Saratoga Resources, Inc. (NYSE MKT: SARA; the “Company” or “Saratoga”) today announced financial and operating results for the quarter ended September 30, 2012, including the estimated impact of Hurricane Isaac.
Key Financial Results
- Oil and gas revenues of $16.5 million for the third quarter 2012 compared to $18.9 million for the third quarter 2011;
- Lease operating expenses (“LOE”) of $4.6 million ($20.06 per BOE) for third quarter 2012 compared to $4.6 million ($18.64 per BOE) for third quarter 2011;
- General and administrative expenses (“G&A”) of $2.0 million ($8.56 per BOE) for third quarter 2012 compared to $2.6 million ($10.62 per BOE) for third quarter 2011;
- Net loss of $0.5 million, or $0.02 per fully diluted share, for third quarter 2012 compared to net income of $6.2 million, or $0.24 per fully diluted share, for the third quarter 2011;
- EBITDAX of $8.5 million ($37.00 per BOE) for the third quarter 2012 compared to $11.5 million ($46.60 per BOE) for the third quarter 2011; and
- Discretionary cash flow of $4.4 million, or $0.14 per fully diluted share, for the third quarter 2012 compared to discretionary cash flow of $7.5 million, or $0.29 per fully diluted share, for the third 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 12.9% decrease in oil and gas revenues for the third quarter 2012 reflects the effects of Hurricane Isaac, which resulted in production being shut-in for 17 days during the quarter and a resulting decrease in oil production volume (down 15.3% compared to the third quarter 2011), and decreased prices realized from gas sales (down 7.7%). Those decreases were partially offset by an increase in gas production (up 10.8% compared to third quarter 2011) and a slight increase in prices realized from oil sales (up 0.6%).
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