THIRD QUARTER AND NINE MONTHS REPORT 2014

THIRD QUARTER

  • Total revenues of $5,465’ (559’)
  • EBITDA of $3,194’ (-261’)
  • Net result of $3,114’ (508’)
  • Earnings per share $0.12 (0.04)

NINE MONTHS

  • Total revenues of $7,203’ (1,773’)
  • EBITDA of $2,492’ (-285’)
  • Net result of $2,411’ (-209’)
  • Earnings per share $0.11 (-0.02)

SIGNIFICANT EVENTS DURING THE QUARTER

  • Finalized and integrated the acquisition of VistaTex Energy LLC.
  • New $40 million senior asset back reserve based bank facility with Societe Generale.
  • Average daily production of 1,050 barrels of oil equivalents (boepd), a fourfold increase from Q2.
  • OPEX (excl. production taxes) per barrel of oil equivalent amounted to $11 ($22).
  • Divested non-core assetss in Lincoln parish, Louisiana.

SUBSEQUENT EVENTS

  • Finalized acquisition of properties from Range Ventures LLC, effective 1 October 2014, increasing reserves and production.

FINANCIAL KEY RATIOS

US$ Thousand Q3 Q3 Q1-Q3 Q1-Q3 FY
2014 2013 2014 2013 2013
Total revenues 5,465 559 7,203 1,773 2,316
Revenues from oil and gas sales 2,907 559 4,542 1,773 2,167
Gross profit 1,647 356 2,572 1,033 1,121
Gross margin, % 57% 64% 57% 58% 52%
EBITDA 3,194 -261 2,492 -285 -682
EBT 3,114 524 2,411 -193 -3,814
Net result 3,114 508 2,411 -209 -3,830
EPS (in US$) 0.12 0.04 0.11 -0.02 -0.30
Production (boepd) 1,050 80 448 77 69