On Friday, PostRock Energy Corporation (NASDAQ:PSTR)’s shares climbed 17.19% to $5.18, while its weekly performance remained The Best, showing an upward trend up to 181.52%.
Formerly on March 30, PostRock Energy declared its results for the year ended December 31, 2014.
Fourth Quarter Results:
Production, on a 6:1 equivalency basis, reduced from the preceding-year quarter by 2%. Production, at the fourth quarter’s 18:1 economic equivalency, raised 4%. Oil production raised 38% to 835 BOPD while gas production declined by 6.2% to 36 MMcf per day.
Proceed raised 4% from the preceding-year period to $18.8 million. Despite a 6% decrease in sales volumes, to 36.0 MMcf per day, natural gas proceed raised 5% from the preceding-year period to $12.8 million due to a 12% raise in realized prices to $3.87 per Mcf. Oil proceed raised 3% from the preceding-year period to $5.4 million as production raised 38%. The raise was partially offset by a 25% lower realized price of $70.51 per barrel. Gas gathering proceed reduced 3% to $588,000 as lower volumes more than offset higher gas prices.
Production costs reduced 4% from the preceding-year period to $9.2 million. The majority of the decrease was a result of lower operating costs in the Cherokee Basin of $592,000 due to reduced compressor rentals. This was partially offset by higher costs in Central Oklahoma of $156,000 resulting from the raised development during the year. In total, production costs were $2.45 an Mcfe, contrast to $2.49 an Mcfe in the preceding-year period.
General and administrative expenses reduced 31% from the preceding-year period to $3.3 million. Not including $1.5 million of legal fees related to the litigation with CEP expensed in 2013, general and administrative expenses were roughly unchanged from the preceding year’s adjusted total.
Accretion and paid-in-kind dividends associated with the Series A preferred stock was stated as $4.0 million of interest expense for the quarter. This was at a lower rate than in the past due to the Preferred Exchange, talk abouted in more detail below, which occurred in the fourth quarter. Interest expense accrued based on the amount borrowed under the Company’s revolving credit facility was about $811,000, a decrease of 15% over the preceding-year period as the average bank debt outstanding was lower when contrast to the preceding-year period’s average.
The Company had a $666,000 realized hedging gain in the quarter contrast to a gain of $77,000 in the preceding-year period.
Due to depreciation of the market price of CEP units in the fourth quarter, a mark-to-market loss of $2.2 million was recorded. The Company recognized a realized gain of $4.8 million on the sale of units.
Net revenue for the quarter was $14.5 million contrast to a $10.8 million loss in the preceding-year period. Not including mark-to-market gains and losses on our derivatives and equity investments, we had a loss of $491,000 in 2014 contrast to a loss of $8.8 million in the preceding year period.
PostRock Energy Corporation is engaged in the attainment, exploration, development, production and gathering of crude oil and natural gas. Its primary activity is focused in the Cherokee Basin, a 15-county region in southeast Kansas and northeast Oklahoma, and in Central Oklahoma. The Company owns and operates over 3,000 wells and maintains nearly 2,200 miles of gas gathering lines primarily in the Cherokee Basin.
Voltari Corporation (NASDAQ:VLTC)’s shares gained 12.17% to $6.36, during the last trading session on Friday, hitting its highest level, while its weekly performance remained Best, showing an upward trend up to 141.83%.
Formerly on March 30, Voltari Corporation declared that it has closed its formerly declared offering of transferable subscription rights to purchase up to an aggregate of 4,300,000 shares of the Company’s ordinary stock, $0.001 par value per share. The Rights Offering was launched on February 27, 2015, to stockholders of record on February 3, 2015, and expired at 5:00 p.m., New York City time, on March 20, 2015.
The Rights Offering was fully subscribed and, as such, the Company issued 4,300,000 shares of its ordinary stock for total net proceeds of $4.6 million, after fees and expenses.
The shares of Ordinary Stock subscribed for in the Rights Offering will be distributed to subscribers or credited through DTC on or about March 30, 2015. Any excess subscription payments to be refunded to subscribers will be mailed by the subscription agent as promptly as practicable.
Voltari empowers its customers (counting brands, marketers and advertising agencies) to maximize the reach and economic potential of the mobile ecosystem through the delivery of relevance-driven merchandising, digital marketing and advertising solutions, primarily over smartphones and other mobile devices.
At the end of Friday’s trade, Magellan Petroleum Corporation (NASDAQ:MPET)’s shares gained 5.43% to $0.64, while its weekly performance remained Best, showing an upward trend up to 121.76%.
Magellan Petroleum, declared that it has concluded that the CO2-improved oil recovery pilot project at Poplar has been a technical success, and demonstrates that the CO2-EOR technique is a technically viable tertiary recovery method in the Charles formation at Poplar Dome. The Company reached this conclusion on the basis of the oil production response observed in, and other injection and pressure data gathered from, the Pilot.
CO2 injection into the Pilot’s single injector well began in August 2014. In October, the Pilot’s four producer wells were opened for production. Since then, oil production has raised in three of the four producer wells in response to CO2 injection, and the Company anticipates the fourth well will demonstrate an oil production response soon. The current run-rate of production from the three producing wells together is between 50 and 75 bopd and is predictable to raise gradually through the summer.
Utah CO2 Option Update:
The Company also declared recently that the partners in Utah CO2 LLC have negotiated an extension by two months of their option to attain the Farnham Dome CO2 reservoir that was originally planned to expire on March 31, 2015. This extension will allow more time to negotiate with potential off-takers of Farnham Dome’s CO2 before determining whether or not to exercise the option.
Magellan Petroleum Corporation, an independent energy company, is engaged in the exploration and production of oil and gas in the United States, Australia, and the United Kingdom.
Hercules Offshore, Inc. (NASDAQ:HERO), ended its Friday’s trading session with -3.55% loss, and closed at $0.81, while its weekly performance remained better, showing an upward trend up to 65.33%.
Hercules, on April 2, declared that it has signed a five-year contract with a partner of Eni S.p.A. for use of the Hercules 260 in West Africa. The dayrate under the contract will range from a minimum of $75,000 per day when the price of Brent crude oil is $86 or less per barrel, to a maximum of $125,000 per day when the price of Brent crude oil is $125 or more per barrel. Contract commencement is predictable in early April 2015. Costs for contract specific upgrades will be reimbursed by the operator.
Hercules Offshore, Inc., together with its auxiliaries, provides shallow-water drilling and marine services to the oil and natural gas exploration and production industry worldwide. The company operates through Domestic Offshore, International Offshore, and International Liftboats segments.
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