Mountainview Energy Ltd. reported audited earnings and production results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported that petroleum and natural gas sales were $7,418,000 compared to $690,000 a year ago. Funds flow from operations was $2,085,000 or $0.02 per basic and diluted share compared to $150,000 or $0.00 per basic and diluted share a year ago. Net loss was $3,141,000 or $0.04 per basic and diluted share compared to $7,345,000 or $0.08 per basic and diluted share a year ago. Capital expenditure was $16,584,000 compared to $6,296,000 a year ago. Net debt was $59,244,000 compared to $19,804,000 a year ago.

For the year, the company reported that petroleum and natural gas sales were $20,527,000 compared to $3,560,000 a year ago. Funds flow from operations was $6,453,000 or $0.06 per diluted share compared to funds outflow for operations of $220,000 or $0.00 per basic and diluted share a year ago. Net loss was $5,974,000 or $0.07 per basic and diluted share compared to $8,397,000 or $0.10 per basic and diluted share a year ago. Capital expenditure was $48,707,000 compared to $10,365,000 a year ago. Net debt was $59,244,000 compared to $19,804,000 a year ago.

For the quarter, average daily production of light crude oil was 1,039 bbl/d compared to 143 bbl/d a year ago. Natural gas production was 864 Mcf/d compared to 306 Mcf/d a year ago. Barrels of oil equivalent was 1,183 boe/d compared to 194 boe/d a year ago.

For the year, average daily production of light crude oil was 644 bbl/d compared to 147 bbl/d a year ago. Natural gas production was 632 Mcf/d compared to 285 Mcf/d a year ago. Barrels of oil equivalent was 749 boe/d compared to 195 boe/d a year ago.

The company anticipates 2014 funds flow from operations in excess of $8 million, and available credit on its existing credit facility, the company will continue to focus on the development of its core 12 Gage asset in Divide County, N.D. The company will continue to pursue an aggressive growth strategy using a combination of cash flow and available credit. Recent positive movement in both oil pricing and the WTI oil differentials, combined with the company's new hedge position, allows the company to remain confident in the long term sustainability of the 2014 capital plan. With the de-risking of the 12 Gage drilling inventory, the company has identified 72 infill Three Forks locations. Adding Bakken potential, there are an additional 80 drilling locations, all on the 12 Gage acreage. With 152 potential drilling locations on the 12 Gage acreage, Mountainview is strongly positioned to review acquisition opportunities to further diversify and enhance the company's commodity and play type risk.