American Standard Energy, the domestic oil and gas E&P with a substantial acreage footprint in the Bakken/Three Forks (North Dakota), as well as Permian Basin and Eagle Ford shale (Texas), presented their impressive Q2 FY12 data today, which was driven in large part by record quarterly production from across the portfolio.
Ramped up efforts in the Permian and Williston (Bakken formation) basins, where development jumped significantly during the quarter (up 37% in the Bakken alone), in combination with the company’s interest in the Auld Shipman Eagle Ford project, which has rapidly gone from initial production at the quarter’s outset to 18 wells in production as of yesterday (Aug 9), have collectively produced some superb financials for the period ending June 30, 2012:
• Revenues for the 3-month were up 119% over the prior year to $7M, on average realized Q2 pricing of $77.13/bbl and $4.43 per thousand cubic feet of gas (Adjusted EBITDA of $3.4M, up 386% from the prior year)
• Net Income for the quarter $1.4M ($0.03/share) compared to a net loss the prior year of some $4.6M (or a loss per share of $0.13)
• Production for the quarter was up 126% from the prior year to 114.7k BOE (with crude gaining in the mix of output, up 11% to represent a full 68% of total production), with the Auld Shipman Eagle Ford a clear pack leader at 12.2k net bbls and 30.3 MCF
• Participation in 22 gross (5.99 net) wells, 5 of which were Permian verticals (targeting the Wolfcamp/Clearfork)
• CAPEX for the quarter was up accordingly (225%) to $25M, with some $88M spent over the 6-month (66.5% on property acquisition and 33.5% on development)
CEO of ASEN, Scott Feldhacker, called it a triumph of the core leasehold acquisition strategy and asserted that emphasis on maintaining developmental momentum in the coming months would be paramount for the company. The exceptional results from Permian activity during the quarter have validated a growing focus on West Texas and Feldhacker emphasized that judicious exploitation of development potential, in what is easily the top dog domestic crude region today, was chief among management’s immediate objectives.
With a total of some 112k combined net acres (including non-operated) and such success with acreage development apparent in the Q2 data, shareholders of ASEN are really starting to see the power of the non-operated, low-overhead, 100% WI leasehold growth model employed by the company. This data offers investors a clear metric of the company’s growth potential and interested parties are encouraged to gather more information on American Standard Energy Corp., by visiting the company’s website at: www.ASEnergyCorp.com
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