American Eagle Energy Reports Results for Fourth Quarter 2013
DENVER, CO--(Marketwired -
March 26, 2014) - American Eagle Energy Corporation
(NYSEMKT: AMZG) ("American Eagle" or
the "Company"), announces record oil production and record Adjusted
EBITDA for the fourth quarter ended December 31, 2013. The Company
intends to file its Annual Report on Form 10-K with the U.S.
Securities and Exchange Commission on or before Monday, March 31,
2014.
Fourth Quarter 2013 Highlights
- American Eagle reports record quarterly oil production of
172,829 barrels of oil equivalent ("BOE"), or an average of 1,879
barrels of oil equivalent per day ("BOEPD"). Fourth quarter
production was up 38% from 125,343 BOE (1,362 BOEPD)
quarter-over-quarter for the period ended September 30, 2013
("QOQ") and up 185% from 60,653 BOE (659 BOEPD) year-over-year for
the quarter ended December 31, 2012 ("YOY");
- Record quarterly oil and gas sales of $13.5 million, up 16% QOQ
and up 174% YOY;
- Record Adjusted EBITDA* of $7.6 million or $0.42 per diluted
share; and
- Adjusted Cash Flow* of $4.8 million or $0.26 per diluted
share.
* Non-GAAP financial measure. Please see Adjusted EBITDA and
Adjusted Cash Flow descriptions and tables later in this earnings
release for a reconciliation of these measures to their nearest
comparable GAAP measure.
Management Comments
Brad Colby, President and CEO of American Eagle, said, "We are
pleased to announce our fourth quarter results which include both
record oil production and Adjusted EBITDA. We are in the process of
closing the second part of our previously announced acquisition
with capital from the successful closing of an $83.5 million equity
offering. Our current two rig program is working to increase
production and develop reserves in the proven area of Spyglass with
infill drilling in the Three Forks and Middle Bakken zones and to
expand the current proved area to the west and south with a
combination of Middle Bakken and Three Forks wells. We look forward
to continued increases in production, cash flow and proved
reserves."
Fourth Quarter 2013 Financial and Operational Results
For the quarter ended December 31, 2013, the Company had oil and
gas sales of $13.5 million, which represented an increase of 16%
from $11.6 million in oil and gas sales for the third quarter ended
September 30, 2013 and an increase of 174% from $4.9 million for
the fourth quarter ended December 31, 2012. This increase in
revenue is due primarily to production from 28 gross (13.7 net)
operated wells in the Spyglass area producing in the Three Forks
and Bakken formations as of December 31, 2013, compared to
production from 24 gross (7.9 net) operated wells at the end of
September 30, 2013 and 9 gross (2.1 net) operated wells as of
December 31, 2012. Oil represented 98% of revenue and 95% of
production during the fourth quarter 2013.
Adjusted EBITDA for fourth quarter 2013 was $7.6 million, up 6%
from $7.2 million for the third quarter ended September 30, 2013
and up over 213% from $2.4 million for the fourth quarter ended
December 31, 2012. The increase in Adjusted EBITDA from the most
recent quarter mostly resulted from higher revenues from increased
production which increased 38% QOQ and was partially offset by a
lower realized oil price which was down 11% QOQ including the
positive effect of hedges during the quarter. Lease operating
expenses for the quarter ended December 31, 2013 were $13.59/BOE,
which were higher than normal due to extreme weather conditions and
increased workovers. American Eagle added four gross (0.3 net)
operated wells to production during the quarter ended December 31,
2013 and benefited from the October 2013 acquisition that increased
working interests in its operating area. On a YOY basis, the higher
production and revenue helped to leverage operating expenses as
general and administrative expenses, excluding stock-based
compensation, decreased from $19.39 per BOE to $15.07 per BOE.
General and administrative expenses grew quarter-over-quarter due
to higher legal and accounting fees incurred in connection with the
Company's transition to the NYSEMKT exchange, as well as increased
personnel costs related to staff expansion and compensation.
