Cardinal Energy Group, Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
April 13, 2015 at 04:15 am EDT
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Cardinal Energy Group, Inc. announced earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, operating Revenue was $768,263 compared to $3,919 for the comparable period in 2013. The current period amount reflects increased crude oil sales volumes from its north-central Texas oil and gas leases and contract development revenues for services provided to the Bradford JV partnership. EBITDA for the third and fourth quarters of 2014 was $194,138 compared to a loss of $829,041 for the comparable period of 2013. The improvement during the second half of 2014 reflects the increased sales volumes of crude oil from the company's recently acquired and developed Texas oil and gas properties plus contract development revenues from services provided to Bradford JV.
For the year, net comprehensive loss was $2,445,928 or $0.07 per share compared to $2,091,117 or $0.06 per share in 2013. Total operating Revenue was $1,865,626 from $16,657 in 2013. LBITDA (earnings before interest, taxes, depreciation and amortization) was $1,324,130 compared to $1,543,819 in 2013. Capital expenditures were $2,265,419 versus $332,619 for the year ended December 31, 2013. Revenues from the sales of crude oil and natural gas rose to $148,855 compared to $16,657 for the year ended December 31, 2013. This dramatic increase occurred despite a 50% decrease in the posted price for West Texas Intermediate Crude during the second half of 2014. The higher revenues reflect the ramping up of production from the company's north-central Texas oil and gas leases which were acquired in 2014.
Cardinal Energy Group Inc is United States-based company. The Company is engaged in developing, manufacturing and selling a steak timer. The Company engaged in the exploration, development, exploitation & production of oil and natural gas. The Company operates in the various locations, such as Ohio, California and Texas.