Lilis Energy, Inc. (NYSE American: LLEX), an exploration and
development company operating in the Permian Basin of West Texas
and Southeastern New Mexico, today announced its 2018
fourth-quarter and full-year results and 2019 outlook and guidance.
The Company has provided a detailed presentation on its
website.
Ronald D. Ormand, Chairman and Chief Executive
Officer, commented, “Lilis demonstrated significant operational,
and financial growth in 2018. We made significant progress on
all of our strategic objectives set out for 2018, despite difficult
market conditions. Production, notably oil, proved reserves
and EBITDAX substantially increased. More recently, we
substantially improved and simplified our balance sheet with a
transformative transaction which significantly reduces leverage and
increases our liquidity position, while concurrently increasing our
borrowing base to $125 million. We believe this
transformative transaction positions the Company prudently to
pursue our strategic goals, while allowing for patient and
methodical development of our high-quality assets.”
“Our 2019 development plan prioritizes
project-level rate of return, cash flow maximization, and allows
for flexibility in capital spending based on changing market
conditions. We are targeting cash flow neutrality in the
second half of 2019 and production increases with reduced capex of
almost 50% compared to 2018. We expect to see continued
increasing cost improvements as benefits from infrastructure,
transportation agreements and capital efficiencies executed in 2018
are realized.”
“We are extremely pleased with our 2018 and 2019
year-to-date accomplishments. We are very confident in the value of
our assets and the outlook of the Company,” concluded Mr.
Ormand.
2018 Highlights and
Achievements:
Continued Strong Performance and
Growth
- Full-year 2018 average daily production increase of 215% over
2017, despite gas infrastructure challenges
- Oil, natural gas, and NGL sales revenue increased 225% in 2018
from 2017, to $70.2 million
- Reduced lease operating expenses (LOE) to $7.64 per Boe in 2018
from $10.14 per Boe in 2017, with continued improvement expected in
2019
- Full-year 2018 Adjusted EBITDAX of $35 million, up
significantly over the prior year
- 2018 D&C capex in-line with Company guidance of $100
million
- F&D costs per Boe reduced to $6.22 per Boe
- Reduced G&A per Boe by 79%
Successful Execution of Operational
Goals
- Spud 16 gross wells and completed 15 gross wells in the
Wolfcamp A, B, XY, 2nd and 3rd Bone Spring; continuing the strategy
of delineating and de-risking the acreage position both
geographically and geologically
- Continue to drill some of the most prolific wells in the
Permian’s Delaware Basin
- Infrastructure agreements executed in 2018 provide significant
revenue enhancements, cost savings, access to crude pricing in the
Gulf Coast markets in 2019, and more consistent production flowing
to sales
Improved Liquidity and Access to
Capital
- Successfully executed a new Senior Secured Revolving Credit
Facility and partial conversion during 4Q18
- Reduced leverage through repayment of the Company’s previously
existing $50 million First Lien Term Loan and partial conversion of
its Second Lien Term Loan, in conjunction with the closing of the
new revolving credit facility
- Obtained $52.5 million of non-dilutive capital from
infrastructure transactions
Consistent Growth of Proved
Reserves
- Year-end proved reserves were 42.7 MMBoe, representing a
year-over-year increase of 273%
- Total proved PV-10 increased 367% in 2018 over 2017, to $328
million (1)
- Liquids-rich proved reserves base, with crude oil representing
approximately 82% of future reserve base projected revenues
Recent Events:
Balance Sheet
Recapitalization
- The Company completed a transformative transaction by
converting the remaining Second Lien Loan with a claim value of
approximately $133.6 million for a combination of preferred and
common stock
- Reduced leverage and substantially improved the Company’s
capital structure
- Extinguished all dilutives linked to the second lien loan and
the Series C & D preferred stock instruments, with a net
reduction of 12 million shares
- Borrowing base redetermination process resulted in a borrowing
base increase to $125 million, providing additional liquidity
2019 Outlook and Guidance
As a result of the recapitalization of the
Company’s balance sheet, Lilis’ 2019 development plan affords the
Company flexibility with respect to adjusting capital spending
based on market conditions and the Company’s strategic plan.
