HOUSTON, June 21, 2019 – (NYSE American: ) recently declared that net income for the fourth quarter of 2018 was $64.665K contrast to a net loss of $282.663K for the fourth quarter of 2017.  For the twelve months ended December 31, 2018, net loss was $251.336K contrast to a net loss of $2.037M for the twelve months ended December 31, 2017.

Oil and gas revenues were up 256% for the year, to $2.243M for 2018 as contrast to $630.392K in 2017.  The increase in revenues was attributable to production from the Company’s Reeves County, TX wells which came on line late in 2017. The Company’s commitment to lower operating costs and stringent financial controls had a positive impact during the year with general and administrative costs decreasing 33% to $1.422M in 2018 from $2.128M in 2017.

Other financial metrics improved in 2018, highlighted by:

  • Cash flow from operating activities of $360.792K for the year ended December 31, 2018 vs. cash used in operating activities of $1.716M for the year ended December 31, 2017
  • Proved reserve PV10 valuation of $7.714M at December 31, 2018 vs. $6.848M at December 31, 2017
  • Cash on hand of $755.702K at December 31, 2018 vs. $392.062K at December 31, 2017
  • A current ratio of 15:1 at December 31, 2018 vs. 5:1 at December 31, 2017
  • Total liabilities of $145.478K at December 31, 2018 vs. $236.560K at December 31, 2017; and no long-term debt.
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