Lucas Energy announced its fourth quarter and fiscal year-end results for the periods ending March 31, 2015. Q4 net loss was $1.1 million, or $0.03 per diluted share.
Article continues below
This is compared to a $1.1 million loss, or $0.04 per diluted share, in same quarter last year and a loss of $1.3 million or $0.04 per diluted share, for the third fiscal quarter of fiscal 2015.
There were approximately 5 million additional shares outstanding in the 2015 fiscal fourth quarter when compared to the same period last year.
Net operating revenues in the fiscal 2015 fourth quarter were $0.4 million, all of which were derived from crude oil sales, compared to revenues of $1.1 million in the fiscal 2014 fourth quarter and $0.7 million, for the third fiscal quarter of 2015.
Overall expenses in the fiscal 2015 fourth quarter fell significantly from the same period a year ago as a result of ongoing cost cutting initiatives and improved operating efficiencies.
General and administrative G&A expenses of $0.6 million in the fiscal 2015 fourth quarter were 24.8% less than G&A expense in the fiscal 2014 fourth quarter and were 24.4% lower than in the fiscal 2015 third quarter. Lease operating expense decreased by 54.5% to $0.2 million from last year's fourth quarter lease operating expenses and by 35.5% from the fiscal 2015 third quarter.
For the twelve months ending March 31, 2015, Lucas reported a fiscal year net loss of $5.1 million, or $0.15 per diluted share, which was a 9.4% decline over the $4.7 million net loss, or $0.16 per diluted share for the same twelve-month period last year.
Total crude oil and natural gas revenues for the year ended March 31, 2015 decreased $2.2 million, or 43%, to $3.0 million compared to $5.2 million for the same period a year ago due primarily to a 20% drop in crude oil prices and a 28% decrease in annual production volumes.
The decline in crude oil prices impacted revenues by approximately $1 million and the lower production volumes decreased revenues by another $1.2 million, when compared with the same period last year. The lower production was partially related to certain asset sales in Madison County, Texas, and the reduced workover and drilling activity due to lack of funding.
Lease operating expenses of $1.5 million for the year ended March 31, 2015 decreased $0.8 million, or 34%, from $2.2 million for the same period a year ago, principally due to less production related to reduced drilling activity and asset sales and assignments to preserve capital and improved operating efficiencies while maintaining cash flow.
General and administrative expenses excluding share-based compensation decreased approximately $0.4 million or 13% for the year ended March 31, 2015 as compared to the prior year primarily due to a $0.3 million reduction in employee wage expenses, severance fees in the current period, compared to the prior period, and employment fees in addition to a $0.1 million reduction in staffing expenses that occurred in the fourth quarter of fiscal 2015.
Depreciation, depletion, amortization and accretion (DD&A) expenses for the year ended March 31, 2015 decreased $0.7 million, or 29%, to $1.5 million from $2.2 million for the same period a year ago.
The decrease was primarily due to a 28% reduction in production volumes to approximately 38,076 barrels of oil equivalent (BOE). ■