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Rockdale Resources Announces Results of Operation for Second Quarter 2014 and Update on Drilling
|By Marketwired .
|August 13, 2014 07:47 AM EDT
AUSTIN, TX--(Marketwired - August 13, 2014) - Rockdale Resources Corporation (OTCQB: BBLS), an Austin, Texas-based oil production, exploration and drilling company, announces results of operations for second quarter 2014.
Highlights for the six-month period ended June 30, 2014:
- Revenue from oil and gas sales for the period was $360,644, an increase of $266,195 from the prior year period.
- General and Administrative Cost for the period was $1,296,628 compared to $597,520 for the prior year period. Included in the General and Administrative costs were non-cash stock based compensation expenses of $988,130 for the six-month period ended June 30, 2014 and $5,400 for the six-month period ended June 30, 2013. Excluding these non cash charges our General and Administrative costs decreased by $283,622 from prior year period.
- Net loss for the period was $1,263,494 compared to a net loss of $608,563 for the prior year period due to the factors described above and in the Company's 10-Q filed on August 12, 2014.
Mr. David Baker, Chief Executive Officer of Rockdale Resources said, "We are pleased that during the second quarter of 2014 we successfully increased revenue by 511% compared to the second quarter of 2013. In addition, if you exclude stock based compensation expense, by continuing to focus upon the cost side of our business we reduced our General and Administrative costs by 27% compared to the second quarter of 2013. We expect these positive trends to continue as the Company progresses."
The Company is also pleased to announce the drilling of three additional wells on its existing lease in the Minerva-Rockdale Field during the quarter ended June 30, 2014, and is currently in the process of completing and bringing the wells online.
About Rockdale Resources Corporation
Rockdale Resources Corporation is a domestic oil exploration and production company. The Company focuses on new oil wells in established areas of oil production. The Company uses state of the art technology to maximize production and to identify areas with the greatest potential. The Company's core area of operations is in the Minerva-Rockdale Field near Rockdale, Texas, which has produced over 7 million barrels of oil since its first wells were established in 1921. The Company's corporate offices are located in Austin, Texas.
Certain information in this press release constitutes forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements regarding well production, use of proceeds, future drilling, operating expenses, and additional funding. Any statement that does not contain a historical fact may be deemed to be a forward-looking statement. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms, or other comparable terminology, although not all forward-looking statements contain such identifying words.
Forward-looking statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the Company's control, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks, and uncertainties include, among others, those associated with exploration activities, oil and gas production, marketing and transportation, costs of operations, loss of markets, volatility of oil and gas prices, imprecision of reserve and future production estimates, environmental risks, competition, inability to access sufficient capital from internal and external sources, general economic conditions, litigation, and changes in regulation and legislation. Readers are cautioned that the foregoing list is not exhaustive.
Additional information on these and other factors that could affect Rockdale's operations or financial results is available by contacting Rockdale. Furthermore, the forward-looking statements contained in this press release are made as of the date of this press release, and Rockdale does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by applicable law.
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