Lucas Energy continues to improve
This is a 31% improvement over the $6.8 million net loss, or ($0.27) per diluted share for the same twelve-month period last year. Company's net operating revenues decreased by $3 million or 37%, to $5.2 million, primarily reflecting lost revenues from the sale of the Baker DeForest properties and certain properties that were conveyed in the Nordic settlement agreement during fiscal 2013.
Also, company's fiscal 2014 results did not reflect higher front-end production in early fiscal 2013 from new drilling and lateral programs that contributed approximately $1.7 million to last year's results in addition to the natural decline in production year over year.
General and Administrative (G&A) expense of $4 million in fiscal 2014 was 35% lower than in fiscal 2013 which reflected a reduced staff, restructuring of employee responsibilities, and lower professional, outsourcing and legal fees. G&A expenses in company's fourth quarter were 50% of the previous year's period and we expect company's G&A expenses to hold at this rate going forward.
Lease operating expense in fiscal 2014 decreased by 41% to $2.2 million from $3.8 million in fiscal 2013. The lower lease operating expenses reflected the company's expanding effort to improve operating efficiencies while maintaining cash flow. It also reflected lower expenses related to prior period property sales and assignments.
Company's net average was 146 barrels of oil equivalent per day (boe/d) compared to the same period last year of 235 net boe/d, primarily reflecting the asset sales/assignments discussed above.
For the fiscal 2014 fourth quarter, Lucas reported a net loss of $1.1 million, or ($0.04) per diluted share, compared to a $0.7 million loss, or ($0.02) loss per diluted share, in same quarter last year and a loss of $1.1 million or ($0.04) per diluted share, for the third fiscal quarter of 2014.
Net operating revenues in the fiscal 2014 fourth quarter were $1.2 million, all of which were derived from crude oil sales, compared to revenues of $1.9 million in the fiscal 2013 fourth quarter and $1.4 million, for the third fiscal quarter of 2014.
Overall expenses in the fiscal 2014 fourth quarter fell significantly from the same period a year ago as a result of ongoing cost cutting initiatives and improved operating efficiencies. G&A expenses of $0.8 million in the fiscal 2014 fourth quarter were 13% less than G&A expense in the fiscal 2013 fourth quarter and were 21% lower than in the fiscal 2014 third quarter.
Lease operating expense decreased by 36% to $0.5 million from last year's fourth quarter lease operating expenses and by 14% from the fiscal 2014 third quarter. ■