Adjusted EBITDA per BOE for the quarter ended December 31, 2013 was
$44.16, compared to $57.36 per BOE for the third quarter ended
September 30, 2013 and $40.16 per BOE for the fourth quarter ended
December 31, 2012.
|
|
|
|
|
|
Three Months Ended |
|
|
|
Dec. 31, |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
|
2013 |
|
|
2013 |
|
|
2013 |
|
|
2013 |
|
|
2012 |
|
Crude Oil
Revenues ($000s) |
|
$ |
13,272 |
|
|
$ |
11,585 |
|
|
$ |
10,366 |
|
|
$ |
7,628 |
|
|
$ |
4,920 |
|
Natural
Gas Revenues ($000s) |
|
$ |
114 |
|
|
$ |
26 |
|
|
$ |
4 |
|
|
$ |
1 |
|
|
$ |
3 |
|
Natural
Gas Liquids Revenues ($000s) |
|
$ |
115 |
|
|
$ |
28 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Production: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil
(Barrels) |
|
|
164,923 |
|
|
|
123,343 |
|
|
|
117,000 |
|
|
|
87,440 |
|
|
|
60,526 |
|
Crude Oil
Mix |
|
|
95 |
% |
|
|
98 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
Natural
Gas (Mcf) |
|
|
20,056 |
|
|
|
6,333 |
|
|
|
981 |
|
|
|
187 |
|
|
|
759 |
|
Natural
Gas Liquids (Barrels) |
|
|
4,563 |
|
|
|
944 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net
Production (BOE) |
|
|
172,829 |
|
|
|
125,343 |
|
|
|
117,164 |
|
|
|
87,471 |
|
|
|
60,653 |
|
Quarter-Over-Quarter Increase |
|
|
38 |
% |
|
|
7 |
% |
|
|
34 |
% |
|
|
44 |
% |
|
|
60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Daily Production (BOEPD) |
|
|
1,879 |
|
|
|
1,362 |
|
|
|
1,288 |
|
|
|
972 |
|
|
|
659 |
|
Quarter-Over-Quarter Increase |
|
|
38 |
% |
|
|
6 |
% |
|
|
33 |
% |
|
|
48 |
% |
|
|
60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Sales Prices: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil
Per Barrel |
|
$ |
80.48 |
|
|
$ |
93.92 |
|
|
$ |
88.60 |
|
|
$ |
87.23 |
|
|
$ |
81.29 |
|
Effect of
Settled Oil Derivatives Per Barrel |
|
$ |
4.16 |
|
|
$ |
0.94 |
|
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
0.00 |
|
Crude Oil
Net of Settled Derivatives Per Barrel |
|
$ |
84.64 |
|
|
$ |
94.86 |
|
|
$ |
88.60 |
|
|
$ |
87.23 |
|
|
$ |
81.29 |
|
Natural
Gas Per Mcf |
|
$ |
5.67 |
|
|
$ |
4.09 |
|
|
$ |
4.39 |
|
|
$ |
5.70 |
|
|
$ |
3.43 |
|
Natural
Gas Liquids Per Barrel |
|
$ |
25.27 |
|
|
$ |
29.67 |
|
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
0.00 |
|
Realized
Price Per BOE |
|
$ |
82.10 |
|
|
$ |
93.78 |
|
|
$ |
88.51 |
|
|
$ |
87.21 |
|
|
$ |
81.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Per BOE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease
Operating Expenses |
|
$ |
13.59 |
|
|
$ |
14.09 |
|
|
$ |
15.31 |
|
|
$ |
9.27 |
|
|
$ |
13.06 |
|
Production
Taxes |
|
$ |
9.28 |
|
|
$ |
10.28 |
|
|
$ |
9.89 |
|
|
$ |
9.58 |
|
|
$ |
8.55 |
|
G&A
Expenses, Excluding Stock-Based Compensation |
|
$ |
15.07 |
|
|
$ |
12.04 |
|
|
$ |
8.31 |
|
|
$ |
12.23 |
|
|
$ |
19.39 |
|
Total |
|
$ |
37.94 |
|
|
$ |
36.41 |
|
|
$ |
33.51 |
|
|
$ |
31.08 |
|
|
$ |
41.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA per BOE |
|
$ |
44.16 |
|
|
$ |
57.36 |
|
|
$ |
54.99 |
|
|
$ |
56.14 |
|
|
$ |
40.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Well Development Activity
Since the Company's March 4, 2014 operations update, it has
continued to drill and complete wells successfully. In that update,
American Eagle released preliminary results on wells that were in
the early stages of cleaning out and were just starting to produce
crude oil. Below is an updated summary of average production per
well based on days produced:
|
|
IP Rate |
Lateral Length |
Approximate |
Infill Number |
Well |
Formation |
BOEPD1 |
Feet |
DSU2 Acres |
in DSU2 |
Lynda 15-32-164-101 (29 & 32) |
