Value Microcaps Junior Energy

[Bobwins]

xbor.ob 1.75 pretty good numbers from Xbor. Note the avg daily production of 456boepd for the qtr BUT the 750boepd rate for March. Q2 should avg around this 750boepd range, pushing gross revs and cashflow up porportionately with it.

5/16/2012 7:00:00 AM
SAN ANTONIO, May 16, 2012 /PRNewswire/ -- Cross Border Resources, Inc. (XBOR.OB), ("Cross Border" or "the Company"), a San Antonio-based oil and gas exploration and production company, today announced its financial results for the first quarter ended March 31, 2012.
(Logo: http://photos.prnewswire.com/prnh/20110523/AQ07208LOGO )
First Quarter 2012 Financial and Operating Highlights
Oil and gas revenues increased by 128% year-over-year to $3.6 million, up from $1.6 million in the first quarter of 2011.
Production volume totaled 41,477 barrels of oil equivalent ("boe"), an increase of 91% compared to 21,772 boe in the first quarter of 2011.
Average daily production sold during the first quarter of 2012 was 456 barrels of oil equivalent per day ("boepd") compared to 242 boepd for the first quarter of 2011. The daily average sales rate for March 2012 was 750 boepd.
Adjusted EBITDA increased 277.4% year-over-year to $2.0 million, up from $0.5 million in the first quarter of 2011.
Results of Operations for the Quarter Ended March 31, 2012
Revenues
Oil and gas revenues for the quarter ended March 31, 2012 were $3.6 million as compared to $1.6 million for the quarter ended March 31, 2011. The increase of $2.0 million, or 128%, was primarily due to increased production from wells added year-over-year, and a year-over-year increase in the average prices for crude oil.
Sales volume totaled 41,477 boe for the quarter, an increase of 91% compared to 21,772 boe for the same period of 2011. The increase was primarily driven by increased production from wells added period-over-period. Average daily sales for the quarter were 456 boepd, compared to 242 boepd for the same period of 2011. Cross Border's definition of daily sales represents only what volumes were sold in each respective year and does not account for stored inventory.
During the first three months of 2012, we participated in seven gross (one net) new wells. As of April 30, 2012, three of the seven new wells had been placed on production, while four were awaiting completion. Additionally, three of the four wells that began during 2011 and were awaiting completion at year-end 2011 were successfully completed during the first quarter of 2012.
Cross Border's average realized crude oil sales price for the quarter ended March 31, 2012 was $98.46 per barrel, compared to $89.19 in the same period of 2011. The Company's average realized natural gas sales price for the first quarter of 2012 was $5.86 per 1,000 cubic feet ("mcf"), compared to $6.22 per mcf for the same period of 2011.
Income from Operations
Operating income for the quarter ended March 31, 2012 amounted to $1.4 million as compared to an operating loss of $143,079 for the prior-year quarter. Operating expenses for the quarter ended March 31, 2012 totaled $2.2 million, up 25.5% from $1.7 million in the quarter ended March 31, 2011. The increase, primarily a result of costs related to additional wells brought online year-over-year, was partially offset by a 23.0% decrease in general and administrative expenses.
Net Income
Net income for the quarter ended March 31, 2012 was $658,145 as compared to a net loss of $154,916 for the same period in 2011. Net income per diluted share was $0.04 for the first quarter of 2012.
Adjusted EBITDA
Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") totaled $2.0 million, or $0.13 per fully diluted share, an increase of 277.4% compared to adjusted EBITDA of $0.5 million in the first quarter of 2011.
Adjusted EBITDA, a non-GAAP performance measure, is defined as net earnings before interest, income taxes, depreciation, depletion, amortization, abandonment and mark-to-market gains/losses on derivatives. Adjusted EBITDA does not represent, and should not be considered an alternative to GAAP measurements, and Cross Border's calculations thereof may not be comparable to similarly titled measures reported by other companies. Cross Border's management does not view adjusted EBITDA in isolation and also uses other measurements, such as net earnings (loss) and revenues to measure operating performance. A complete reconciliation of EBITDA to GAAP accounting standards can be found in this press release under the financial table "Reconciliation to GAAP."
Liquidity and Capital Resources
As of March 31, 2012, the Company's current assets were $4.1 million and current liabilities were $3.3 million. Cash and cash equivalents totaled $70,412 as of March 31, 2012. The Company's shareholders' equity at March 31, 2012 was $18.2 million. The Company generated $2.1 million from operating activities for the three months ended March 31, 2012, compared to $3.3 million for the same period of 2011. The Company used $5.9 million for investing activities for the quarter ended March 31, 2012, compared to $4.4 million for the same period of 2011. The Company generated $3.3 million from financing activities for the quarter ended March 31, 2012, compared to $0.9 million for the same period of 2011.
About Cross Border Resources
Information about the Company is available on its website, www.xbres.com.