Currently, the 2019 D&C capital budget ranges from
$50-$60 million and assumes a one-rig operated program,
representing a D&C reduction of approximately 50% from
2018. In addition, the development plan provides for growth
of production and cash flow utilizing one rig.
Management reacted decisively to market
conditions and slowed down drilling and completions activity in
late 2018. The Company was able to delay capex, in part, due
to the flexibility related to its vendor contracts. As a
result, the Company has six DUC’s which are currently being
completed. The Company has the ability to adjust capital
expenditures in the second half of 2019 based on market
conditions.
Management is targeting cash flow neutrality in
the second half of 2019 and expects to see continued cost
improvement as benefits from infrastructure and transportation
agreements, executed in 2018, are realized throughout the year.
The Company will continue to focus on trades and acquisitions
that enhance its existing operated position and are otherwise
accretive to bigger-picture strategic considerations.
Projected capital expenditures do not include any acquisitions.
2019 Estimates:
- 2019 annual oil production of 4.2-4.6 MBbls/d
- Q1 2019 oil production of 3.4-3.6 MBbls/d
- Planned D&C capital expenditures to range from $50-$60
million
- Running a 1-rig operated program with the flexibility to
increase as commodity prices and liquidity warrant
- Capex includes completion of 6 gross DUC wells (3.9 net) and 7
gross development plan wells (3.8 net), for a total of 13 gross
(7.8 net) wells for the year
- Plan to place 10 gross (7.2) net wells on production during
2019
- Average lateral lengths to range from 1.5 mile to 2.0
miles
- Balance sheet flexibility provides the ability to flex to 2
rigs in the second half of 2019, with priority given to New Mexico
block offsetting recent private company well results
Additional details are provided in the earnings
presentation, which is available on the Company website.
Financial Overview:
As reported in the Company’s Form 10-K filed on
March 7, 2019, total revenue was approximately $70.2 million, for
the twelve months ended December 31, 2018, as compared to
approximately $21.6 million, for the year ended December 31, 2017,
representing an increase of approximately $48.6 million, or
225%. The higher revenues were primarily driven by an
increase in liquid heavy production from the Company’s Delaware
Basin properties.
Lilis’ production during the year ended December
31, 2018, increased from 575 MBoe in 2017 to 1,812 MBoe in 2018, an
increase of 215%. This increase in production was primarily
attributable to 15 additional gross wells being completed and
placed on production.
Production costs were approximately $13.8
million for the twelve months ended December 31, 2018, compared to
approximately $5.8 million for the twelve months ended December 31,
2017, an increase of approximately $8.0 million. Production
costs per Boe decreased to $7.64 for the year ended December 31,
2018 from $10.14 for the year ended December 31, 2017, a decrease
of $2.50 per Boe, or 25%. The decrease in production costs
was primarily due to increased production volumes associated with
the producing wells and lower water disposal costs in the Delaware
Basin.
During the fourth quarter of 2018, total sales
increased by 4 MBoe/d, or 203%, to 6 MBoe/d compared to the fourth
quarter of 2017, while oil and liquids sales increased, 2.8
MBbls/d, or 177%, to 4.4 MBbls/d as compared to the fourth quarter
of 2017. Lilis expects to continue to focus on optimizing
costs during 2019 as the impact of previously executed
infrastructure agreements are realized.
Delaware Basin Operational
Overview:
The Company continues the strategy of
delineating and de-risking its acreage position, further validating
the strength of its Delaware Basin position. The Company
continues to drill some of the best wells in the Delaware Basin.
As a result of the decline in commodity prices in late 2018,
the Company reduced drilling and completion activity resulting in a
backlog of 6 DUC’s. These are now in the process of being
completed. A detailed overview of the Company’s current
drilling operations and recent well activity can be found in the
earnings presentation posted on the Company website.
Recent Well IP Result:
- Tiger #3H – Bone Spring (1 ½ mile
lateral): Strong initial
performance and lower D&C cost
- 24-hour rate of 1,821 Boepd (63% liquids, 44% oil) or 239 Boepd
per 1,000 lateral ft.