Three Forks |
353 |
5,534 |
800 |
1st Three Forks well |
|
|
|
|
|
|
Tangedal 13-31-164-101 (30 & 31) |
Three Forks |
391 |
5,784 |
800 |
1st Three Forks well |
|
|
|
|
|
|
Janice 2-3- 163-101 (3 & 10) |
Bakken |
273 |
9,473 |
1,280 |
4th well in DSU, 1st Bakken |
1 IP Rate BOEPD is calculated taking the cumulative production
from each well divided by the number of days each well has been on
production. Number of producing days is detailed below.2 Drill
spacing unit ("DSU")
The Lynda 15-32 well is a Three Forks well that is on the
western edge of our Spyglass area. The Lynda 15-32 produced an
average of 353 BOEPD during the first 30 days of production. The
well is a short lateral in a correctional spacing unit of
approximately 800 net acres near the Canadian border.
The Tangedal 13-31 well is a Three Forks well located one DSU
west of the Lynda 15-32 well. In the March 4, 2014 operations
update, the Tangedal 13-31 produced an average of 391 BOEPD during
the eight days of flowback following the hydraulic stimulation. The
well has just been put on pump following the cleanout of the
lateral section. The well is a short lateral due to the location in
another 800 acre spacing unit adjacent to the Canadian border.
The Janice 2-3 well is a Bakken well that is in the middle of
our Spyglass area and is the fourth well in the DSU that includes
three producing Three Forks wells. The Janice 2-3 has a total of 20
days on pump and has produced an average of 273 BOEPD. The well is
a long lateral on a 1,280 acre spacing unit.
Since the March 4, 2014 operations update, the Company has
recently completed and placed on pump the Harvard State 16-36S
(Bakken long lateral in eastern Spyglass), Tangedal 13-31 (Three
Forks short lateral in western Spyglass) and Taylor 16-1E (Bakken
long lateral furthest east Farm-Out well in western Spyglass). The
Haugen 15-12 (Three Forks long lateral furthest west Farm-Out well
in western Spyglass), Blackwatch 2-2N (Bakken short lateral Carry
well in eastern Spyglass) and Braelynne 2-2N (Bakken short lateral
Carry well in eastern Spyglass) have been stimulated and are being
cleaned out and prepped for production. American Eagle plans to
announce results of the wells once it has achieved approximately 30
days of cumulative production. The Company anticipates releasing
results for these wells along with or before announcing first
quarter 2014 operational results in May. American Eagle has been
pleased with results to date and looks forward to providing
additional detail when available.
Liquidity and Shares Outstanding
As of December 31, 2013, American Eagle had approximately $31.9
million in cash and $108.0 million total debt outstanding. On March
24, 2014, the Company completed the sale of 12,650,000 shares of
its common stock at $6.60 per share for gross proceeds of
approximately $83.5 million and net proceeds of approximately $78.0
million. American Eagle is in the process of closing the second
part of the previously announced acquisition in its Spyglass area.
For a gross purchase price of approximately $47 million the Company
is acquiring approximately 8,244 net acres in Spyglass with
production of approximately 450 BOEPD. American Eagle is financing
the acquisition with a portion of the proceeds from the equity
offering. Pro forma for the common stock offering including
exercise of the underwriter's overallotment option and closing of
the March 2014 acquisition, the Company's cash balance would be
approximately $62.9 million, with $108.0 million of outstanding
debt and 30.4 million shares of common stock outstanding.
