CORRECTING and REPLACING Mesa Energy Holdings, Inc. Releases 3 rd Quarter Financial Results for Period Ended September 30, 2012
DALLAS--(BUSINESS WIRE)-- Second graph, fourth sentence of release dated November 14, 2012, should read: Average net production for the 3rd quarter of 2012 was approximately 286 barrels of oil per day and 1,678 Mcf of gas per day (566 BOED) (sted Average net production for the 3rd quarter of 2012 was approximately 286 barrels of oil per day and 2,436 MCF of gas per day (692 BOED)).
The corrected release reads:
MESA ENERGY HOLDINGS, INC. RELEASES 3 rd QUARTER FINANCIAL RESULTS FOR PERIOD ENDED SEPTEMBER 30, 2012
Mesa Energy Holdings, Inc. (the "Company")(OTCBB: MSEH), an oil and gas exploration and production company, announced today that the Company has reported its 3rd quarter financial results for the three months ended September 30, 2012.
Revenues from sales of oil and natural gas for the three months were $3,235,366 compared to $2,569,464 for the corresponding period in 2011. The increase in revenues reflects the results of stimulation efforts in the wells acquired from Tchefuncte Natural Resources, LLC ("TNR") on July 22, 2011, despite a decrease in expected third quarter production due to Hurricane Isaac which resulted in most of the Company's Louisiana wells being shut in from several days to several weeks. Revenues were predominantly generated from oil sales of $2,744,219, which is approximately 85% of revenue, compared to natural gas sales of $474,725 which was approximately 14% of revenue. Average net production for the 3rd quarter of 2012 was approximately 286 barrels of oil per day and 1,678 Mcf of gas per day (566 BOED).
Non-GAAP income (adjusted EBIDTA) for the three months ended September 30, 2012 was $1,298,482 compared to $1,029,452 for the corresponding period in 2011. These numbers reflect significant increases in revenue as a result of the acquisition of TNR as well as the adjustment made due to the change in derivative value from both commodity contracts and convertible debt.
The Company incurred a GAAP net loss for the three months ended September 30, 2012 of $356,875 ($0.00 per basic and diluted share), compared to net income of $1,473,842 ($0.02 per basic and diluted share) for the three months ended September 30, 2011. The decrease in earnings is primarily due to reduced production and sales as a result of Hurricane Isaac and the ensuing cleanup expense as well as the higher third quarter 2012 losses on commodity contract derivatives.
The Company ended the 3rd quarter of fiscal 2012 with $3,449,090 in working capital.
"We are seeing our best year yet with revenues of over $11 million in the first nine months of the year. Although our revenue for the quarter was lower due to Hurricane Isaac, all of our wells are back online and we expect to end the year on a very positive note. We plan to continue in a high growth profile with additional recompletions in south Louisiana as well as the drilling of our first horizontal well in the Mississippian Limestone play in Oklahoma, both before year end," said Randy M. Griffin, CEO of Mesa Energy Holdings, Inc.
For full disclosure relating to the 3rd quarter financial results, please refer to the Company's Form 10-Q filed with the Securities and Exchange Commission on November 13, 2012 available for review at www.sec.gov.
About Mesa Energy Holdings, Inc.
Headquartered in Dallas, TX, Mesa Energy Holdings, Inc. is a growth-oriented Exploration and Production (E&P) company with a definitive focus on growing reserves and net asset value per share, primarily through the acquisition and enhancement of high quality producing properties and the development of highly diversified developmental drilling opportunities. The company currently owns producing oil and natural gas properties in Plaquemines and Lafourche Parishes in Louisiana as well as developmental properties in Garfield and Major Counties, OK and Wyoming County, NY.
More information about the Company may be found at http://mesaenergy.us.
Certain statements in this news release, which are not historical facts, are forward-looking statements. These statements are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those currently anticipated due to a number of factors which may be beyond the reasonable control of the Company, including, but not limited to, the Company's ability to locate and acquire suitable interests in oil and gas properties on terms acceptable to the Company and to integrate and successfully exploit any resulting acquisitions, the availability and pricing of additional capital to finance operations and leasehold acquisitions, the ability of the Company to build and maintain a successful operations infrastructure, the intensity of competition, changes and volatility in energy prices and general economic conditions. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in the filings of the Company with the U.S. Securities and Exchange Commission at www.sec.gov.
Mesa Energy Holdings, Inc.
KEYWORDS: United States North America Texas
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