Osage Exploration and Development, Inc. Reports Earnings and Production Results for the Full Year Ended December 31, 2014; Reports Impairment Charge for the Fourth Quarter of 2014
April 01, 2015 at 10:30 pm IST
Osage Exploration and Development, Inc. reported earnings and production results for the full year ended December 31, 2014. For the year, the company reported net loss from continuing operations of $34,509,882 compared to $3,514,895 a year ago. Adjusted EBITDA was $7,610,861 compared to $4,254,153 a year ago. The company achieved revenue growth of 57.9%. Total revenues were $12,678,516, an increase of $4,649,428 compared to $8,029,088 for the year ended December 31, 2013.
For the year, the company's total production of oil equivalent was 213,274 barrels against 104,872 barrels a year ago.
Due to the violent contraction in oil prices during the fourth quarter of 2014, the company was forced to incur a non-cash asset impairment charge of $29,858,178.