Results for the Quarter Ended March 31, 2015
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Produced 1,640 net barrels of oil per day (“BOPD”) from the Delhi field, a 259% increase from the year-ago quarter and a 38% increase from the prior quarter.
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Increased gross production in the Delhi field by 5.3% from the prior quarter to 6,203 BOPD from 5,892 BOPD
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Increased total revenues to $7.1 million, 63% higher than the year-ago quarter and an 8% decrease from the prior quarter, as lower oil prices offset the effects of higher net production after the November 1, 2014 reversion of our working interest
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Generated net income of $0.6 million, or $0.02 per diluted common share, a 25% decrease from the year-ago quarter and a 47% decrease from the prior quarter, primarily due to lower oil prices and partially offset by increased sales volumes
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Approved the capital expenditure budget by our operating partner of $24.6 million net to the Company for the construction of a natural gas liquids (“NGL”) recovery plant in the Delhi field expected to be operational in the middle of calendar 2016 with projected gross production of 2,000 barrels of liquids per day or more
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Reached agreement with the operator of the Delhi field to reverse suspended overriding royalty interests totaling 2.892% and collected previously suspended funds
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Entered into three master service agreements with new large customers for installation of our GARP® technology
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Successfully resolved the Jones lawsuit, which was dismissed with prejudice without any consideration being paid to plaintiffs
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Remained debt free and distributed $1.6 million of cash dividends to our common shareholders in the current quarter
