New Source Energy Partners L.P. Announces Cash Distribution for the First Quarter of 2014, Payable on May 15, 2014; Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2014
May 14, 2014 at 07:30 am
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New Source Energy Partners L.P. announced the cash distribution for the first quarter of 2014 of $0.58 per unit, or $2.32 per unit on an annualized basis, which is 10.5% above the partnership's prorated distribution for the first quarter of 2013 and an increase from the partnership's distribution of $0.575 per unit for the fourth quarter of 2013. The distribution will be paid on May 15, 2014 to all unit holders of record on May 1, 2014.
The company reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2014. For the quarter, the company reported total revenues of $27,427,000 compared to $9,360,000 a year ago. Operating income was $3,005,000 compared to operating loss of $6,118,000 a year ago. Loss before income taxes was $1,531,000 compared to $13,523,000 a year ago. Net loss was $1,531,000 compared to $1,397,000 a year ago. Net loss per common unit was $0.12 compared to $0.87 a year ago. Adjusted EBITDA was $12,090,000 compared to $4,586,000 a year ago. Distributable cash flow was $7,412,000.
For the quarter, the company's average net daily production was 4,566 Boe/d, which is an increase of 13.61% compared to 4,019 Boe/d for the quarter ended December 31, 2013. Total crude oil production was 40,681 Bbls for the quarter, an increase of 211% compared to 13,074 Bbls produced for the quarter ended March 31, 2013. Natural gas production was 988,216 Mcf, an increase of 83% compared to 541,105 Mcf for the quarter ended March 31, 2013. Natural gas liquids production was 205,583 Bbls, an increase of 15% compared to 179,466 Bbls for the quarter ended March 31, 2013. The increases in year-over-year production were primarily due to acquisitions occurring during 2013 and the first three months of 2014.
New Source Energy Partners L.P. is an independent energy company. The Company owns and acquires oil and natural gas properties in the United States. The Company operates in two segments: exploration and production, and oilfield services. The exploration and production segment is engaged in the production of oil and natural gas properties. The oilfield services segment provides full service blowout prevention installation and pressure testing services, including certain ancillary equipment necessary to perform such services, as well as well testing and flowback services. The Company is engaged in the production of onshore oil and natural gas properties that extend across conventional resource reservoirs in east-central Oklahoma. The Company's oilfield services business provides well site services during the drilling and completion stages of a well to companies in the oil and natural gas industry in Oklahoma, Texas, New Mexico, Kansas, Pennsylvania, Ohio and West Virginia.
New Source Energy Partners L.P. Announces Cash Distribution for the First Quarter of 2014, Payable on May 15, 2014; Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2014