American Eagle believes that its cash on hand, cash flow from
operations, proceeds from its recently completed share issuance,
and anticipated additional availability under the credit facility
driven by increased proved producing reserves should adequately
fund its two-rig drilling program to drill 24 gross (13.8 net)
operated wells per year in 2014 and beyond.
Non-GAAP Financial Measures
Adjusted EBITDA
In addition to reporting net income (loss) as defined under
GAAP, American Eagle also presents net earnings before interest
income, dividend income, interest expense, income taxes, depletion,
depreciation, and amortization, non-cash expenses related to
stock-based compensation, impairment of oil and gas properties,
loss on early extinguishment of debt, and unrealized loss (gain)
from mark-to-market on derivatives recognized under ASC Topic 718
("Adjusted EBITDA"), which is a non-GAAP performance measure.
Adjusted EBITDA consists of net earnings after adjustment for those
items described in the table below. Adjusted EBITDA does not
represent, and should not be considered an alternative to GAAP
measurements, such as net income (loss) (its most directly
comparable GAAP measure), and the calculations thereof may not be
comparable to similarly titled measures reported by other
companies. By eliminating the items described below, American Eagle
believes the measure is useful in evaluating its fundamental core
operating performance. The Company also believes that Adjusted
EBITDA is useful to investors because similar measures are
frequently used by securities analysts, investors, and other
interested parties in their evaluation of companies in similar
industries. American Eagle's management uses Adjusted EBITDA to
manage its business, including in preparing its annual operating
budget and financial projections. Management does not view Adjusted
EBITDA in isolation and also uses other measurements, such as net
income (loss) and revenues to measure operating performance. The
following table provides a reconciliation of net income (loss) to
Adjusted EBITDA for the periods presented:
|
|
|
|
|
|
Three Months Ended |
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
|
2013 |
|
|
2013 |
|
|
2013 |
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
|
($462,160 |
) |
|
|
($936,237 |
) |
|
$ |
2,637,484 |
|
|
$ |
355,347 |
|
|
|
($9,679,580 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
Interest income |
|
|
(6,964 |
) |
|
|
(1,700 |
) |
|
|
(1,472 |
) |
|
|
(3,156 |
) |
|
|
(1,566 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
Dividend income |
|
|
(16,523 |
) |
|
|
(16,697 |
) |
|
|
(16,982 |
) |
|
|
(17,240 |
) |
|
|
(17,499 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
Interest expense |
|
|
3,207,039 |
|
|
|
1,315,865 |
|
|
|
414,797 |
|
|
|
418,340 |
|
|
|
- |
|
Add:
Income tax expense (benefit) |
|
|
130,056 |
|
|
|
(646,123 |
) |
|
|
1,192,691 |
|
|
|
1,092,092 |
|
|
|
(594,081 |
) |
Add:
Depletion, depreciation and amortization |
|
|
4,158,124 |
|
|
|
2,524,039 |
|
|
|
2,116,378 |
|
|
|
1,274,923 |
|
|
|
1,713,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
Stock-based compensation |
|
|
375,756 |
|
|
|
302,842 |
|
|
|
287,172 |
|
|
|
237,348 |
|
|
|
260,922 |
|
Add:
Impairment of oil and gas properties |
|
|
206,508 |
|
|
|
- |
|
|
|
- |
|
|
|
1,525,027 |
|
|
|
10,631,345 |
|
Add: Loss
on early extinguishment of debt |
|
|
- |
|
|
|
3,713,972 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Add:
Unrealized loss on derivatives |
|
|
39,569 |
|
|
|
934,287 |
|
|
|
(186,754 |
) |
|
|
27,507 |
|
|
|
122,651 |
|
Adjusted
EBITDA |
|
$ |
7,631,405 |
|
|
$ |
7,190,248 |
|
|
$ |
6,443,314 |
|
|
$ |
4,910,188 |
|
|
$ |
2,435,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Cash Flow
In addition to reporting net income (loss) as defined under
GAAP, American Eagle also presents cash flow after paying interest
expense ("Adjusted Cash Flow"), which is a non-GAAP performance
