Saratoga Resources, Inc. (NYSE MKT: SARA; the “Company” or “Saratoga”) today announced financial and operating results for the quarter ended June 30, 2012.
Key Financial Results
- Oil and gas revenues of $23.8 million for the second quarter 2012 compared to $18.8 million for the second quarter 2011;
- Lease operating expenses (“LOE”) of $4.7 million ($14.49 per BOE) for second quarter 2012 compared to $4.1 million ($19.06 per BOE) for second quarter 2011;
- General and administrative expenses (“G&A”) of $2.3 million ($7.22 per BOE) for second quarter 2012 compared to $1.9 million ($8.93 per BOE) for second quarter 2011;
- Net income of $0.9 million, or $0.03 per fully diluted share, for second quarter 2012 compared to net income of $2.8 million, or $0.12 per fully diluted share, for the second quarter 2011;
- EBITDAX of $13.4 million ($41.71 per BOE) for the second quarter 2012 compared to $13.3 million ($61.29 per BOE) for the second quarter 2011; and
- Discretionary cash flow of $9.4 million, or $0.32 per fully diluted share, for the second quarter 2012 compared to discretionary cash flow of $9.4 million, or $0.42 per fully diluted share, for the second quarter 2011.
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 27% increase in revenues for the second quarter 2012 reflects increased production volumes (up 48% compared to the second quarter 2011) offsetting decreased prices realized from oil and gas sales (down 2.3% and 44.0% respectively).While LOE increased by 13% over the corresponding quarter in 2011, this reflects increased production for the second quarter and there was a 24% decrease on a per BOE basis. Similarly, G&A increased by 20% over the corresponding quarter in 2011 but was 19% lower on a per BOE basis.
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