Rooster Energy Ltd. Reports Audited Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2016
For the year, the company reported revenues of $33,325,288 against $67,459,817 for the same period a year ago. Operating loss was $56,296,791 against $19,059,573 for the same period a year ago. Loss before income taxes was $71,357,468 against $26,989,274 for the same period a year ago. Net loss was $71,255,468 or $0.22 per basic and diluted share against $19,185,274 or $0.06 per basic and diluted share for the same period a year ago. Total EBITDAX was $21,459,655 against $24,103,911 for the same period a year ago.
In the fourth quarter of 2016, the company produced 149,690 boe, compared to 205,010 boe produced in the fourth quarter of 2015, a 27% decrease. The lower sales volumes, combined with a significant drop in the gain associated with the company's derivative contracts, resulted in a 66% drop in Oil & Gas segment revenues in the fourth quarter of 2016 to $2.5 million.
For the full year, the company produced 669,633 boe, compared to 975,693 boe produced in 2015.