Junior energy firm Caza Oil & Gas announced Friday its unaudited financial and operational results for the first quarter of 2015.
The Texas-based company revealed that its oil and natural gas liquid (NGL) production increased 65 percent to 73,643 barrels for the three month period to March 31, 2015. This was up from 44,724 barrels compared to the same period in 2014 and an increase of 0.5 percent compared to the fourth quarter of last year.
Although adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 29 percent to $2,756,895 for Q1 2015, Caza’s revenues from oil and natural gas sales decreased 27 percent.
Caza CEO W. Michael Ford commented in a company statement:
"We are pleased to provide our financial and operational results for the first quarter of 2015. Our oil and NGL volumes increased 65% year-on-year. Oil and NGL's now comprise 89% of the company's combined oil and natural gas production. Our average net production also increased 34% year-on-year. Unfortunately, despite these increases, the company's revenues have decreased from last year's figures due primarily to the low oil price environment.
"While we have taken the prudent decision to cut back on capital expenditures during this time of low oil prices, many of the company's Bone Spring properties could deliver acceptable rates of return at current price levels, and we expect to drill one Bone Spring obligation well this year and possibly several development wells later in the year assuming prices continue to rise or maintain the current improved levels."
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