- IP30-rate of 1,671 Boepd (62% liquids, 43% oil)
- IP60-rate of 1,538 Boepd (62% liquids, 42% oil)
- IP90-rate of 1,391 Boepd (63% liquids, 43% oil)
- The East Axis #2H – Upper Wolfcamp A (1 ½ mile
lateral): Lilis’ second 1.5-mile
Wolfcamp A well drilled to date, with strong initial performance
- 24-hour rate of 1,733 Boepd (54% liquids, 34% oil) or 223 Boepd
per 1,000 lateral ft.
- IP30-rate of 1,552 Boepd (56% liquids, 36% oil)
- IP60-rate of 1,484 Boepd (55% liquids, 35% oil)
- Moose #1H – Wolfcamp A (1 ½ mile
lateral): Lilis’ first 1.5-mile
Wolfcamp A well drilled to date
- 24-hour rate of 1,691 Boepd (72% liquids, 55% oil) or 232 Boepd
per 1,000 lateral ft.
- IP30-rate of 1,035 Boepd (72% liquids,55% oil)
- IP60-rate of 908 Boepd (71% liquids, 54% oil)
- IP90-rate of 839 Boepd (71% liquids, 53% oil)
- IP120-rate of 817 Boepd (71% liquids, 53% oil)
- IP180-rate of 747 Boepd (70% liquids, 52% oil)
The Company spud 16 gross wells and completed
gross 15 wells in the Wolfcamp A, B, XY, 2nd and 3rd Bone Spring;
continuing the strategy of delineating and de-risking the acreage
position both geographically and geologically.
Liquidity and Hedging:
As of December 31, 2018, the Company had cash
and cash equivalents and available liquidity of approximately $54
million, approximately $71 million pro forma when adjusting for the
borrowing base redetermination increase, effective March 5,
2019.
After recent additions to its hedge positions, a
significant majority of the Company’s expected 2019 oil production
is subject to hedge protection. Specifically, approximately
80% and 60% of PDP crude oil volume are hedged for 2019 and 2020
respectively. The hedge portfolio protects the balance sheet
and anticipated cash flow, while retaining exposure to higher
commodity prices. The Company has also entered various basis
swaps to protect against expansion of regional oil price
differentials
Balance Sheet Recapitalization:
The balance sheet recapitalization allowed the
Company to significantly de-lever its balance sheet by converting
the remaining Second Lien Loan for a combination of preferred stock
and common stock. The conversion of the second lien loan in
its entirety substantially improves the Company’s capital structure
and extinguishes all dilutives linked to the Second Lien Loan and
the Series C & D preferred stock instruments, a net 12 million
share reduction. Concurrent with the exchange, Lilis’
borrowing base redetermination resulted in a borrowing base
increase to $125 million. Please see presentation posted the
Company website on balance sheet recapitalization.
Effects of the conversion are summarized in the
following table:
Capitalization ($MM) |
12/31/18 |
PF
Adj. |
PF
12/31/18 |
Cash & Cash Equivalents |
$21.1 |
$0.0 |
$21.1 |
|
|
|
|
Debt |
|
|
|
Revolving Credit Facility |
$75.0 |
$0.0 |
$75.0 |
Second Lien Term Loan (Principal + PIK) |
111.6 |
(111.6) |
- |
Total Debt |
$186.6 |
($111.6) |
$75.0 |
(+) Second Lien MW Premium |
21.8 |
(21.8) |
- |
Total Debt (incl. 2L MW) |
$208.4 |
($133.4) |
$75.0 |
|
|
|
|
Equity |
|
|
|
Series C Preferred Stock |
$134.8 |
$0.0 |
$134.8 |
Series D Preferred Stock |
40.0 |
- |
40.0 |
Series E Preferred Stock |
- |
60.0 |
60.0 |
Series F Preferred Stock |
- |
55.0 |
55.0 |
Common Stock |
321.8 |
18.6 |
340.3 |
Other Stockholders' Equity (Deficit) |
(307.7) |
- |
(307.7) |
Total Equity |
$188.8 |
$133.6 |
$322.4 |
|
|
|
|
Total Capitalization |
$375.5 |
$21.9 |
$397.4 |
|
|
|
|
Liquidity |
|
|
|
Cash & Cash Equivalents |
$21.1 |
$0.0 |
$21.1 |
(+) RBL Facility Capacity |
108.0 |
17.0 |
125.0 |
(-) RBL Facility Borrowings |
(75.0) |
- |
(75.0) |
Total Liquidity |
$54.1 |
$17.0 |
$71.1 |
|
|
|
|
Key Credit
Statistics |
12/31/18 |
PF Adj. |
PF 12/31/18 |
Total Debt / 4Q'18 LQA
Adj. EBITDAX |
4.3
x |
(2.6
x) |
1.7 x |
Net Debt / 4Q'18 LQA Adj.
