Osage Exploration and Development Inc. (OTCBB:OEDV), an independent exploration and production company focused on the Horizontal Mississippian and Woodford plays in Oklahoma, reported its operational and financial results for the quarter ended June 30, 2014.
Highlights include:
- An increase in average daily production from 411 barrels of oil equivalent per day (BOEPD) in the first quarter of 2014 to 425 BOEPD in the second quarter of 2014;
- Production of 38,756 BOE, 123% higher than the second quarter of 2013;
- Revenue from continuing operations of $2.5 million, an 88% increase over the prior year and in line with first quarter 2014 revenues;
- Adjusted EBITDA* of $1.25 million, up 185% over the second quarter of 2013 and also in line with Adjusted EBITDA of $1.38 million from the first quarter of 2014: and,
- Decreased operating expenses per BOE from $12.77 in the first quarter to $10.08 in the second quarter of 2014.
“With Osage's transition from non-operator to operator being complete, the second quarter of 2014 was the final chapter in a book that has now been shelved," Kim Bradford, chairman and CEO of Osage, said in a statement. "At the end of the second quarter, Osage had interests in 43 non-operated wells, average daily production of 425 barrels of oil equivalent, and largely stable revenues quarter-over-quarter. These numbers do not yet reflect any contribution from the Osage-operated wells that came online in early July.”
Bradford continued, “We are now well into prosecuting our operated drilling program, and have a much greater working interest per well than we did as a non-operator. As a result, growth in quarterly production and revenue should be much sharper than in the past. We are targeting a 2014 production exit rate that is double our average rate during the second quarter, and the employment of a second rig in Logan County sometime next year. We have stated in the past that the period beginning in the second half of this year would be one of rapid growth and positive change for Osage, and reiterate that statement and sentiment now.”
Osage is based in San Diego.
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