Osage Exploration and Development Inc. (OTC: OEDV) had year-over-year (yoy) triple-digit growth in revenues, as well as oil and natural gas production and proved reserves, the company said March 31 when it detailed its year-end 2013 financial results.
Revenues from oil and natural gas—Colombian assets excluded—increased 255% yoy to just over $8 million, above 2012’s $2.3 million, the company said.
From this, the adjusted net EBITDA was $3.9 million, compared to 2012’s $218,500, Osage said.
Regarding operations, net oil production was up 246% yoy—76,409 barrels (bbl)—and natural gas production increased 141% yoy to 149,738 thousand cubic feet (Mcf), the company said.
The value of the company’s proved reserves increased to $40.9 million at year’s end, up from year-end 2012’s $14.8 million—an increase of 176% yoy—Osage said.
"Osage’s financial and operational results for 2013 were very solid with high growth rates in production, reserves and adjusted EBITDA,” said Jack Zedlitz, vice president of corporate development.
He added, “A truer indicator of Osage’s growth prospects will be revealed this year as we begin to operate our own Mississippian and Woodford wells in Logan County, and begin drilling in Pawnee and Coal Counties. While our 2013 results were very good, we believe that in the future we will do better.”
San Diego, Calif.-based Osage Exploration and Development is an exploration and production (E&P) company holding interests in domestic oil and natural gas wells and prospects.
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