Rooster Energy Ltd. Reports Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Operations Update
For the six months, the company reported revenue of $25,099,352 against $42,100,096 a year ago. Operating loss was $3,448,672 against operating income of $4,101,215 a year ago. Loss before income taxes was $6,236,955 against $1,965,529 a year ago. Net loss was $4,445,955 or $0.01 basic and diluted against $2,269,529 or $0.01 basic and diluted per share a year ago. EBITDAX was $9,612,052 against $9,111,478 a year ago.
For the quarter, total oil & gas sale volumes were 284,111 BOE against 226,043 BOE a year ago. Production volumes averaged 3,122 boepd, up 26% from year-ago levels.
For the six months, total oil & gas sale volumes were 565,568 BOE against 390,007 BOE a year ago.
The company has suspended completion operations at its High Island A494 #B-4 well as a result of the drilling rig being de-mobilized from the Gulf of Mexico to a job in Trinidad. The drilling contractor is preparing a substitute rig to resume completion operations that are expected to begin in late September, 2015. Prior to year-end 2015, the company has planned to drill two more wells located in the Eugene Island and East Cameron areas of the Gulf of Mexico.