“We believe that the company delivered meaningful growth on multiple fronts in 2011. We completed five acquisitions in 2011, which included both production and key acreage position,” Scott Mahoney, CFO of American Standard stated in the press release. “As a result, we were able to invest almost 80 percent of our capital budget in 2011 for drilling, while increasing our total acreage positions by over 180 percent during the year. This was a key component to our strategy, which enabled us to increase average daily production from 58 barrels of oil equivalent per day (‘BOEPD’) in 2010 to 533 BOEPD in 2011.”
For full-year 2011, American Standard reported an 80 percent increase in revenues to $12.4 million, compared to $6.9 million reported for the year ended December 31, 2010. Excluding the impact from acquisition accounting, full-year 2011 revenues increased 816 percent to $12.4 million, as compared to full-year 2010 revenues of $1.3 million.
The company attributes the increase in revenues to acquisitions of producing properties, higher oil production, and improved realized pricing. Production for the year ended December 31, 2011, was 194,468 barrels of oil equivalent (BOE), an increase of 47,799 BOE, or 33 percent, compared to 146,669 BOE for the comparable 12 months of 2010. Excluding the impact of acquisition accounting, production increased 173,235 BOE, or 816 percent in 2011.
Adjusted EBITDA for 2011 increased to $6.5 million, as compared to $3 million in adjusted EBITDA reported for 2010. Excluding the impact of acquisition accounting, adjusted EBITDA increased $7.3 million when compared to negative adjusted EBITDA of $0.7 million for the year ended December 31, 2010.
The company’s net loss for full-year 2011 was $11.4 million, or $0.32 per share, compared to a net loss of $2.8 million, or $0.12 per share, reported for the 12 months ended December 31, 2010. Excluding the impact of acquisition accounting, American Standard posted a net loss from operations of $5.5 million, or $0.24 per share, primarily related to the recognition of $4.2 million in non-cash stock-based compensation expense and fees related to accounting, legal and consulting services in relation to the formation of the company.
Scott Feldhacker, CEO of American Standard, said the company anticipates that last year’s achievements have set the company on track to generate strong production in the upcoming year.
“We believe that American Standard’s activities in 2011 positioned the company for continued solid growth in 2012,” Feldhacker stated. “I am pleased with our accomplishments to date, along with our recent acquisition. We believe that the company is now well positioned to focus on accelerated development, building proved reserves and driving our production growth in 2012.”
For more information visit www.asenergycorp.com
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