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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Osage Exploration and Development Inc (CE) | USOTC:OEDVQ | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.000001 | 0.00 | 00:00:00 |
From Dec 2019 to Dec 2024
Osage Exploration and Development, Inc. (OTCQB Marketplace:OEDV), an independent exploration and production company focused on the Horizontal Mississippian and Woodford plays in Oklahoma, reported today its operational and financial results for 2014.
The full text of the Company’s Form 10-K for 2014 is available on the SEC EDGAR system or on Osage’s website: http://www.osageexploration.com.
Operational Results
As of year-end, 2014, the Company had interests in 55 productive wells, eight of which were drilled as Operator during 2014. Largely due to the results of Osage’s operated wells, oil production net of royalties was 124,278 BBLs, an increase of 47,869 BBLs, or 62.6%, for the year ended December 31, 2014 compared to 76,409 BBLs for the year ended December 31, 2013. On a barrels of oil equivalent basis, Osage grew production by 103.4% year-over-year. Further the Company’s production cost per barrel of oil equivalent fell 38.5% from $14.76 during 2013 to $9.07 in 2014.
2014 2013 Increase/(Decrease) Oil Production Net Barrels Net Barrels Barrels % United States 124,278 76,409 47,869 62.6% Natural Gas Production Net Mcf Net Mcf Mcf % United States 367,441 149,738 217,703 145.4% Natural Gas Liquid Production Net Barrels Net Barrels Barrels % United States 27,756 3,507 24,249 691.4% Total Production in Barrels of Oil Equivalent United States 213,274 104,872 108,402 103.4%The Company’s average daily production during the month of December was 1,501 BOE.
Reserve Growth
During 2014, Osage increased its net proved reserves by 127.5% from 2,611,833 BOE at year-end 2013 to 5,944,333 BOE at the end of 2014.
Number of Gross Reserves Net Reserves Net Net NPVReserve Class
Properties
Oil Gas NGL Oil Gas NGL Capital Cashflow Disc @ 10%MBBL
MMCF
MBBL
MBBL
MMCF
MBBL
M$
M$
M$
PDP 72 4,419 28,907 3,035 678 2,485 414 $0 $56,102 $35,749 PUD 92 11,464 54,014 5,671 2,284 6,541 1,090 $81,091 $113,970 $46,898 Total Proved 164 15,883 82,921 8,707 2,963 9,026 1,504 $81,091 $170,072 $82,647The net present value discounted at a rate of 10% (NPV-10) of those proved reserves based on SEC pricing guidelines stood at $82.6 million at year-end 2014, compared to a NPV-10 value of $40.8 million at the end of 2013. However, due to the violent contraction in oil prices during the fourth quarter of 2014, the Company was forced to incur a non-cash asset impairment charge of $29,858,178.
Financial Results
Year-over-year, Osage achieved revenue growth of 57.9%. Total revenues were $12,678,516, an increase of $4,649,428 for the year ended December 31, 2014 compared to $8,029,088 for the year ended December 31, 2013.
2014 2013 Change Amount Percentage Amount Percentage Amount Percentage Revenues Oil Sales $ 10,481,767 82.7% $ 7,339,943 91.4% $ 3,141,824 42.8% Natural Gas and Natural Gas Liquid Sales $ 2,196,749 17.3% $ 689,145 8.6% $ 1,507,604 218.8% Total Revenues $ 12,678,516 100.0% $ 8,029,088 100.0% $ 4,649,428 57.9%Adjusted EBITDA* increased 78.9% year-over-year, from $4,254,153 to $7,610,861.
Due to the previously mentioned contraction in oil prices during the fourth quarter of 2014, the Company was forced to incur a non-cash asset impairment charge of $29,858,178, which pushed the net loss from continuing operation to $34,509,882.
Adjusted EBITDA from Continuing Operations Year 2014 Year 2013 ChangeChange %
Net loss from continuing operations $ (34,509,882 ) $ (3,514,895 ) Interest expense, net 4,459,074 4,564,246 Depreciation, depletion and accretion 6,729,974 2,320,441 Stock based compensation 3,252,158 528,418 Unrealized (gains) losses on derivatives (1,474,307 ) 357,567 Impairment of oil & gas properties 29,858,178 - Gain on sale of land interests (704,334 ) - Taxation - (1,624 ) Adjusted EBITDA $ 7,610,861 $ 4,254,153 $ 3,356,708 78.9%Operational Update
In January of 2015, Osage stopped drilling due to economic conditions brought on by the fall in crude oil prices. However, due to Osage’s operated well results, the Company’s third-party reserve engineer recently revised upward the type curve for Horizontal Mississippian wells in the specific area where Osage is operating. Further, Osage has been able to reduce proposed well costs by over 30% from $3.8 million in the fourth quarter of 2014 to $2.6 million today, and anticipates additional reductions in service costs in the coming months.
Management Comments
“The operational success that Osage achieved this year regrettably exists within the context of a challenging economic environment that all oil and gas producers face,” stated Mr. Kim Bradford, Chairman and CEO of Osage Exploration and Development, Inc. “To be more specific, our last five Horizontal Mississippian wells have been substantially above the type curve result in their early months of production, and we believe that those results are repeatable. We have unlocked a reservoir in a more economically efficient manner than other offsetting operators, and in doing so have established a long-term competitive advantage. With the fall in service costs, we are actively positioning ourselves to get back to drilling, as we can achieve very attractive returns at current strip pricing. That is not to say that we trivialize the economic challenges we face; rather, we are committed to overcome them.”
About Osage Exploration and Development, Inc.
Based in San Diego, California, with production offices in Oklahoma City, Oklahoma, Osage Exploration and Development, Inc. is an independent exploration and production company with interests in oil and gas wells and prospects in the U.S. http://www.osageexploration.com
Safe Harbor Statement
The information in this release includes certain forward-looking statements as defined by the Securities and Exchange Commission that are based on assumptions that in the future may prove not to have been accurate. Those statements and Osage Exploration and Development, Inc. are subject to a number of risks, including production variances from expectations, volatility of product prices, inability to raise sufficient capital to fund its operations, environmental risks, competition, government regulation, and the ability of the Company to execute its business strategy, among others.
*GAAP Reconciliation
In addition to revenue and net income determined in accordance with GAAP, we have provided a reconciliation of our EBITDA in this release. EBITDA is a non-GAAP financial measure that we use as a supplemental measure of our performance. EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to revenue, net income, operating income or any other performance measure derived in accordance with GAAP. It should not be assumed that EBITDA is comparable to similarly named figures disclosed by other companies. We define EBITDA as net income before the effects of the items listed in the table above. Management believes Adjusted EBITDA is a useful measure of performance, along with net income (loss).
Osage Exploration and Development, Inc.Jack Zedlitz, 405-270-0989Executive Vice Presidentjzedlitz@osageexploration.comorKim Bradford, 619-677-3956President and CEOkbradford@osageexploration.comhttp://www.osageexploration.com
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