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Saturday, October 20, 2012 4:51:56 PM
Oil and gas production costs. Our lease operating expenses (LOE) increased from $20,438 or $60.67 per barrel of oil equivalent (BOE) for the three months ended June 30, 2011 to $218,074 or $53.11 per BOE for the three months ended June 30, 2012. The increases in total LOE was the result of additional acquisitions made between periods and work to get properties into proper working condition. The decrease in the per BOE amount was the result of higher production volumes between periods.
Production taxes. Production taxes as a percentage of oil and natural gas sales were 5% during the three months ended June 30, 2011 and remained steady at 5% for the three months ended June 30, 2012. These rates are expected to stay relatively steady unless we make acquisitions in other states with differing production tax rates or the state of Texas changes its production tax rate.
Depreciation, depletion and amortization. Our depreciation, depletion and amortization expense increased by $92,356 to $94,707 for the three months ended June 30, 2012, compared to $2,351 during the same period in 2011. The increase was the result of higher production volume partially offset by a decrease in the average depletion rate from $21.24 per BOE during the three months ended June 30, 2011 to $19.87 per BOE during the three months ended June 30, 2012. The decreased depletion rate was the result of additional acquisitions between periods.
General and administrative expenses. General and administrative expenses increased by $472,834 to $497,190 for the three months ended June 30, 2012, compared to $24,356 during the same period in 2011. The increase was primarily the result of an increase in stock-based compensation expense from $0 for the three months ended June 30, 2011 to $290,886 for the three months ended June 30, 2012 and contract staff compensation.
Interest expense. Interest expense was increased by $85,257 to $94,011 for the three months ended June 30, 2012, compared to the same period in 2011. The increase was primarily due to additional acquisitions and equity transactions financed through our credit facility between periods.
Net loss. Net loss increased from $14,545 for the three months ended June 30, 2011 to $541,377 for the same period in 2012. The primary reason for this increase is compensation expense.
OTCBB / Pink Sheet Oil & Gas Stocks
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