THIRD QUARTER 2015
- Revenue from oil & gas production incl. realized derivatives of $3,003’ (3,063’).
- Effect from unrealized derivatives of $1,281’ (710’).
- Gross result from production incl. realized hedges of $1,387’ (1,803’) with a margin of 46% (59%).
- EBITDA of $1,961’ (4,061’).
- EBITDA for US operations adj. for unrealized derivatives amounted to $2,022’ (3,916’).
- Net result of -$192’ (3,114’).
- Earnings per share -$0.01 (0.12).
SIGNIFICANT EVENTS DURING THE QUARTER
- Participated in a 7 well drilling program in the DJ Basin through the expected merger with Pedevco.
- Cost cutting program implemented both on Operational and G&A.
- The AGM appointed Petter Hagland as a non-executive member of the Board of Directors.
- OPEX (excl. production taxes and workovers) per barrel of oil equivalent amounted to $19.24 ($13.05).
- The Company continued the merger process with Pedevco and received a term sheet for financing.
FINANCIAL KEY RATIOS
|Revenues from oil and gas sales incl realized derivatives||3,003||3,063||9,675||4,731||9,237|
|Value change in unrealized derivatives||1,281||710||125||710||7,987|
|Gross profit from oil & gas operations incl. realized derivatives||1,387||1,803||5,760||2,761||4,840|
|Gross margin, %||46%||59%||60%||58%||52%|
|EBITDA for the US oil operation (adj. for unrealized value change of derivatives)||2,022||3,916||4,608||4,356||6,262|
|EPS (in US$)||-0.01||0.12||-0.09||0.11||0.31|