Tesla Exploration Ltd. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenue of $18,175,000 compared to $24,630,000 a year ago. Adjusted LBITDA was $1,374,000 or $0.06 per basic share against $2,039,000 or $0.09 per basic share a year ago. The improvement was due to a decrease in general and administrative costs excluding bad debt expense quarter-over-quarter. Net loss was $8,795,000 or $0.40 per basic share against $7,002,000 or $0.32 per basic share a year ago. Cash flow used in operations of $1,510,000 or $0.07 per basic share compared to $1,078,000 or $0.05 per basic share a year ago. Capital expenditures were $530,000 compared to $2,643,000 for the last year. The increase in consolidated net loss was due to the above noted decline in operating results.

For the six months, the company reported revenue of revenue of $44,364,000 compared to $86,123,000 a year ago. Adjusted LBITDA was $1,357,000 or $0.06 per basic share against adjusted EBITDA of $8,018,000 or $0.36 per basic share a year ago. Net loss was $23,506,000 or $1.07 per basic share against $3,873,000 or $0.17 per basic share a year ago. Cash used in operations of $1,702,000 or $0.08 per basic share compared to cash flow from operations of $6,264,000 or $0.28 per basic share a year ago. Capital expenditures were $1,003,000 compared to $18,853,000 for the last year.