EBITDAX |
3.8
x |
(2.6
x) |
1.2 x |
Total Debt / Total
Capitalization |
49.7 % |
(30.8%) |
18.9 % |
RBL Facility % Drawn |
69.4 % |
(9.4%) |
60.0 % |
Total Debt / TP Reserves
($ / BOE) |
$4.37 |
($2.61) |
$1.76 |
Total Debt / PD Reserves ($ / BOE) |
$13.89 |
($8.31) |
$5.58 |
|
|
|
|
Year-End 2018 Reserves:
Lilis posted strong reserve growth in 2018.
The Company’s proved reserves as of December 31, 2018 totaled
42.7 MMBoe with a PV-10 SEC value of $328 million.
Proved Reserve Highlights:
- Total proved reserves as of December 31, 2018, as compared to
total proved reserves as of December 31, 2017, increased 273% to
42.7 MMBoe
- Crude oil reserves increased 196% to 21.2 MMBbls; NGL reserves
increased 422% to 8.4 MMBbls, and natural gas reserves increased
390% to 78.7 MMcf, as compared to 2017
Natural Gas Midstream
Discussion:
We continue to address third-party natural gas
midstream inefficiencies caused by mechanical and operational
challenges, impairing the productive effectiveness of third-party
treating infrastructure. These issues, in turn, have caused
fluctuations in both natural gas production and total BOE
production. Substantial collaboration between both parties,
has resulted in our third-party natural gas midstream provider
establishing a plan based on the identified issues. The
provider is working closely with our management team and
consultants to resolve the issues and improve operating efficiency.
We have seen periods of significant improvement in operating
efficiency, particularly in late December 2018 and early 2019;
however, during February 2019, periods of cold weather negatively
impacted efficiency. These issues are being actively
addressed and not expected to have the same impact next winter.
These issues notwithstanding, the Company would like to
emphasize that the realizable value of its assets is derived
substantially from the significant oil- and liquids-rich nature of
its acreage position, with over 90% of realized cash flow generated
by oil and liquids.
Conference Call
Information:
Management will host a conference call on
Friday, March 8, 2019 at 11:00 AM Eastern Time to review financial
results and provide an update on corporate developments.
Following management’s formal remarks, there will be a
question and answer session.
Participants are asked to preregister for the
call through the following link: http://dpregister.com/10129253.
Please note that registered participants will receive their
dial in number upon registration and will dial directly into the
call without delay. Those without internet access or who are
unable to pre-register may dial in by calling: 1-866-777-2509
(domestic), 1-412-317-5413 (international). All callers
should dial in approximately 10 minutes prior to the scheduled
start time and ask to be joined into the Lilis Energy Inc. call.
The conference call will also be available through a live
webcast, which can be accessed via the following link:
https://services.choruscall.com/links/llex190308.html, which is
also available through the company’s website at:
http://investors.lilisenergy.com/events-presentations. A webcast
replay of the call will be available approximately one hour after
the end of the call through June 8, 2019. The replay can be
accessed through the above links.
About Lilis Energy, Inc.
Lilis Energy, Inc. is a Houston-based
independent oil and gas exploration and production company that
operates in the Permian’s Delaware Basin, considered amongst the
leading resource plays in North America. Lilis’ current total
net acreage in the Permian Basin is over 20,000 acres. Lilis
Energy's near-term E&P focus is to grow current reserves and
production and pursue strategic acquisitions in its core
areas. For more information, please visit
www.lilisenergy.com.
