MSEH.. $0.23..Mesa Energy Holdings, Inc. Releases 2011 Year-End Financials
DALLAS--(BUSINESS WIRE)-- Mesa Energy Holdings, Inc. (the “Company”) (OTC: MSEH), an oil and gas exploration and production company, announced today that the Company has released its 2011 audited financial results on Form 10-K for the year ended December 31, 2011.
Revenues for the fiscal year ended December 31, 2011 increased to $6,941,354, from $61,647 for the year ended December 31, 2010. This increase in revenue reflects an increase in sales volumes as a result of the addition of producing wells purchased in our acquisition of Tchefuncte Natural Resources, LLC (“TNR”) as well as other enhancements and recompletions in the 4th quarter.
Non-GAAP income (adjusted EBIDTA) for fiscal year 2011 increased to $2,596,219, compared to a non-GAAP loss of $867,150 in 2010.
GAAP net income for fiscal year ended December 31, 2011 totaled $4,151,958 or $0.06 per diluted share, compared to $6,561,235 or $0.13 per diluted share for fiscal year ended December 31, 2010. The high level of GAAP net income in 2010 resulted primarily from unrealized gain on changes in the value of derivative instruments, whereas net income in 2011, both GAAP and non-GAAP, is attributable to significantly increased operating income.
The Company ended the 2011 fiscal year with $3,104,453 in working capital.
“2011 was a pivotal year for the Company and its shareholders. We are already seeing increased monthly production of oil and gas from our south Louisiana properties acquired in the TNR transaction and we expect to see continued revenue growth this year as we advance with our drilling and recompletion program,” said Randy M. Griffin, CEO of Mesa Energy Holdings, Inc. “Our team remains focused on executing our business plan and achieving our 2012 growth objectives.”
For full disclosure relating to the 2011 year-end financial results, please refer to the Company’s Form 10-K filed with the Securities and Exchange Commission on April 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 properties in Plaquemines and Lafourche Parishes in Louisiana as well as developmental properties in Wyoming County, NY.
More information about the Company may be found at http://mesaenergy.us.
Forward-Looking Statements
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.
Ph: 972-490-9595
IR@mesaenergy.us
Source: Mesa Energy Holdings, Inc. |
