Saratoga Resources Inc. reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported oil and gas revenues of $19.26 million compared to $19.34 million a year ago. Discretionary cash flow of $5.1 million, or $0.16 per fully diluted share compared to $5.8 million or $0.21 per fully diluted share a year ago. EBITDAX was $9.9 million compared to $10.0 million a year ago. Operating income was $3.7 million or $0.12 per fully diluted share compared to $2.5 million or $0.09 per fully diluted share a year ago. Net loss was $1.1 million or $0.03 per fully diluted share compared to $1.2 million or $0.04 per fully diluted share a year ago. The increase in operating income for the quarter reflects a 15.2% decline in operating expenses which was principally attributable to lower workover expense due to decreased workover activity, lower plugging and abandonment expenses due to one-time P&A projects undertaken in the 2012 quarter, and a decline in general and administrative expense due to lower headcount and lower stock-based compensation expense. Capex was $7.1 million. EBITDAX was $9,881,555 compared to $10,010,182 a year ago. For the quarter, the company reported oil and gas production of 156,700 barrels of oil and 443.3 million cubic feet of gas or 230,700 barrels of oil down 9.3% from 254.2 MBOE a year ago. For the balance of 2013, the company expects capex budgeted to be $37.1 million. The 2013 CAPEX budget is expected to be fully funded from cash on hand and operating cash flow. Net asset value per share of approximately $9. The company's planned CapEx for the year is approximately $45 million, of which it spent over $7 million in the first quarter.

Saratoga Resources Inc., Q1 2013 Earnings Call, May 13, 2013

Saratoga Resources Inc. Presents at IPAA Oil and Gas Investment Symposium, Apr-17-2013 02:00 PM. Venue: The Sheraton New York Hotel & Towers, 811 Seventh Avenue at 53(rd) Street, New York, NY 10019, United States.