Contact:Wobbe PloegsmaV.P. Capital Markets
& Investor Relations210-999-5400, ext. 31
Forward-Looking
Statements:
This press release contains forward-looking
statements within the meaning of the federal securities laws. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the
Company. These risks include, but are not limited to, our
ability to replicate the results described in this release for
future wells; the ability to finance our continued exploration,
drilling operations and working capital needs; all the other
uncertainties, costs and risks involved in exploration and
development activities; and the other risks identified in the
Company’s Annual Report on Form 10-K and its other filings with the
Securities and Exchange Commission. Investors are cautioned
that any such statements are not guarantees of future performance
and that actual results or developments may differ materially from
those projected in the forward-looking statements. The
forward-looking statements in this press release are made as of the
date hereof, and the Company does not undertake any obligation to
update the forward-looking statements as a result of new
information, future events or otherwise.
Forward-looking statements regarding expected
production levels are based upon our estimates of the successful
completion of drilled wells on schedule. Actual sales
production rates from our wells can vary considerably from tested
initial production (IP) rates and are subject to natural decline
rates over the life of the well.
- Year-end pre-tax PV- 10 is a non-GAAP financial measure as
defined by the SEC. The Company believes that the
presentation of PV-10 useful to investors because it presents the
discounted future cash flows attributable to reserves prior to
taking into account income taxes and is frequently used by
investors for comparison of the relative size and value of our
reserves as compared to other companies without consideration of
the company’s tax structure. PV-10 differs from standardized
measure, the most directly comparable GAAP measure, because it does
not include the effects of income taxes. A reconciliation of
PV-10 to standardized measure is presented below.
Reconciliation of PV-10 to Standardized
measure
Pre-tax PV-10, a non-GAAP financial measure as
defined by the SEC, as of December 31, 2018 and 2017 is reconciled
below to the standardized measure of discounted future net cash
flows (in thousands)
|
|
|
|
|
|
December 31,2018 |
|
December 31. 2017 |
|
|
|
|
|
Standardized measure of discounted future net
cash flows |
|
292,734 |
|
|
68,812 |
Plus: Future income
taxes (undiscounted) |
|
62,842 |
|
|
- |
Less: 10% discount on future income taxes |
|
(27,817 |
) |
|
- |
Total PV-10 |
|
327,759 |
|
|
68,812 |
|
|
|
|
|
|
Changes in total proved reserves for
2018 are summarized in the following table:
|
|
Year Ended December 31, 2018 |
|
|
Oil(MBbl) |
|
Natural Gas(MMcf) |
|
NGLs(MBbl) |
|
MBoe |
Beginning of Year |
|
7,171 |
|
|
16,060 |
|
|
1,605 |
|
|
11,453 |
|
Extensions and discoveries |
|
15,882 |
|
|
38,958 |
|
|
4,566 |
|
|
26,941 |
|
Purchase of reserves |
|
1,883 |
|
|
8,897 |
|
|
683 |
|
|
4,049 |
|
Sale of reserves |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Revisions of previous estimates |
|
(2,641 |
) |
|
17,691 |
|
|
1,769 |
|
|
2,076 |
|
Production |
|
(1,090 |
) |
|
(2,856 |
) |
|
(246 |
) |
|
(1,812 |
) |
End of Year |
|
21,205 |
|
|
78,750 |
|
|
8,377 |