measure. Adjusted Cash Flow consists of Adjusted EBITDA after
adjustment for those items described in the table below. Adjusted
EBITDA does not represent, and should not be considered an
alternative to GAAP measurements, such as net income (loss) (its
most directly comparable GAAP measure), and the calculations
thereof may not be comparable to similarly titled measures reported
by other companies. By eliminating the items described below,
American Eagle believes the measure is useful in evaluating its
fundamental core operating performance. The Company also believes
that Adjusted Cash Flow is useful to investors because similar
measures are frequently used by securities analysts, investors, and
other interested parties in their evaluation of companies in
similar industries. American Eagle's management uses Adjusted Cash
Flow to manage its business, including in preparing its annual
operating budget and financial projections. Management does not
view Adjusted Cash Flow in isolation and also uses other
measurements, such as net income (loss) and revenues to measure
operating performance. The following table provides a
reconciliation of Adjusted EBITDA to Adjusted Cash Flow for the
periods presented:
|
|
Three Months Ended |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
2013 |
|
|
2013 |
|
|
2013 |
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA (1) |
|
$ |
7,631,405 |
|
|
$ |
7,190,248 |
|
|
$ |
6,443,314 |
|
|
$ |
4,910,188 |
|
|
$ |
2,435,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
Interest expense |
|
|
(3,207,039 |
) |
|
|
(1,315,865 |
) |
|
|
(414,797 |
) |
|
|
(418,340 |
) |
|
|
- |
Add:
Amortization of deferred financing |
|
|
327,922 |
|
|
|
161,758 |
|
|
|
66,944 |
|
|
|
45,231 |
|
|
|
- |
Adjusted
Cash Flow |
|
$ |
4,752,288 |
|
|
$ |
6,036,141 |
|
|
$ |
6,095,461 |
|
|
$ |
4,537,079 |
|
|
$ |
2,435,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Cash Flow per share - basic |
|
$ |
0.27 |
|
|
$ |
0.46 |
|
|
$ |
0.49 |
|
|
$ |
0.36 |
|
|
$ |
0.21 |
Adjusted Cash Flow per share - diluted |
|
$ |
0.26 |
|
|
$ |
0.44 |
|
|
$ |
0.47 |
|
|
$ |
0.35 |
|
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares - basic |
|
|
17,586,970 |
|
|
|
13,223,608 |
|
|
|
12,517,087 |
|
|
|
12,472,642 |
|
|
|
11,460,696 |
Weighted
average shares - diluted |
|
|
18,287,405 |
|
|
|
13,732,595 |
|
|
|
12,992,218 |
|
|
|
12,889,584 |
|
|
|
11,558,758 |
|
(1) See previous table for reconciliation of net income
(loss) to Adjusted EBITDA. |
Adjusted Income
In addition to reporting net income (loss) as defined under
GAAP, American Eagle also presents net earnings before the
impairment of oil and gas properties, loss on early extinguishment
of debt, and the effect of unrealized loss (gain) from
mark-to-market on derivatives ("adjusted income (loss)"), which is
a non-GAAP performance measure. Adjusted income (loss) consists of
net earnings after adjustment for those items described in the
table below. Adjusted income (loss) does not represent, and should
not be considered an alternative to GAAP measurements, such as net
income (loss), and our calculations thereof may not be comparable
to similarly titled measures reported by other companies. By
eliminating the items described below, American Eagle believes the
measure is useful in evaluating its fundamental core operating
performance. The Company also believes that adjusted income (loss)
is useful to investors because similar measures are frequently used
by securities analysts, investors, and other interested parties in
their evaluation of companies in similar industries. American
Eagle's management uses adjusted income (loss) to manage its
business, including in preparing its annual operating budget and
financial projections. Management does not view adjusted income
(loss) in isolation and also uses other measurements, such as net
income (loss) and revenues to measure operating performance. The
