Osage Exploration and Development, Inc. Announces Financial and Operational Results for the Second Quarter Ended June 30, 2014
August 18, 2014 at 09:00 am EDT
Osage Exploration and Development, Inc. reported earnings and operating results for the second quarter ended June 30, 2014. For the quarter, the company reported total revenue from continuing operations of $2.5 million, an 88% increase over the prior year. Adjusted EBITDA was $1.25 million, up 185% over the second quarter of 2013. Net loss from continuing operations was $4,397,749 compared with $1,097,863 a year ago.
For the quarter, the company reported production of 38,756 barrels of oil equivalent, 123% higher than the second quarter of 2013. An increase in average daily production to 425 BOEPD from 411 barrels of oil equivalent per day (BOEPD) in the first quarter of 2014.