|
|
42,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lilis’ internally prepared estimated proved
reserves as of December 31, 2018 were audited by Cawley, Gillespie
& Associates, Inc. and are summarized in the table below:
|
|
Oil(MBbl) |
|
N. Gas(MMcf) |
|
NGLs(MBbl) |
|
Total(MBOE) |
|
PV-10(SEC $M) |
|
|
|
|
|
|
|
|
|
|
|
Proved Developed Reserves |
|
6,278 |
|
27,046 |
|
2,654 |
|
13,440 |
|
$ |
192,889 |
Proved Undeveloped Reserves |
|
14,927 |
|
51,704 |
|
5,723 |
|
29,267 |
|
|
134,870 |
Total Proved Reserves |
|
21,205 |
|
78,750 |
|
8,377 |
|
42,707 |
|
$ |
327,759 |
|
|
|
|
|
|
|
|
|
|
|
|
Proved Reserve
Reconciliation:
|
|
Crude
Oil(MBbl) |
|
Natural
Gas(MMcf) |
|
NGLs(MBbl) |
January 1, 2017 |
|
551 |
|
3,872 |
|
3 |
Extensions and discoveries |
|
6,792 |
|
14,438 |
|
1,456 |
Purchase of reserves |
|
- |
|
- |
|
- |
Sale of reserves |
|
(92) |
|
(365) |
|
(3) |
Revisions of previous estimates |
|
293 |
|
(1,109) |
|
223 |
Production |
|
(372) |
|
(776) |
|
(74) |
December 31, 2017 |
|
7,171 |
|
16,060 |
|
1,605 |
Extensions and discoveries |
|
15,882 |
|
38,958 |
|
4,566 |
Purchase of reserves |
|
1,883 |
|
8,897 |
|
683 |
Sale of reserves |
|
- |
|
- |
|
- |
Revisions of previous estimates |
|
(2,641) |
|
17,691 |
|
1,769 |
Production |
|
(1,090) |
|
(2,856) |
|
(246) |
December 31, 2018 |
|
21,205 |
|
78,750 |
|
8,377 |
|
|
|
|
|
|
|
Proved Developed Reserves,
included above: |
|
|
|
|
Balance, January 1, 2017 |
|
551 |
|
3,872 |
|
3 |
Balance, December 31, 2017 |
|
2,531 |
|
6,594 |
|
644 |
Balance, December 31, 2018 |
|
6,278 |
|
27,046 |
|
2,654 |
Proved Undeveloped Reserves,
included above: |
|
|
|
|
Balance, January 1, 2017 |
|
- |
|
- |
|
- |
Balance, December 31, 2017 |
|
4,640 |
|
9,465 |
|
960 |
Balance, December 31, 2018 |
|
14,927 |
|
51,703 |
|
5,723 |
|
|
|
|
|
|
|
Condensed Consolidated Statement of Operations
Information:
|
|
For the
Year EndedDecember 31, |
|
|
2018 |
|
2017 |
|
($ in thousands except per share data) |
Oil and gas revenue |
$ |
70,216 |
|
$ |
21,612 |
|
Operating
expenses: |
|
|
|
|
Production costs |
|
13,843 |
|
|
5,832 |
|
Gathering, processing and transportation |
|
3,392 |
|
|
1,191 |
|
Production taxes |
|
3,709 |
|
|
1,187 |
|
General
and administrative |
|
33,251 |
|
|
49,851 |
|
Depreciation, depletion, amortization and accretion |
|
25,367 |
|
|
7,025 |
|
Impairment of oil and gas properties |
|
- |
|
|
10,505 |
|
Total operating
expenses |
$ |
79,562 |
|
$ |
75,591 |
|
Operating income
(loss) |
$ |
(9,346 |
) |
$ |
(53,979 |
) |
Other income
(expense): |
|
|
|
|
Other
income (expense) |
|
2 |
|
|
18 |
|
Loss from
early extinguishment of debt |
|
(20,370 |
) |
|
- |
|
Gain
(Loss) from commodity derivatives |
|
55 |
|
|
(1,063 |
) |
Gain
(loss) from debt conversion and warrant derivatives |
|
58,343 |
|
|
(6,260 |
) |
Gain
(loss) on redeemable 6% preferred stock |
|
- |
|
|
(41 |
) |
Interest
expense |
|
(32,827 |
) |
|
(18,757 |
) |
Total other income
(expense) |
$ |
5,203 |
|
$ |
(26,103 |
) |
Net income (loss) |
|
(4,143 |
) |
|
(80,082 |
) |
Dividends on
Series C preferred stock |
|
(9,877 |
) |
|
- |
|
Dividends on
Series D preferred stock |
|
(810 |
) |
|
- |
|
Dividends on
redeemable preferred stock |
|
- |
|
|
(122 |
) |
Dividends on
Series B preferred stock |
|
- |
|
|
(4,635 |
) |
Net loss |
$ |
(14,830 |
) |
$ |
(84,839 |
) |
|
|
|
|
|
Net loss per
common share: |
|
|
|
|
Basic |
$ |
(0.24 |
) |
$ |