following table provides a reconciliation of net income (loss), to
adjusted income (loss) for the periods presented:
|
|
|
|
|
|
Three Months Ended |
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
December 31, |
|
|
|
2013 |
|
|
2013 |
|
|
2013 |
|
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
($462,160 |
) |
|
|
($936,237 |
) |
|
$ |
2,637,484 |
|
|
$ |
355,347 |
|
|
($9,679,580 |
) |
Add:
Impairment of oil and gas properties |
|
206,508 |
|
|
|
- |
|
|
|
- |
|
|
|
1,525,027 |
|
|
10,631,345 |
|
Add: Loss
on early extinguishment of debt |
|
- |
|
|
|
3,713,972 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
Add:
Unrealized loss on derivatives |
|
39,569 |
|
|
|
934,287 |
|
|
|
(186,754 |
) |
|
|
27,507 |
|
|
122,651 |
|
Adjusted
Income |
|
($216,083 |
) |
|
$ |
3,712,022 |
|
|
$ |
2,450,730 |
|
|
$ |
1,907,881 |
|
$ |
1,074,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Income per share - basic |
|
($0.01 |
) |
|
$ |
0.28 |
|
|
$ |
0.20 |
|
|
$ |
0.15 |
|
$ |
0.09 |
|
Adjusted
Income per share - diluted |
|
($0.01 |
) |
|
$ |
0.27 |
|
|
$ |
0.19 |
|
|
$ |
0.15 |
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares - basic |
|
17,586,970 |
|
|
|
13,223,608 |
|
|
|
12,517,087 |
|
|
|
12,472,642 |
|
|
11,460,696 |
|
Weighted average shares - diluted |
|
18,287,405 |
|
|
|
13,732,595 |
|
|
|
12,992,218 |
|
|
|
12,889,584 |
|
|
11,558,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conference Call
American Eagle will host a conference call on Thursday, March
27, 2014 at 10:00 a.m. Eastern Time (8:00 a.m. Mountain Time) to
discuss financial and operational results for the quarter.
American Eagle Energy Corporation 4Q 2013 Financial and
Operational Results Conference Call
Date: Thursday, March 27, 2014
Time: 10:00 a.m. Eastern Time 9:00 a.m.
Central Time 8:00 a.m. Mountain Time 7:00 a.m. Pacific
Time
Webcast: Live and rebroadcast over the
Internet at American Eagle website
Website: www.americaneagleenergy.com
Telephone Dial-In:877-407-9171 (toll-free) and 201-493-6757
(international)
Telephone Replay: Available through Thursday,
April 3, 2014 877-660-6853 (toll-free) and 201-612-7415
(international) Passcode: 13572777
ABOUT AMERICAN EAGLE ENERGY CORPORATION
American Eagle Energy Corporation is an independent exploration
and production operator that is focused on acquiring acreage and
developing wells in the Williston Basin of North Dakota, targeting
the Bakken and Three Forks shale oil formations. The Company is
based in Denver, CO. More information about American Eagle can be
found at www.americaneagleenergy.com or by contacting investor
relations at 303-798-5235 or ir@amzgcorp.com. Company filings with
the Securities and Exchange Commission can be obtained free of
charge at the SEC's website at www.sec.gov.
SAFE HARBOR
This press release may contain forward-looking statements
regarding future events and the Company's future results that are
subject to the safe harbors created under the Securities Act of
1933 (the "Securities Act") and the Securities Exchange Act of 1934
(the "Exchange Act"). All statements other than statements of
historical facts included in this press release regarding the
Company's financial position, business strategy, plans and
objectives of management for future operations, industry
conditions, and indebtedness covenant compliance are
forward-looking statements. When used in this report,
forward-looking statements are generally accompanied by terms or
phrases such as "estimate," "project," "predict," "believe,"
"expect," "anticipate," "possible," "target," "plan," "intend,"
"seek," "goal," "will," "should," "may" or other words and similar
expressions that convey the uncertainty of future events or
outcomes. Items contemplating or making assumptions about,
actual or potential future sales, market size, collaborations, and
trends or operating results also constitute such forward-looking
statements.
