately $5.0 million.

Revenues for the fiscal year ended December 31, 2011 were approximately $17.2 million as compared to approximately $2.6 million during the corresponding period 2010.

Fourth Quarter and Fiscal Year Ended 2011 Financial Results:

The Company recorded a net loss applicable to common shareholders for the fiscal year ended December, 31 2011 of $57,500,596 compared to $5,483,487 in the corresponding 2010 period. Contributing significantly to the net losses incurred in 2011 were losses recorded in connection with “nonrecurring” and “non-cash items”. Specifically, these losses included approximately $8.7 million related to depletion, depreciation, and amortization, approximately $3.5 million in amortization of bond commitment/finance fees and accretion of asset retirement obligations, approximately $4.1 million in losses incurred in connection with abandonment of gas properties, approximately $18.9 million in impairment charges related to our gas properties and other intangible assets, approximately $2.4 million in charges related to share-based compensation and the issuance of equity instruments, approximately $2.6 million in losses related to the change in fair value of marketable securities offset by unrealized gains on our commodity hedge, and finally approximately $8.3 million loss on extinguishment of debt.

Brandon Hargett, CEO of High Plains Gas mentioned, “We are pleased with the results of our fourth quarter revenue numbers, and hope that this provides the shareholders with a glimpse into the future of High Plains Gas. The acquisition of Miller Fabrication, LLC in the fourth quarter of 2011, our energy construction and field maintenance services division, continues to grow and expand at a healthy clip helping the segment realize over 71% of the Company’s revenue in the fourth quarter.”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs