American Standard Energy reported a sharp year-over-year increase in oil and gas revenues in the first quarter of 2012. The company also confirmed progress on the exploration and development of onshore oil and gas assets.
American Standard Energy reported oil and gas sales of $5 million in the quarter ending March 31, 2012, up 109% from the $2.4 million recorded in the corresponding quarter of 2011. The company said that the increase was due to many factors, including higher production and higher realized prices for crude oil.
American Standard Energy reported production of 68,137 barrels of oil equivalent (BOE) in the most recent quarter, up 61% from the first quarter of 2012. The production level was higher due mostly to an acquisition of producing properties that the company made last year.
American Standard Energy continued to acquire acreage and increased its leasehold to 112,400 acres during the first quarter of 2012. The additional acreage was located in the Williston Basin and Permian Basin.
American Standard Energy spent $67.1 million in capital during the first quarter of 2012, with $57.4 million devoted to leasehold acquisitions, and the balance related to drilling and other development activities.
For more information on the company, go to www.asenergycorp.com
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