Forward-looking statements involve inherent risks and
uncertainties and important factors (many of which are beyond the
Company's control) that could cause actual results to differ
materially from those set forth in the forward-looking statements,
including the amount we may invest, the location, and the scale of
the drilling projects in which we intend to participate; our
beliefs with respect to the potential value of drilling projects;
our beliefs with regard to the impact of environmental and other
regulations on our business; our beliefs with respect to the
strengths of our business model; our assumptions, beliefs, and
expectations with respect to future market conditions; our plans
for future capital expenditures; and our capital needs, the
adequacy of our capital resources, and potential sources of
capital.
The Company has based these forward-looking statements on its
current expectations and assumptions about future
events. While management considers these expectations and
assumptions to be reasonable, they are inherently subject to
significant business, economic, competitive, regulatory, and other
risks, contingencies, and uncertainties, most of which are
difficult to predict and many of which are beyond the Company's
control. The Company does not assume any obligations to update any
of these forward-looking statements.
AMERICAN EAGLE ENERGY CORPORATION |
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
|
For the Three-Month Period Ended
December 31, |
|
For the Twelve-Month Period Ended
December 31, |
|
|
|
2013 |
|
|
2012 |
|
2013 |
|
|
2012 |
|
Oil and gas sales |
|
$ |
13,501,357 |
|
|
$ |
4,922,504 |
|
$ |
43,138,957 |
|
|
$ |
10,713,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and gas production costs |
|
|
3,952,097 |
|
|
|
1,310,646 |
|
|
11,609,106 |
|
|
|
3,200,171 |
|
|
General and administrative |
|
|
2,980,882 |
|
|
|
1,437,033 |
|
|
7,360,796 |
|
|
|
4,503,759 |
|
|
Depletion, depreciation and amortization expense |
|
|
4,158,124 |
|
|
|
1,713,556 |
|
|
10,073,464 |
|
|
|
2,860,187 |
|
|
Impairment of oil and gas properties, subject to
amortization |
|
|
206,508 |
|
|
|
10,631,345 |
|
|
1,731,535 |
|
|
|
10,631,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
11,297,611 |
|
|
|
15,092,580 |
|
|
30,774,901 |
|
|
|
21,195,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income (loss) |
|
|
2,203,746 |
|
|
|
486,714 |
|
|
12,364,056 |
|
|
|
(10,481,516 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
6,964 |
|
|
|
1,895 |
|
|
13,292 |
|
|
|
8,335 |
|
Dividend income |
|
|
16,523 |
|
|
|
17,425 |
|
|
67,442 |
|
|
|
63,654 |
|
Interest expense |
|
|
(3,207,039 |
) |
|
|
- |
|
|
(5,356,041 |
) |
|
|
(706 |
) |
Loss on early extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
(3,713,972 |
) |
|
|
- |
|
Realized gain on derivatives |
|
|
687,274 |
|
|
|
- |
|
|
802,982 |
|
|
|
- |
|
Unrealized loss on derivatives |
|
|
(39,569 |
) |
|
|
- |
|
|
(814,609 |
) |
|
|
(122,651 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes |
|
|
(332,101 |
) |
|
|
506,034 |
|
|
3,363,150 |
|
|
|
(10,532,884 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
|
|
(130,056 |
) |
|
|
386,160 |
|
|
1,768,716 |
|
|
|
(1,240,010 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(462,157 |
) |
|
$ |
892,194 |
|
$ |
1,594,434 |
|
|
$ |
(9,292,874 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.03 |
) |
|
$ |
0.08 |
|
$ |
0.11 |
|
|
$ |
(0.81 |
) |
|
Diluted |
|
$ |
(0.03 |
) |
|
$ |
0.08 |
|
$ |
0.11 |
|
|
$ |
(0.81 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
17,586,970 |
|
|
|
11,460,696 |
|
|
13,961,688 |
|
|
|
11,448,048 |
|
|
Diluted |
|
|
18,287,405 |
|
|
|
11,558,758 |
|
|
14,598,836 |
|
|
|
11,448,048 |
|
CONTACT: Marty Beskow, CFA Vice President of Capital Markets and
Strategy American Eagle Energy Corporation 720-330-8378
ir@amzgcorp.com www.americaneagleenergy.com
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