(2.00 |
) |
Diluted |
$ |
(0.47 |
) |
$ |
(2.00 |
) |
|
|
|
|
|
Weighted
average common shares outstanding: |
|
|
|
|
Basic |
|
62,854 |
|
|
42,428 |
|
Diluted |
|
78,451 |
|
|
42,428 |
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Cash Flows
Information:
|
|
Year Ended December 31, |
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
($ in thousands) |
Net cash
provided by (used in): |
|
|
|
|
Operating
activities |
|
$ |
92,132 |
|
|
$ |
(7,243 |
) |
Investing
activities |
|
(242,935 |
) |
|
(147,502 |
) |
Financing
activities |
|
154,478 |
|
|
160,468 |
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheet
Information:
|
|
|
As of December 31, 2018 |
|
|
As of December 31, 2017 |
|
|
|
($ in thousands, except share and per share
data) |
Cash and cash
equivalents |
|
$ |
21,137 |
|
$ |
17,462 |
|
Accounts receivable,
net of allowance of $25 and $39, respectively |
|
|
20,546 |
|
|
7,426 |
|
Derivative
instruments |
|
|
2,551 |
|
|
- |
|
Total current
assets |
|
$ |
46,085 |
|
$ |
25,472 |
|
Total oil and natural
gas properties, net |
|
|
430,379 |
|
|
170,305 |
|
Total
assets |
|
$ |
480,773 |
|
$ |
195,944 |
|
Total current
liabilities |
|
|
76,967 |
|
|
25,435 |
|
Total long-term
liabilities |
|
|
217,449 |
|
|
201,457 |
|
Total
liabilities |
|
$ |
294,416 |
|
$ |
226,892 |
|
Series C-1 Preferred
stock, 10,000,000 shares authorized, 100,000 shares issued and
outstanding with a liquidation preference of $24.3 million as of
December 31, 2018 |
|
|
106,773 |
|
|
— |
|
Series C-2 Preferred
stock, 10,000,000 shares authorized, 25,000 of shares issued and
outstanding with a liquidation preference of $5.7 million as of
December 31, 2018 |
|
|
25,522 |
|
|
— |
|
Series D Preferred
stock 10,000,000 shares authorized, 39,254 shares issued and
outstanding with a liquidation preference of $10.0 million as of
December 31, 2018 |
|
|
40,729 |
|
|
— |
|
Total stockholders’
equity (deficit) (71,182,016 and 53,368,331 shares issued and
outstanding as of December 31, 2018 and December 31, 2017,
respectively) |
|
|
13,332 |
|
|
(30,948 |
) |
Total
liabilities and stockholders’ deficit |
|
$ |
480,773 |
|
$ |
195,944 |
|
|
|
|
|
|
|
|
Non-GAAP Adjusted EBITDAX
|
|
For the
Three Months Ended |
|
For the Year
Ended |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
Reconciliation
of Adjusted EBITDAX: |
|
($ in thousands
except per share data) |
Net loss |
$ |
17,675 |
|
$ |
(41,943 |
) |
$ |
(4,143 |
) |
$ |
(80,082 |
) |
Non-cash equity-based
compensation |
|
1,346 |
|
|
7,061 |
|
|
9,000 |
|
|
21,538 |
|
Interest expense,
net |
|
6,218 |
|
|
7,673 |
|
|
32,827 |
|
|
18,757 |
|
Depreciation,
depletion, amortization and accretion |
|
7,795 |
|
|
3,079 |
|
|
25,367 |
|
|
7,025 |
|
Loss (gain) from fair
value changes of debt conversion and warrant derivatives |
|
(38,844 |
) |
|
10,555 |
|
|
(58,343 |
) |
|
6,301 |
|
Impairment of evaluated
oil and natural gas properties |
|
- |
|
|
10,505 |
|
|
- |
|
|
10,505 |
|
Loss on early
extinguishment of debt |
|
20,370 |
|
|
- |
|
|
20,370 |
|
|
- |
|
Unrealized loss from
commodity derivatives, net |
|
(9,228 |
) |
|
853 |
|
|
(1,977 |
) |
|
853 |
|
Other expense (income),
net |
|
- |
|
|
1 |
|
|
(2 |
) |
|
(18 |
) |
Non-recurring
expenses |
|
5,510 |
|
|
- |
|
|
11,985 |
|
|
7,973 |
|
Non- GAAP Adjusted EBITDAX |
$ |
10,841 |
|
$ |
(2,216 |
) |
$ |
35,083 |
|
$ |
(7,148 |
) |
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