Rooster Energy Ltd. reported audited earnings and production results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported revenues of $10,282,144 against $23,407,421 for the same period a year ago. The decline in Revenue was partially mitigated by a 35% drop in lease operating expenses. Operating loss was $54,873,813 against $21,086,240 for the same period a year ago. Loss before income taxes was $64,532,580 against $23,370,853 for the same period a year ago. Net loss was $66,774,580 or $0.21 per basic and diluted share against $14,884,853 or $0.05 per basic and diluted share for the same period a year ago. Total EBITDAX was $6,279,248 against $11,355,117 for the same period a year ago.

For the year, the company reported revenues of $33,325,288 against $67,459,817 for the same period a year ago. Operating loss was $56,296,791 against $19,059,573 for the same period a year ago. Loss before income taxes was $71,357,468 against $26,989,274 for the same period a year ago. Net loss was $71,255,468 or $0.22 per basic and diluted share against $19,185,274 or $0.06 per basic and diluted share for the same period a year ago. Total EBITDAX was $21,459,655 against $24,103,911 for the same period a year ago.

In the fourth quarter of 2016, the company produced 149,690 boe, compared to 205,010 boe produced in the fourth quarter of 2015, a 27% decrease. The lower sales volumes, combined with a significant drop in the gain associated with the company's derivative contracts, resulted in a 66% drop in Oil & Gas segment revenues in the fourth quarter of 2016 to $2.5 million.

For the full year, the company produced 669,633 boe, compared to 975,693 boe produced in 2015.